Competitive analysis is an extremely important strategy in which you will be able to analyze the competitors and the state of the market in order to identify opportunities for improvement and/or potential threats to the product.
It is crucial to conduct a proper market analysis in order to help your product grow as much as possible.
Here are some key steps to conducting an excellent competitive analysis
- Analyze who your competitors are
- Determine what products your competitors are offering
- Analyze your competitors’ sales and marketing tactics.
- Analyze the key aspects of your competitors’ product and marketing engagement.
It is important to note that you should only be focused on direct competitors.
*Direct competitors are those competitors that are offering the exact same product as you in a similar manner.
Also, it is key that you pay attention to the competitors’ pricing. It is important to analyze any discounts or price changes that they may have incorporated. Knowing your competitors’ market and sales approach is very important. Monitoring them for a longer period of time and seeing any change in sales, discounts, pricing or marketing is key.
Thank you for reading.
I’ll be more than happy to answer any questions you might have!