Competitive Analysis is one of the most necessary documents of any business. Without a proper competitive analysis, a business will never be able to grow as quick as possible. In today’s business world, there are only a few documents that comprise as much importance as compared to competitive analysis. Competitive Analysis is one of the most critical parts of the marketing plan. Through evaluation of competitive analysis, a company can found out what makes its product unique from other companies in the industry. It can also be termed as a scouting report that shows a map to follow in order to get success among the top competitors. On this page, you will learn How to Conduct Competitive Analysis easily and simply and it is all about Business Study Notes.
Keep one thing in the mind that no other person can write a good competitive analysis except a technical writer. So it is better to hire a technical writer to do so. Moreover, the following are a few steps to be followed by you when writing a competitive analysis. In order to write a good competitive analysis, you need to be objective, perform thorough and fearless research and write very well. If you can write very well, then this time you need to assemble all the things in an organized manner. A competitive Analysis contains five main topics that are as follows:
- Company’s Competitors
- Competitor Product Summaries
- Weaknesses and Strengths of Competitors
- What strategy competitors used to achieve their target?
- Market Outlook
Company’s Competitors: A competitive analysis begins with a list of company’s competitors. There are two types of companies that will compete with you, i.e. direct and indirect. So probably, you need to make a list of both companies so that you can track both direct and indirect competitors with respect to market research.
Competitor Product Summaries: Now that you have made a list of competitors, the next thing to do is analyze the competitors’ products regarding three main elements such as targets, value and features. Two questions can clear the path for you such as how competitors are selling products and how are they marketing them?
Weakness and Strengths of Competitors: Now you have to make a list of strengths and weaknesses of your competitors. This is the main step that can benefit your competitive analysis a lot.
Objectives and Strategies of Competitors: Analyze how your competitors are marketing their products either through advertising or press releases. In this step, you will also review customer’s feedback about competitor.
Market Outlook: this is the last step of how to do competitive analysis. Check what is the present market condition associated with your company’s product and if it is growing or not.
This is how to do competitive analysis. Additionally, Business Studies Notes can help you to learn more about it and clear your perception about competitive analysis.