Competitive Analytics

competitive analysis is a strategy where you identify major competitors  and research their products, sales, and marketing strategies. By doing this, you can create solid business strategies that improve upon your competitor’s. A competitive analysis helps you learn the ins and outs of how your competition works.

Competitive Analysis is a method invented for analyzing online algorithm in which the performance of an online algorithm (which must satisfy an unpredictable sequence of requests, completing each request without being able to see the future) is compared to the performance of an optimal offline algorithm that can view the sequence of requests in advance. An algorithm is measured only for “hard” inputs, competitive analysis requires that an algorithm perform well both on hard and easy inputs, where “hard” and “easy” are defined by the performance of the optimal offline algorithm.

What is a competitive analysis?

A competitive analysis is the analysis of your competitors and how your business compares. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage.

Competitive analysis helps a business determine potential advantages and barriers within a target market around a product or service, and generally helps brands monitor how direct and indirect competitors are executing tactics like marketing, pricing, and distribution.

A competitive analysis is the analysis of your competitors and how your business compares. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage.

Competitive analysis helps a business determine potential advantages and barriers within a target market around a product or service, and generally helps brands monitor how direct and indirect competitors are executing tactics like marketing, pricing, and distribution.

What should you cover in a competitor analysis?

Your competitive analysis can vary widely depending on what you’re trying to learn about your competitors. If you’re doing a high-level competitor analysis, there are a few major elements you’ll want to be sure to include around competitors’ market positioning, such as:

  • Who their target customers are
  • What market share to they currently own
  • What their main differentiator or unique value-add is for their business and products
  • Key features/benefits they highlight in sales materials
  • Price points for products, even across different marketplaces
  • How they approach shipping
  • If they’ve received any funding or venture capital

How to do a Competitive Analysis

The concept might be simple, but the process is more complicated. A competitive analysis can cover a whole range of areas, metrics, and disciplines. Some of these will be more important dependent on who you are, but the more exhaustive you are the more effective your competitive analysis will be.

We’ve attempted to give you a comprehensive list of steps to help you undertake a competitive analysis. Combine these with your own understanding of your industry and business, and you’ll have something really powerful.

  1. Determine who your competitors are.
  2. Determine what products your competitors offer.
  3. Research your competitors sales tactics and results.
  4. Analyze how your competitors market their products.
  5. Take note of your competition’s content strategy.
  6. Analyze the level of engagement on your competitor’s content.
  7. Observe how they promote marketing content.
  8. Look at their social media presence, strategies, and go-to platforms
  9. Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.

Analyze how your competitors market their products.

Analyzing your competitor’s website is the fastest way to gauge their marketing efforts. Take note of any of the following items and copy down the specific URL for future reference:

  • Do they have a blog?
  • Are they creating whitepapers or ebooks?
  • Do they post videos or webinars?
  • Do they have a podcast?
  • Are they using static visual content such as infographics and cartoons?
  • What about slide decks?
  • Do they have a FAQs section?
  • Are there featured articles?
  • Do you see press releases?
  • Do they have a media kit?
  • What about case studies?
  • Do they publish buying guides and data sheets?
  • What online and offine advertising campaigns are they running?