What is a Competitor Analysis?
A competitor analysis, also known as a competition analysis or competitive analysis, is the process of identifying businesses competing for the same customers.
A competitor analysis, also known as a competition analysis or competitive analysis, is the process of identifying businesses competing for the same customers.
SubscribeWhen creating a product, service or experience it is fundamental to know who it is that you are competing with for customers (i.e. the target audience) and what their strengths and weaknesses are.
This type of research and documentation is often referred to as a Competitor Analysis, Competition Analysis or Competitive Analysis and can be combined with a SWOT analysis.
They are beneficial as they help a company or individual:
- Understand the market and industry.
- Understand who the competition is.
- Compare performance results with those of competitors.
- Identify the strengths and weaknesses of competitors.
- Identify things that are missing within the market.
- Identify where your product sits within the market.
- Identify what your product has and lacks compared to competitors.
- Develop strategies and tactics that promote your unique value proposition.
To learn how to create a Competitor Analysis or a SWOT analysis, consult the links below.
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