What Does Competitor Analysis Mean? How to Conduct Competitor Analysis?

What Does Competitor Analysis Mean? How to Conduct Competitor Analysis?

25th June 2024 — 5 minutes of reading

What is Competitor Analysis? How to Conduct Competitor Analysis? 

What is Competitor Analysis? 

Competitor analysis is a systematic process of identifying a company's competitors and evaluating their products and marketing strategies to determine how the company can offer better products than the competition. 

The goal of competitor analysis is to understand the strengths and weaknesses of established companies in order to guide the development of a company's business strategy. 

Competitor analysis is a vital component of strategic planning because it helps companies maintain a clear view of their business landscape throughout all stages of growth. 

Understanding your competition will help you develop better strategies that meet client needs better than theirs. 

How Is It Done? 

  • Distinguish your competitors

  • Do advertise segmentation 

  • Choose the correct instruments for gathering data 

  • Analyze their look performance 

  • Collect social notices of your competitor brand 

  • Analyze their content 

  • Review how they're doing in PR 

  • Evaluate their online presence 

  • Learn around your competitors and make beyond any doubt you're doing way better than them. 

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