Competitor analysis involves assessing the strengths and weaknesses of your rivals to inform your business strategy. Key components include:
List direct and indirect competitors.
Evaluate Strengths, Weaknesses, Opportunities, and Threats for each competitor.
Understand competitors' market share and growth trends.
Analyze features, quality, pricing, and unique selling propositions.
Examine customer feedback on competitors' products or services.
Evaluate how competitors price their offerings and any discounts or promotions.
Explore where competitors sell products and how they distribute them.
Assess promotional activities, online presence, and branding strategies.
Review competitors' financial reports to gauge stability and growth.
Identify any patents, new technologies, or unique approaches your competitors employ.
