With any new business, there is a long list of dos and don’t that, if followed correctly, will set you on the road to success, and completing a strong competitor analysis most certainly on the do list. Conducting this research will ensure you are armed with all of the information needed to tackle the challenges ahead and that you’re not blindly entering a market you know nothing about. 

So, what is competitor analysis?

Competitor analysis is the process of researching, categorizing, and evaluating the strengths and weaknesses of brands that you deem to be a potential threat to your business. 

By conducting a competitor analysis, you will gain knowledge and an understanding of: 

• The market you operate within
• Your target audience 
• Market forecasting and potential opportunities
• Competitor products & product development horizons
• Pricing structures 
• Acquisition trends 

In this podcast, we will talk you through our 6 steps for completing your first competitor analysis:

Step 1: Research the Market 

We suggest using a Context Cavas to gain a 360-degree view of the market that you are entering. 

Step 2: Identify your competitors

You will need to consider both direct and indirect competitors, as both pose a threat to your business. 

Related content: SEO Competitor analysis - A step-by-step guide. 

Step 3: Record an overview of your competitor’s business 

Three areas to cover here are operations, funding, and revenue.

Step 4: Use the feature comparison matrix to compare your products and offerings 

The feature comparison matrix is a top-down list comparison of all products and features; determine the uniqueness and commonality between your offerings. 

Step 5: Use the RACE acronym to conduct an in-depth content analysis 

RACE stands for: Reach. Act. Convert. Engage. 

Step 6: Act upon your findings

Create goals and objectives to ensure you act upon your findings promptly and can analyze the success or failure of these new factors when the time comes. 

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