What is competitor analysis?

Competitive Analysis may be a process of gathering and analyzing information about your competitors, their practices, products, strengths and weaknesses, and business trends so as to assess your position in the market and improves your product and marketing planning. It is an important aspect of identifying your competitors by doing competition analysis with the help of various SEO software and competition analysis tools. This gives them ideas about their competitors’ policies and strategies and helps them to prepare their website to face that competition. 

What is the purpose of competitor analysis?

you must know what your competitors do and what to try to remain before the competition. Many businesses believe they’re providing an honest product to their customers, but don’t have reliable information showing how customers perceive their product or how it compares to the competition. A competitive analysis performed by an unbiased third party is a useful tool because it can assist you to identify the different ways to draw in new customers, and also to keep those you’ve got satisfied with your products.

Competitors analysis help you to of determining the following:

  1. Strengths and weaknesses: How your product stacks up against the competition and in what areas they have an edge over your product and in what areas your product is superior.

  2. Identify your competitor: verify who your primary and secondary competitors are

  3. Improvements: How and in what areas your product, processes, and practices must be improved to satisfy market demands or to remain before the competition.

  4. Marketing: What improvements you would like to form in your marketing approach –you might want to spotlight why your product is before the competition or the unique features that consumers desire.

What will competitors reveal about your product?

  • What products compete with yours

  • What are the advantages of your product over the competition?

  • What disadvantages do your products have in comparison to the competition

  • The readiness of a new product in the market

What is the approach of competitor analysis?

Evaluates features and functions of your products and the people of the competition.

  • Staffing: The Project Leader’s primary responsibility is to make sure that our testing of your requirements and is executed consistent with the agreements 

  • Scope: Before the Competitive Analysis is started; Engineers will collaborate with you to define the scope of the analysis – which of your products and which of your competitors and their products are going to be included within the test.

  •  Test Case Scenarios: ensures all the features and functions are included. 

  • Competitive Analysis concludes that by testing your product, you’ll receive an in-depth online Competitive Analysis Report from the Project Leader and therefore the Engineers. This will outline the results of comparing your product against the market.

Types of competitors:

  • Direct Competitor

  • Same Product 

  • Same Market

  • Same Goals

  • Indirect Competitor

  • Different Product

  • Same Market

  • Same or Different Goals

  • Replacement Competitor

  • Substitute Product

  • Same Market

  • Time/Money