By analyzing your competition and monitoring them on an ongoing basis, you’ll get to know their behavior, enabling you to anticipate their actions and stay one step ahead. The analysis begins with a list of your company's competitors. You need to make a simple analysisof their products. I always think back to "What problem am I trying to solve?" You’re not trying to create the same product as your competitors. What will you gain? “Competitive analysis is the process of analyzing all collected information to derive some insight for reducing risk and making better decisions,” explains competitive intelligence expert and author Babette Bensoussan . The steel industry and automobile industry are examples of these types of markets. Product Comparisons for Competitive Analysis. It is a common market research activity that is performed to identify opportunities and risks associated with strategies such as a new product.The following are examples of things that are commonly included in a competitor analysis. The strategies used by each competitor to achieve their objectives. A competitive analysis allows you to assess your competitor's strengths and weaknesses in your marketplace and implement effective strategies to improve your competitive advantage. This chapter details a simple, easy-to-use process to help you complete a competitor analysis that discovers and keep tabs on other retailers in your space. However, competitive analysis offers much more: First, don't obsess over competitive analysis - you'll very quickly reach the point of gathering far more information than you need. A competitive analysis is the analysis of your competitors and how your business compares. A competitive analysis report outlines the strengths and weaknesses of your competitors compared to those of your own business. There’s no one right way to do competitive analysis, but scope creep can turn it into a time-sucking vortex.

Competitor product summaries. You can edit this template in Google Docs, MS Word, and Apple Pages. Remember to add in aspects of service, warranties, finance, service, and reliability that may add more strength to the competitive argument. In this article, I will explain why it is essential to know your competitors and conduct comprehensive competitive product analysis. From there, you’ll be able to upgrade yours so it can stand out from the rest of them.

Competitive differentiation analysis You want to determine what makes your product unique so you can create a strategy that sets you apart from the competition. What is a competitive analysis report?