Competitor analysis is a structured process that allows you to gain a thorough understanding of the competitive landscape in which a company operates, identifying the strengths and weaknesses of its rivals in order to improve its own strategy.
To do this effectively, start by identifying direct competitors (same products and target audience) and indirect competitors (alternative solutions to the same need).
This can be done by searching Google for industry keywords, monitoring social media and industry groups, and asking customers for feedback.
Next, collect data on various aspects: products/services offered, prices, sales and marketing strategies, online presence, social media activity, reviews and market share.
It is useful to organise this information into benchmark tables to quickly compare performance.
Digital tools such as SEMrush, Ahrefs or the Facebook Ad Library help to obtain concrete data on competitors’ digital strategies.
A further step is to analyse business models, customer journeys and positioning strategies using frameworks such as SWOT, Porter’s Five Forces or the Business Model Canvas.
Finally, identify best practices and define an action plan to differentiate yourself and gain a competitive advantage.
The analysis should be updated regularly to remain competitive in an ever-changing market.
Remember that you cannot beat your competitors if you do not know how they are positioned in the market.
If you are also interested in finding out how to analyse your competitors, all you have to do is read the articles on the Factory Communication Blog, which you can find on this page.
