How To - Carry Out Competitive Analysis

It is important to complete a competitive analysis during the start up phase of your new business. This should be part of your marketing plan. You can get underway without performing a competitive analysis, but you run the risk of having a marketing plan that is way off the mark.

This could cost you time and money during the early stages, at a time when you need to save costs.

Some steps you need to take in the analysis process include:

  1. Identifying your competitors
  2. Gathering competitive materials
  3. Putting it all together

You will therefore need:

  • Names of competitors.
  • Summary of each competitor’s products.
  • Competitor’s strengths and weaknesses.
  • Your competitor’s strategies and objectives.
  • The strength of the market.

Some sources of information about your competitors can come from:

  • Personal visits.
  • Talking to customers.
  • Talking to suppliers.
  • Watching your competitor’s ads.
  • Seeing their presentations and promotional material.
  • Attending trade shows.
  • Visiting their website.
  • Looking at other sources such as business ...

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How To

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