In short
A competitive analysis helps you learn the ins and outs of how your competition works. It also helps you identify what they’re doing right and opportunities where you can easily one-up them by using a strategy they haven’t taken advantage of.
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Further info
A competitive analysis is a strategy where you identify major competitors and research their products, sales, and marketing strategies. By doing this, you can create solid business strategies that improve upon your competitor’s.
A competitive analysis helps you learn the ins and outs of how your competition works. It also helps you identify what they’re doing right and opportunities where you can easily one-up them by using a strategy they haven’t taken advantage of.
In this Toppa Tips course we will cover the following learner outcomes:
What is a competitive analysis?
Determine who your competitors are.
Determine what products your competitors offer.
Research your competitors sales tactics and results.
Analyse how your competitors’ market their products.
Take note of your competition’s content strategy.
Analyse the level of engagement on your competitor’s content.
Observe how they promote their marketing content.
Look at their social media presence, strategies, and go-to platforms
Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats
By conducting a competitive analysis you’ll be able to compare your competitors weaknesses against your strengths and vice versa. By doing this, you can better position your company, and you’ll start to uncover areas for improvement within your own brand.
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