How to Perform a Competitive Analysis
Do you know how you match up to the other businesses competing for the same market as your company? The more information you have, the easier it is to make decisions on where to focus your time and invest resources so that you can easily understand and speak to how you are differentiated.
Questions to analyze the competition
What products and/or services do you offer that they also offer?
What products and/or services do you offer that they don’t offer?
What is their pricing and business model? How is it similar or different from yours?
What is their target market? Are you going after the same market or specific segments?
How large is their user base compared to yours?
What is the sentiment of their users? What kinds of reviews and ratings are posted? How does your brand sentiment rank in comparison?
Do they have a strong mission and values that drive their business? Do you?
Write their tag line next to yours. Which is more authentic? persuasive? believable?
Check their social stats. Do they have an engaged and growing audience? What kind of content do they post? Look for ways to iterate what they do well and avoid what clearly isn’t working.
How much friction is there to get started? If it’s easier for someone to work with you vs your competition, that could be enough for people to elect to try you first.