5 Questions to Ask When Performing a Competitor Analysis
Ignoring the competition is never a smart strategy. You need to have a clear understanding of your competitive advantages and disadvantages so you can generate an effective strategy for gaining market share.
When performing a competitor analysis, you need to be as through as possible. Here are 5 good questions to ask to get you headed in the right direction.
- Who are my competitors? This is pretty self-explanatory. Before you can analyze your competitors, you need to know who they are. Take time to figure out who your top 3-5 competitors really are before moving forward.
- What threats do my competitors pose? They wouldn’t be your competition if they weren’t posing some sort of threat to your business and your growth. Identify exactly how your competitors are threatening your success so you can create strategies for avoiding their attacks.
- What are the strengths and weaknesses of my competitors? Be honest here. There are probably some things that your competitors do really well, even better than you. Of course, there are also some serious weaknesses that they have too.
- What strategies is my competition using? What is your competition doing to reach your target audience? What marketing tactics are they using and how effective are they?
- What makes me different than my competitors? This is the most important question on the list. If you don’t know what separates your company from the competition, why would any customer choose to do business with you?
What are some other important questions you’d ask when performing a competitor analysis?