Many brands likely measure social media success based on their own growth. Or is it? While all those numbers are great, how do they stack up against similar brands in your industry? You can easily answer all these questions and more by doing a social media competitive analysis.
Competitor Analysis Example
How to Write a Competitor Analysis | Bizfluent
When you know how to do a competitive analysis, you can create a more informed and effective marketing plan. Researching competitors in your industry helps you clearly see the competitive landscape, where your brand fits in it, and what you need to do to stand out and succeed. The rest of this guide will walk you through the definition and benefits of a competitive analysis, show you how to do a competitive analysis, and share competitor analysis tools to help you along the way. A competitive analysis is a research process that uncovers who your competitors are and how their products, positioning, strengths, and weaknesses compare to your brand. When you know how to do a competitive analysis, you can gain insights that direct your marketing strategies , market direction, and goals. You can:. You can perform a competitive website analysis to:.
How to Do a Competitive Analysis
The following is the first of a series of 6 articles aimed at guiding you through conducting a complete competitor analysis report. You may follow along by downloading the complimentary competitor analysis template. When you created your business plan, you most likely did a competitive analysis. How long ago was that?
Competitors make our own products better—they create urgency and drive innovation by providing both motivation and a measuring stick. Competition validates the market and provides context for everyone involved. Paying attention to what competitors are up to is important for everyone, but for product managers, it can be particularly valuable. Competitive analysis might seem like a pain in the neck and activity that pulls you away from your job of working on your own products.