What is competitor analysis & who can benefit from it?

Competitive analysis is a strategic and systematic approach to identifying competitors within your industry and analyzing their strengths and weaknesses.

It involves assessing your competitors’ product offerings, pricing strategies, distribution channels, customer service, innovation, marketing strategies, and overall market positioning.

1.    Business Owners and Executives
Competitive research helps business owners and executives to identify opportunities and threats posed by competitors, make informed decisions & optimize resource allocation, stay ahead of industry trends. As a result, these actions contribute to business growth and sustained success.
2.    Product Marketing Team
Conducting market research can greatly benefit product marketing teams by helping to identify unique features and benefits of their products, understand how competitors position, recognize market gaps and understand customer preferences.
3.    Brand Marketing Team
Collect market competitor insights will help brand marketing team to develop strategies to compelling brand image and identify unique selling points to differentiate the brand.
4.    Content Marketing Team
Content marketing teams will be able to use the insights gained from conducting competitor research to tailor content to address customer needs, identify content gaps, learn from competitor’s successful content strategies and Improve overall content effectiveness.
5.    SEO Professionals
Content marketing teams will be able to use the insights gained from conducting competitor research to tailor content to address customer needs, identify content gaps, learn from competitors’ successful content strategies and Improve overall content effectiveness.
6.    PPT Professionals
A competitive analysis can help PPC specialists to identify effective strategies used by competitors in their ads, adjust bidding strategies based on competitors’ performance, improve ad creatives and messaging.
7.    Social media team
The insights gained from an analysis allows social media teams to identify successful strategies used by competitors on social platforms, uncover the various social media platforms and adapt posting schedules and frequency based on their competitors’ performance.