competitor’s product
Factors your competitor analysis should include Feature matrix Find all the features that each direct or service has. Keep this information in a competitor insight spreadsheet to visualize how companies stack up against one another. Market share percentage Evaluating the marketplace by percentage helps identify the main competitors in your area. Don’t exclude larger competitors entirely, as they have much to teach you about how to succeed in your industry. Instead, practice the 80/20 rule: Keep an eye on 80% direct competitors (companies with similarly sized market shares) and 20% top competitors. Pricing Pinpoint how much your competitors charge and where they fall on the quantity versus quality spectrum. Marketing What type of marketing plan does each competitor employ? Look at competitors’ websites, their social media strategy, the type of events they sponsor, their SEO strategies, their taglines and current marketing campaigns. [Follow these tips to create a great business marke...