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 marketing plan.] Differentiators What makes your competitors unique and what do they advertise as their best qualities? How is that different from your company? Strengths Identify what your competitors are doing well and what works for them. Do reviews indicate they have a superior product? Do they have high brand awareness? Can you test a competitor’s products yourself to see where they are performing better? Weaknesses Identify what each competitor could be doing better to give you a competitive advantage. Do they have a weak social media strategy? Do they lack an online store? Is their website outdated? Geography Look at where your competitors are located and the regions they service. Are they brick-and-mortar companies or is the bulk of their business performed online? Culture Evaluate your competitors’ objectives, employee satisfaction and company culture. Are they the type of business that advertises the year it was established or are they recent startups? Read employee reviews for further insight into competitors’ culture.