How can you collect and analyze competitor data effectively?

2 Choose your competitors

You can't analyze all your competitors in the market, so you need to select a manageable and meaningful sample. A common way to do this is to use a competitor matrix, where you plot your competitors on two axes based on criteria such as market share, product quality, price, or customer satisfaction. This will help you identify your direct and indirect competitors, as well as your aspirational and inspirational competitors. You can also segment your competitors by customer segments, geographies, or niches.

3 Collect the data

Gathering competitor data is essential for staying ahead of the curve. Sources of competitor data include competitor websites and social media accounts, reviews and ratings, ads and campaigns, press releases and news articles, reports and publications, patents and trademarks, customer surveys and feedback, events and webinars, awards and recognitions. To collect the data, you can use web scraping, social listening, keyword research, content analysis, or mystery shopping. However, make sure to adhere to ethical and legal boundaries throughout your research to avoid any unfair or deceptive practices.

4 Analyze the data

Once you have collected the data, you need to organize, filter, and interpret it. For this purpose, you can use frameworks and tools such as SWOT analysis, PESTLE analysis, Porter's five forces analysis, value proposition canvas, and brand identity prism. These will help you assess the strengths and weaknesses of your competitors as well as yourself, analyze the political, economic, social, technological, legal, and environmental factors that affect your industry, evaluate the competitive rivalry in your industry, compare how your competitors and yourself create value for customers, and understand how you communicate your brand identity. The goal of your analysis is to identify gaps, overlaps, trends, patterns, and insights that can inform your brand strategy. You want to find out what makes your competitors successful or unsuccessful and how you can leverage your unique advantages or address your weaknesses.

5 Apply the insights

The final step is to use the insights from your competitor data analysis to improve your brand strategy. Refining your brand positioning by highlighting your distinctive value proposition and competitive edge, as well as enhancing your brand messaging by addressing customer needs and pain points better than competitors, are important. Innovation of brand offerings, such as creating new or improved products or services that fill the market gaps or solve customer problems, should also be considered. Additionally, optimizing brand channels by choosing the most effective and efficient ways to reach and engage your target audience, and monitoring brand performance by measuring and tracking key metrics and indicators compared to competitors, are vital. Collecting and analyzing competitor data effectively can help you gain a deeper understanding of your market and customers, and create a more compelling and competitive brand strategy. However, it is important to remember that competitor data is not a substitute for customer data, so always validate assumptions and hypotheses with your own research and feedback.