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What is the best way to conduct a competitive analysis?

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As an entrepreneur, you need to know who your competitors are, what they offer, and how you can differentiate yourself from them. A competitive analysis is a systematic way of gathering and analyzing information about your industry, market, and rivals. It can help you identify your strengths, weaknesses, opportunities, and threats (SWOT), and craft a unique value proposition (UVP) that sets you apart from the crowd. In this article, you will learn what is the best way to conduct a competitive analysis in four simple steps.

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1 Step 1: Define your market and competitors

The first step is to define your market and competitors. Your market is the group of customers or potential customers who have a similar need or problem that your product or service can solve. Your competitors are the other businesses or alternatives that offer a similar or different solution to the same need or problem. To define your market and competitors, you can use tools such as Google Trends, Keyword Planner, or Industry Reports to research the size, growth, trends, and segments of your market. You can also use tools such as Google Search, Social Media, or Customer Reviews to identify and list your direct and indirect competitors.

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Georges-Henri Betbeze

Virtual thinker | Chairman @ Sofo Labs | Co-Founder @ Virtual Studios
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The more accurate your target market is, the more relevant the analysis will be. The narrower your original target the better: if you target everyone, you target no one. But there’s a time factor: start narrow, then expand. Coca Cola started out as medicine sold in drugstores. Now it’s targeting tap water.

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Pratik Deo

Building Ink.Company (Customized t-shirts & Hoodies that "Ink Your Story" | Mentor @NIT Patna | Alumni - IIM-C & Symbiosis Pune | Soft Skills, Entrepreneurship & Management Skills Trainer
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To define your market and competitors effectively: Use segmentation for detailed market insights. Map competitors by price, quality, and market share to identify gaps. Conduct customer interviews for direct feedback on needs and competitor perceptions. Benchmark your offerings against competitors for a clear strengths and weaknesses analysis. Anticipate future trends affecting your industry, including tech advancements and regulatory shifts. This comprehensive approach will enhance strategic decision-making and competitive positioning.

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2 Step 2: Collect and organize data

The second step is to collect and organize data about your competitors. You want to gather as much information as possible about their products or services, prices, features, benefits, customers, marketing strategies, strengths, and weaknesses. You can use tools such as their websites, blogs, newsletters, social media profiles, reviews, testimonials, case studies, or press releases to find this data. You can also use tools such as surveys, interviews, mystery shopping, or feedback forms to get insights from your own customers or prospects about their preferences and perceptions of your competitors. To organize the data, you can use tools such as spreadsheets, charts, tables, or matrices to compare and contrast your competitors on different criteria.

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Marcelo Barcia
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Ao fazer uma análise competitiva genérica de seus concorrentes, avaliando apenas os principais players do segmento, muitos empreendedores e gestores cometem um dos grandes erros. é crucial que a análise competitiva seja conduzida com base em áreas específicas. Por exemplo: "Superamos nosso concorrente X no atendimento ao cliente", "Estamos atrás do nosso concorrente Y em termos de logística", entre outros. Ao adotar essa abordagem, é possível identificar com clareza as potencialidades e vulnerabilidades da empresa, permitindo assim a formula??o de a??es estratégicas para enfrentar a concorrência.

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Pratik Deo

Building Ink.Company (Customized t-shirts & Hoodies that "Ink Your Story" | Mentor @NIT Patna | Alumni - IIM-C & Symbiosis Pune | Soft Skills, Entrepreneurship & Management Skills Trainer
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To collect and organize competitor data, utilize their digital presence and customer feedback. Employ tools for direct comparison on various aspects. Additionally, consider incorporating competitive intelligence software for deeper insights and keep your data current. Sharing these insights with your team can significantly impact strategic decisions, ensuring a comprehensive understanding of your competitive standing and guiding more informed actions.

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3 Step 3: Analyze and evaluate data

The third step is to analyze and evaluate the data you have collected. You want to look for patterns, gaps, opportunities, and threats that emerge from the data. You can use tools such as SWOT analysis, Porter's Five Forces analysis, or Value Chain analysis to assess the internal and external factors that affect your competitive position. You can also use tools such as Benchmarking, Positioning Map, or Perceptual Map to visualize how you compare to your competitors on different dimensions of value, quality, price, or customer satisfaction.

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Pratik Deo

Building Ink.Company (Customized t-shirts & Hoodies that "Ink Your Story" | Mentor @NIT Patna | Alumni - IIM-C & Symbiosis Pune | Soft Skills, Entrepreneurship & Management Skills Trainer
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To enhance the analysis of collected data, consider incorporating advanced analytical tools and techniques. Utilizing predictive analytics and AI-driven insights can uncover deeper trends and potential market shifts not immediately apparent. Engaging in scenario planning based on this analysis can help anticipate various market developments, preparing your business for multiple outcomes. It's also beneficial to regularly review competitor patents, innovations, and R&D focus to stay ahead in product development and innovation. Sharing findings with cross-functional teams ensures a cohesive and agile response to competitive challenges, fostering a culture of continuous learning and strategic adaptability.

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4 Step 4: Develop and communicate your UVP

The fourth and final step is to develop and communicate your unique value proposition (UVP). Your UVP is a concise statement that summarizes why your product or service is different and better than your competitors, and why your target customers should choose you over them. To develop your UVP, you can use tools such as the Value Proposition Canvas, the Lean Canvas, or the Business Model Canvas to identify and articulate your customer segments, problems, solutions, benefits, and channels. To communicate your UVP, you can use tools such as your website, landing page, elevator pitch, or tagline to convey your message clearly, convincingly, and consistently to your audience.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Steven James "SJ" Maranville, Ph.D., M.B.A.

Scaling-up the Strategic IQ of Entrepreneurs and their Unicorn-bound Ventures | Chairman, Maranville Enterprises—The Guide By The Entrepreneur’s Side | Venture Advisor | Keynote Speaker
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Competitors are Only Part of the Story! A complete Strategic Analysis examines the ... Market: Create a persona of the product's user-buyer. What is the actual number of these user-buyers? Why and how do they purchase this product? Industry: Create a profile of each rival. For each business, what is the set of assumptions about how to succeed in this industry, the dashboard of strategic goals, the competitive strategy, the weaknesses and strengths? Venture: Create a profile of your own venture using the same framework. Does the venture have a distinctive competency or capability? If so, does it actually render a competitive advantage? If so, what strategy should be employed to enable that advantage in the market? Venture With Vision ??

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What is the best way to conduct a competitive analysis?

1

2

3

4

5

1 Step 1: Define your market and competitors

2 Step 2: Collect and organize data

3 Step 3: Analyze and evaluate data

4 Step 4: Develop and communicate your UVP

5 Here’s what else to consider

Entrepreneurship

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What is the best way to conduct a competitive analysis?

1

2

3

4

5

1 Step 1: Define your market and competitors

2 Step 2: Collect and organize data

3 Step 3: Analyze and evaluate data

4 Step 4: Develop and communicate your UVP

5 Here’s what else to consider

Entrepreneurship

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