What are the most common gaps in your competitive analysis?

1 Gap 1: Customer needs and pain points

One of the biggest gaps in your competitive analysis is not understanding the needs and pain points of your target audience and how your competitors address them. You may have a great product or service, but if you don't know what problems your customers are trying to solve, what motivates them, what frustrates them, or what influences their decisions, you will miss opportunities to differentiate yourself and create value. To fill this gap, you need to conduct customer research, such as surveys, interviews, reviews, or social media analysis, and map out the customer journey and personas for each segment. This will help you identify the gaps and overlaps in your competitors' offerings and how you can fill them with your unique value proposition.

2 Gap 2: Marketing channels and tactics

Another common gap in your competitive analysis is not knowing how your competitors reach, engage, and convert their prospects and customers. You may have a similar product or service, but if you don't know what marketing channels and tactics your competitors use, how they communicate their message, or what content and campaigns they create, you will lose market share and visibility. To fill this gap, you need to monitor and analyze your competitors' marketing activities, such as their website, blog, social media, email, SEO, PPC, webinars, events, or case studies. This will help you discover their strengths and weaknesses, their best practices and mistakes, and their opportunities and threats.

3 Gap 3: Business model and revenue streams

A third common gap in your competitive analysis is not understanding how your competitors make money and sustain their business. You may have a similar value proposition, but if you don't know what business model and revenue streams your competitors use, how they price and package their products or services, or what costs and risks they face, you will struggle to compete and grow. To fill this gap, you need to research and compare your competitors' business model and revenue streams, such as their subscription, freemium, or premium models, their pricing and discounting strategies, their upselling and cross-selling opportunities, or their partnerships and affiliations. This will help you evaluate their profitability and scalability, their customer lifetime value and retention, and their competitive advantages and disadvantages.

4 Gap 4: Culture and values

A fourth common gap in your competitive analysis is not understanding the culture and values of your competitors and how they influence their behavior and performance. You may have a similar market, but if you don't know what vision and mission your competitors have, what values and principles they follow, or what culture and environment they foster, you will fail to connect and resonate with your customers and stakeholders. To fill this gap, you need to observe and assess your competitors' culture and values, such as their purpose and goals, their ethics and social responsibility, their diversity and inclusion, or their innovation and collaboration. This will help you understand their strengths and weaknesses, their opportunities and threats, and their brand identity and reputation.

5 Gap 5: Future plans and trends

A fifth common gap in your competitive analysis is not anticipating the future plans and trends of your competitors and how they affect your market and industry. You may have a similar strategy, but if you don't know what changes and innovations your competitors are planning or pursuing, what trends and technologies they are adopting or ignoring, or what challenges and opportunities they are facing or creating, you will lag behind and lose relevance. To fill this gap, you need to track and forecast your competitors' future plans and trends, such as their product or service development, their market or geographic expansion, their mergers or acquisitions, or their customer or industry feedback. This will help you prepare and adapt your strategy, identify and exploit your competitive edge, and create and deliver value.

6 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?