The goal of looking at your competition - Benjamin Bellwether

The goal of looking at your competition

Here is a how-to on the basic steps of your competitive analysis.

1

PLAN

The first thing you need to understand is: who are my competitors? It’s good to identify not only who they are, but what type of competitor they are (direct, indirect or other). This will help you understand how to analyze them.

2

COLLECT

Once you know who and what type of competitor you have, you will collect information on them. You can collect this information the same way you did your own market research and brand auditing.

3

ANALYZE

This is where you will compile all the information together and compare it to your own company. How are you the same as your competitor? How are you different? How do you feel like you can change to gain more customers?

This process makes up your ‘competitive intelligence,’ and provides the functions, or purpose, of…

DESCRIPTIVE

Statement of facts you collect.

DIAGNOSTIC

Explain the information collected with the question of ‘why?’

PREDICTIVE

Use the information to take action and predict future competitors, so you can innovate, instead of react.