Here is a how-to on the basic steps of your competitive analysis.
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.
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.
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?
Statement of facts you collect.
Explain the information collected with the question of ‘why?’
Use the information to take action and predict future competitors, so you can innovate, instead of react.