Competitor analysis is the process of gathering information about competing products, services, company or brand. Its purpose is to gain knowledge that will help a company learn more about its position in the market, its strengths and weaknesses, and what competitors are offering to provide better products and services. Competitive analysis also includes analyzing customers’ needs and expectations, and learning what actions competitors can take to gain more market share.
Applying competitive analysis is the key to success both in business and in everyday life. You may not be as popular in the office, but your goal is to win customers by offering interesting products and making business deals. Entrepreneurs prepare in the same way: they identify strengths and weaknesses to increase their effectiveness.Competitor analysis involves identifying competitors and comparing their strengths and weaknesses. Competitors offer a similar type of products as you, targeting a similar target audience. Once you’ve identified your competitors, you can use the information you gather to learn about your position in the market.