Important Factors to Consider in Competitive Analysis

Written by Peter Tran

June 24, 2017

To complete a comprehensive competitive analysis, you must know competitive landscape. You must know who your competitors are. Prepare an overview of your competitors, ir strengths and es. Position each competitor’s produ against your produs. Understand customer needs and preferences that are you competing to meet.

When you consider your competitors, determine what are similarities and differences between ir produs and yours. You must also consider how ir prices compare to yours and how well y are doing. You must have a specific to compete. For example, you can offer better , lower prices, more support, or eier access to . You must address following bic issues:

o Define your target market.

o Determine size of target market.

o Drill down to your specific segment within target market.

o Define size and revenue opportunity that your segment represents.

o Determine how ft overall market and your specific segment are growing.

o Learn what faors are most important to your customers such price, technology, ee of use, or new uses.

o You must know most important charaeristics in your industry. Is is driven by high or low volume? Is it capital or labor intensive? Is it seonal?

o Identify and profile your targeted customers by ir consumer s and by how y make decisions to buy a produ.

o Identify your dire and indire competitors and understand ir impa on you.

o Identify features that differentiate your produ from competitors’.

In order to address bic issues, you must know where to find competitive and industry information. Information is available from Federal Commerce Department online or in library. You can review Edgar Online and business sites to obtain required financial filings. Look for an industry trade sociation and industry publications. Go to Hoovers Online or Bacon’s to look for business publications in your industry. You can also check online for http://www.usdata.com or for North American Industry Clsifications http://www.naics.com.

After all bic issues have been addressed and your competitive research is completed, you should be able to describe all of your competitors and ir strengths and es. You should be able to clearly articulate what is different about your produ and why customers will choose your produ rar than competitors’. You should also be able to describe your target market and target customer and what will motivate m to purche your produ. Finally, your should be able to ex how you will gain and keep a sustainable competitive advantage.

Copyright 2006. All rights reserved. Indigo Business Solutions is a registered trade name.

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About author:

Jo Ann Joy is CEO and owner of Indigo Business Solutions, a legal and business consulting firm that is a “one stop shop” for businesses. We provide legal and business and all professional to businesses, and y will not be “referred out” to or professionals.

Jo Ann h a law degree, an MBA, and an Economics degree. She is a strategic business attorney who works closely with businesses to improve ir performance and ir chance of success. Her background includes commercial, corporate, contras, real estate, accounting, financial ning, s, marketing, produ development, banking, and business ning and strategies. She ran a successful business for 10 years and writes and gives presentations on many different legal, tax, and business subjes.

Plee visit our site at [http://www.IndigoBusinessSolutions.net] for more information on business, legal, and tax topics and for free copies of articles and EBooks.

Article Source:
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