{"id":3458,"date":"2023-10-18T14:33:11","date_gmt":"2023-10-18T14:33:11","guid":{"rendered":"https:\/\/www.figpii.com\/blog\/?p=3458"},"modified":"2023-11-22T12:13:32","modified_gmt":"2023-11-22T12:13:32","slug":"how-to-conduct-competitive-analysis","status":"publish","type":"post","link":"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/","title":{"rendered":"Competitive Analysis 101: What Is It And How Do You Conduct It?"},"content":{"rendered":"<p class=\"c2\"><span class=\"c1\">Say you&#8217;re a coach preparing your team for the big game. You wouldn&#8217;t just focus on your team&#8217;s strengths and weaknesses, would you? No, you&#8217;d also study your opponents\u2014how they play, their strategies, and where their vulnerabilities lie.<\/span><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#What_is_Competitive_Analysis\" >What is Competitive Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#The_Objectives_of_Competitive_Analysis\" >The Objectives of Competitive Analysis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Understanding_market_trends\" >Understanding market trends<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Identifying_strengths_and_weaknesses\" >Identifying strengths and weaknesses.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Gaining_a_competitive_edge\" >Gaining a competitive edge<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Types_of_Competitors\" >Types of Competitors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Direct_competitors\" >Direct competitors.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Indirect_competitors\" >Indirect competitors.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Replacement_competitors\" >Replacement competitors.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#How_to_Conduct_Competitive_Analysis_A_Step-by-Step_Guide\" >How to Conduct Competitive Analysis: A Step-by-Step Guide<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Identify_Your_Competitors\" >Identify Your Competitors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Gather_Information\" >Gather Information<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Analyze_Website_Content\" >Analyze Website Content<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Assess_SEO_Strategies\" >Assess SEO Strategies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Evaluate_Social_Media_Presence\" >Evaluate Social Media Presence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Examine_Paid_Advertising\" >Examine Paid Advertising<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Review_Customer_Reviews_and_Feedback\" >Review Customer Reviews and Feedback<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Analyze_Pricing_and_Offers\" >Analyze Pricing and Offers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Identify_Strengths_and_Weaknesses\" >Identify Strengths and Weaknesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Set_Objectives_and_Strategies\" >Set Objectives and Strategies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Taking_Action\" >Taking Action<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Benefits_of_Competitive_Analysis\" >Benefits of Competitive Analysis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Strategic_Planning\" >Strategic Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Market_Positioning\" >Market Positioning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Risk_Mitigation\" >Risk Mitigation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Resource_Allocation\" >Resource Allocation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Customer_Retention\" >Customer Retention<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Common_Mistakes_to_Avoid_in_Competitive_Analysis\" >Common Mistakes to Avoid in Competitive Analysis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Ignoring_Indirect_Competitors\" >Ignoring Indirect Competitors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Data_Overload\" >Data Overload<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Stagnation\" >Stagnation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Confirmation_Bias\" >Confirmation Bias<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Not_Acting_on_Insights\" >Not Acting on Insights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/#Over_To_You\" >Over To You<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"c2\"><span class=\"c6\">That&#8217;s precisely what competitive analysis is in marketing. It&#8217;s not just about knowing your own business inside and out; it&#8217;s about understanding your competitors just as well. Doing so means you&#8217;re not just playing the game but strategizing to win it.<\/span><\/p>\n<h2 id=\"h.e54cr14xivhh\" class=\"c0\"><span class=\"ez-toc-section\" id=\"What_is_Competitive_Analysis\"><\/span><span class=\"c7 c6\">What is Competitive Analysis<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"c2\"><span class=\"c1\">Competitive analysis is the process of evaluating your competitors to understand their strengths, weaknesses, and business strategies. It&#8217;s not just about gathering intel; it&#8217;s about using that information to make smarter business decisions.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Whether launching a new product or refining your marketing strategies, a thorough competitive analysis can be your secret weapon for success.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Competitor analysis is not a luxury only big corporations can afford. Understanding your competition is crucial, even if you&#8217;re running a small business or a startup.<\/span><\/p>\n<p class=\"c2\"><span class=\"c6\">It helps you identify gaps in the market, fine-tune your\u00a0<\/span><span class=\"c6 c9\"><a class=\"c10\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.figpii.com\/blog\/how-to-build-a-solid-value-proposition-with-a-b-testing&amp;sa=D&amp;source=editors&amp;ust=1697639374530475&amp;usg=AOvVaw2qZJXZMQ96s2uIPn6Z9VWN\">value proposition<\/a><\/span><span class=\"c1\">, and even discover new revenue streams. In short, competitive analysis is for everyone serious about growing their business.<\/span><\/p>\n<h2 id=\"h.smoshu43vbbu\" class=\"c0\"><span class=\"ez-toc-section\" id=\"The_Objectives_of_Competitive_Analysis\"><\/span><span class=\"c6 c7\">The Objectives of Competitive Analysis<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"c2\"><span class=\"c6\">Before diving into the how-tos, let&#8217;s discuss the &#8220;why.&#8221; Why should you invest time and resources into competitive analysis? It&#8217;s not just about keeping tabs on your rivals; it serves specific objectives that can propel your business forward. Here are the key goals:<\/span><\/p>\n<ol class=\"c8 lst-kix_2ry70wbb08kc-0 start\" start=\"1\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.y8hf1eqhlb1v\"><span class=\"ez-toc-section\" id=\"Understanding_market_trends\"><\/span><span class=\"c4\">Understanding market trends<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c6\">When you analyze your competitors, you can get a pulse on the current market trends. Are target customers leaning toward a new feature? Is there a <\/span><span class=\"c9 c6\"><a class=\"c10\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.figpii.com\/blog\/how-to-launch-pricing-experiments\/&amp;sa=D&amp;source=editors&amp;ust=1697639374531383&amp;usg=AOvVaw3WK_gJpJK7dJs5wVNxZLMI\">pricing strategy<\/a><\/span><span class=\"c1\">\u00a0that&#8217;s winning the day? Competitive analysis helps you stay ahead of the curve.<\/span><\/p>\n<ol class=\"c8 lst-kix_2ry70wbb08kc-0\" start=\"2\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.53dbtjyw9sgg\"><span class=\"ez-toc-section\" id=\"Identifying_strengths_and_weaknesses\"><\/span><span class=\"c4\">Identifying strengths and weaknesses.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Knowing your competitors&#8217; strengths and weaknesses isn&#8217;t just helpful information; it&#8217;s actionable data. You can leverage their weaknesses as your strengths and learn from their successes to bolster your marketing strategies.<\/span><\/p>\n<ol class=\"c8 lst-kix_2ry70wbb08kc-0\" start=\"3\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.8bww48p1u341\"><span class=\"ez-toc-section\" id=\"Gaining_a_competitive_edge\"><\/span><span class=\"c4\">Gaining a competitive edge<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Ultimately, competitive analysis is about gaining an edge. It equips you with the insights you need to outperform your competitors, whether that&#8217;s through better pricing, superior features, or more effective marketing tactics.<\/span><\/p>\n<h2 id=\"h.yeg6ayd9rrqm\" class=\"c0\"><span class=\"ez-toc-section\" id=\"Types_of_Competitors\"><\/span><span class=\"c7 c6\">Types of Competitors<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"c2\"><span class=\"c1\">Understanding the different types of competitors you&#8217;re up against can help you tailor your strategies more effectively. Let&#8217;s break it down into three main categories:<\/span><\/p>\n<ol class=\"c8 lst-kix_eenn32ia7jza-0 start\" start=\"1\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.bep3kzmtp8bb\"><span class=\"ez-toc-section\" id=\"Direct_competitors\"><\/span><span class=\"c4\">Direct competitors.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">These are the businesses that offer the same products or services as you and target the same market. You probably think of them first when someone mentions &#8220;competition.&#8221;<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Direct competitors are your most immediate threat, as customers often compare you directly against them when purchasing.<\/span><\/p>\n<ol class=\"c8 lst-kix_eenn32ia7jza-0\" start=\"2\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.lva9sghlmxni\"><span class=\"ez-toc-section\" id=\"Indirect_competitors\"><\/span><span class=\"c4\">Indirect competitors.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Indirect competitors offer different products or services but solve the same problem or fulfill the exact needs as your business. While they might not be direct threats, overlooking them could be a missed opportunity.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Understanding how they meet customer needs can help refine your offerings and identify potential partnerships or new market segments.<\/span><\/p>\n<ol class=\"c8 lst-kix_eenn32ia7jza-0\" start=\"3\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.nmorw2rui5qd\"><span class=\"ez-toc-section\" id=\"Replacement_competitors\"><\/span><span class=\"c4\">Replacement competitors.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">These are businesses that offer alternative solutions to the problems your business solves. They might not be in your industry, but they&#8217;re vying for the same consumer dollars. Think of streaming services versus traditional cable TV; they&#8217;re not the same but serve a similar purpose.<\/span><\/p>\n<h2 id=\"h.rq757wxtmko7\" class=\"c0\"><span class=\"ez-toc-section\" id=\"How_to_Conduct_Competitive_Analysis_A_Step-by-Step_Guide\"><\/span><span class=\"c7 c6\">How to Conduct Competitive Analysis: A Step-by-Step Guide<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"c2\"><span class=\"c1\">Before you can outsmart your competition, you need to know who they are. This is where your competitive analysis journey begins. Let&#8217;s get started:<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0 start\" start=\"1\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.10z0irm6jdz7\"><span class=\"ez-toc-section\" id=\"Identify_Your_Competitors\"><\/span><span class=\"c4\">Identify Your Competitors<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">The first step in conducting a competitive analysis is identifying your competitors. Start by making a list of companies or websites that are in the same industry as you. These can be both direct and indirect competitors.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">For direct competitors, think about businesses that offer the same products or services as you do. A quick Google search can help you find more names to add to your list. Indirect competitors require more digging.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Remember to leverage online tools like SEMrush or SimilarWb to help you identify competitors based on shared keywords. Customer feedback can also be a goldmine of information. Check reviews or customer surveys to see if other companies are mentioned as alternatives to your business.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">At the end of this exercise, you should have a comprehensive list that will serve as the foundation for the rest of your competitive analysis.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"2\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.1sqvanaocep5\"><span class=\"ez-toc-section\" id=\"Gather_Information\"><\/span><span class=\"c4\">Gather Information<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">The next step is gathering information about the competitors you&#8217;ve identified. This isn&#8217;t just about knowing their names; you&#8217;ll want to collect as much data as possible to understand how they operate. This includes their website URLs, the products or services they offer, their target audience, and their overall market presence.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Start by visiting their websites. Take note of the products or services they highlight, the language they use, and any special offers or features they promote. This can give you insights into their target audience and unique selling propositions.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">In addition, check out their social media channels, customer reviews, and any available sales data or annual reports. The more information you gather, the clearer the picture you&#8217;ll have of your competition, setting the stage for a more effective analysis.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"3\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.8nlkhxja2d72\"><span class=\"ez-toc-section\" id=\"Analyze_Website_Content\"><\/span><span class=\"c4\">Analyze Website Content<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">After you&#8217;ve gathered basic information about your competitors, it&#8217;s time to dig deeper into their website content. This will give you a sense of what they&#8217;re saying and how they&#8217;re saying it.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">First, prioritize. You don&#8217;t have to analyze every competitor on your list. Pick the top two or three that are most relevant to your business. Focus on the types of content that directly impact your industry.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">For example, if you&#8217;re in e-commerce, zero in on product descriptions and customer reviews. If you&#8217;re in the service industry, blog posts and how-to guides might be more up your alley.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Second, use tools to your advantage; several online tools can scrape or summarize website content for you. This way, you can get a snapshot of what your competitors are up to without having to sift through each page manually.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"4\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.zy4zswu9dqv\"><span class=\"ez-toc-section\" id=\"Assess_SEO_Strategies\"><\/span><span class=\"c4\">Assess SEO Strategies<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Once you&#8217;ve got a handle on their content, it&#8217;s time to peek under the hood and assess their SEO strategies. This is where you can start to find some competitive advantages. Take note of the keywords they&#8217;re targeting. Are they the same as yours, or are they going after a different set of terms?<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Look at their on-page optimization as well. How are they using meta descriptions, title tags, and header tags? Are they following best practices, or have they missed the mark in some areas?<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Remember to check out their backlink profiles. Tools like SEMrush or Ahrefs can give you a glimpse into where their backlinks are coming from. This can offer insights into their level of authority and online reputation.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"5\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.lznpcei44eh3\"><span class=\"ez-toc-section\" id=\"Evaluate_Social_Media_Presence\"><\/span><span class=\"c4\">Evaluate Social Media Presence<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">After diving into their SEO, it&#8217;s time to switch gears and evaluate your competitors&#8217; social media presence. Social media can be a treasure trove of insights into a company&#8217;s relationship with its audience. Start by checking their Facebook, Twitter, Instagram, and LinkedIn profiles.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Take note of how often they post. Is it multiple times a day or just a few times a week? Also, pay attention to the engagement levels on their posts. Are people liking, sharing, and commenting, or are the posts largely ignored?<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Don&#8217;t just look at the numbers; examine the types of content they&#8217;re sharing. Are they posting industry news, how-to guides, or customer testimonials? This can give you a good idea of their social media content strategy and how they aim to engage their audience.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"6\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.2buv7bbqz4oh\"><span class=\"ez-toc-section\" id=\"Examine_Paid_Advertising\"><\/span><span class=\"c4\">Examine Paid Advertising<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Now that you&#8217;ve got a good grasp of their organic online presence let&#8217;s turn our attention to paid advertising. If your competitors are investing in Google Ads or social media advertising, it&#8217;s a strong indicator of where they&#8217;re focusing their marketing efforts.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Start by doing a quick search for keywords related to your industry to see if their ads pop up. If they do, it&#8217;s a sign that they&#8217;re actively targeting those terms. You can also use tools like SEMrush or SpyFu to get more detailed information on their paid search strategies.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Don&#8217;t ignore social media ads, either. If you come across sponsored posts from your competitors while scrolling through your feed, take a moment to analyze them. What messaging are they using? What kind of visuals? Are they promoting a specific product or a broader brand message?<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"7\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.4y134sswrw9c\"><span class=\"ez-toc-section\" id=\"Review_Customer_Reviews_and_Feedback\"><\/span><span class=\"c4\">Review Customer Reviews and Feedback<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c6\">After you&#8217;ve scoped out their online and advertising strategies, it&#8217;s time to hear from the people who matter\u2014the customers.\u00a0<\/span><span class=\"c9 c6\"><a class=\"c10\" href=\"https:\/\/www.figpii.com\/blog\/best-customer-feedback-software-for-ecommerce\/\">Customer reviews and feedback<\/a><\/span><span class=\"c1\">\u00a0can be a goldmine of information about your competitor&#8217;s strengths and weaknesses.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Start by visiting review sites like Yelp or Trustpilot, or check out the review section on their social media pages. Look for recurring themes. Are customers consistently praising a particular feature or complaining about customer service?<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">These insights can be incredibly valuable, revealing what your competitors are doing well and where they&#8217;re dropping the ball.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"8\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.w6nzanewefac\"><span class=\"ez-toc-section\" id=\"Analyze_Pricing_and_Offers\"><\/span><span class=\"c4\">Analyze Pricing and Offers<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Next on the list is to get a handle on your competitors&#8217; pricing strategies and any discounts or special offers they might have. This can tell you a lot about how they&#8217;re positioning themselves in the market. Are they going for a premium, high-cost approach, or are they aiming to be the budget-friendly option?<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Look at their website or add a few items to your cart to see if any special offers or discounts pop up. Some companies reserve their best deals for customers who are on the fence, so this could give you valuable insights.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">When you analyze prices, you can better understand how your competitors are trying to attract customers. This can help you decide whether to match or beat their prices or offer something unique that they don&#8217;t.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"9\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.omsk06lwzl2r\"><span class=\"ez-toc-section\" id=\"Identify_Strengths_and_Weaknesses\"><\/span><span class=\"c4\">Identify Strengths and Weaknesses<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">After you&#8217;ve gathered all this data, it&#8217;s time to make sense of it. One of the best ways to do this is by creating a SWOT analysis for each competitor. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, a framework that can help you understand where you stand in relation to your competition.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">For strengths and weaknesses, look at everything from their content and SEO strategies to customer reviews and pricing. What are they doing well, and where are they falling short?<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Opportunities and threats are more about external factors. Are there market trends that one of your competitors is poised to capitalize on? Or there&#8217;s an emerging threat that could impact their business, something you could avoid.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">You&#8217;ll have a comprehensive view of your competitive landscape when you conduct a SWOT analysis based on your collected information.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"10\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.ra6sw5vccga\"><span class=\"ez-toc-section\" id=\"Set_Objectives_and_Strategies\"><\/span><span class=\"c4\">Set Objectives and Strategies<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">With all this newfound knowledge about your competitors, it&#8217;s time to turn the spotlight back on your own business. What are you going to do with these insights? The next step is setting objectives and strategies to help you stand out in the crowd.<\/span><\/p>\n<p class=\"c2\"><span class=\"c6\">First, define your goals. Are you looking to increase market share,\u00a0<\/span><span class=\"c9 c6\"><a class=\"c10\" href=\"https:\/\/www.figpii.com\/blog\/10-customer-retention-metrics-to-measure\/\">improve customer retention<\/a><\/span><span class=\"c1\">, or launch a new product? Your goals will guide your strategies, so make sure they&#8217;re clear and measurable.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Next, think about how you can differentiate your offerings. You may have discovered a gap in the market that none of your competitors are filling or identified a unique feature or service that could set you apart.<\/span><\/p>\n<ol class=\"c8 lst-kix_ovs59wfclyys-0\" start=\"11\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.tqb2iqteaqon\"><span class=\"ez-toc-section\" id=\"Taking_Action\"><\/span><span class=\"c4\">Taking Action<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">You&#8217;ve done the research, set your objectives, and crafted your strategies. Now comes the most crucial part\u2014taking action. All the insights in the world won&#8217;t help if you don&#8217;t put them to use.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Start by implementing the changes you&#8217;ve identified. Whether it&#8217;s tweaking your pricing, launching a new marketing campaign, or enhancing your product features, take decisive steps based on what you&#8217;ve learned from your competitive analysis.<\/span><\/p>\n<p class=\"c2\"><span class=\"c6\">But don&#8217;t just set it and forget it. The key to successful implementation is monitoring and\u00a0<\/span><span class=\"c9 c6\"><a class=\"c10\" href=\"https:\/\/www.figpii.com\/blog\/how-to-setup-and-run-an-a-b-test-a-step-by-step-guide\/\">A\/B testing<\/a><\/span><span class=\"c1\">. Run tests to see how your changes perform and whether they move you closer to your objectives.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">Keep an eye on key performance indicators and be prepared to adjust your strategies based on the results.<\/span><\/p>\n<h2 id=\"h.hnv9k6rmuq03\" class=\"c0\"><span class=\"ez-toc-section\" id=\"Benefits_of_Competitive_Analysis\"><\/span><span class=\"c7 c6\">Benefits of Competitive Analysis<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol class=\"c8 lst-kix_w3abvcs3xv75-0 start\" start=\"1\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.ieevzq6qtdpj\"><span class=\"ez-toc-section\" id=\"Strategic_Planning\"><\/span><span class=\"c4\">Strategic Planning<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Competitive analysis isn&#8217;t just a one-off task; it&#8217;s an ongoing process that feeds into your long-term business planning. By understanding your competitors&#8217; moves, you can make more informed decisions about your strategies, from product development to marketing.<\/span><\/p>\n<ol class=\"c8 lst-kix_w3abvcs3xv75-0\" start=\"2\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.r2vfnsvnyrj1\"><span class=\"ez-toc-section\" id=\"Market_Positioning\"><\/span><span class=\"c4\">Market Positioning<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Knowing what your competitors are up to helps you understand where your business stands in the market. Are you the budget-friendly option, the premium choice, or somewhere in between? This clarity can guide your branding and messaging.<\/span><\/p>\n<ol class=\"c8 lst-kix_w3abvcs3xv75-0\" start=\"3\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.7a508cfzzqzt\"><span class=\"ez-toc-section\" id=\"Risk_Mitigation\"><\/span><span class=\"c4\">Risk Mitigation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Risk mitigation is one of the less obvious but valuable benefits of competitive analysis. By keeping tabs on your competitors, you can identify potential threats before they become significant, allowing you to prepare and adapt.<\/span><\/p>\n<ol class=\"c8 lst-kix_w3abvcs3xv75-0\" start=\"4\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.dp2greuly96u\"><span class=\"ez-toc-section\" id=\"Resource_Allocation\"><\/span><span class=\"c4\">Resource Allocation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">With a clear picture of the competitive landscape, you can make smarter decisions about where to allocate your resources. Whether it&#8217;s doubling down on a successful product or pulling back on a marketing campaign that&#8217;s not delivering, competitive analysis helps you invest your time and money more wisely.<\/span><\/p>\n<ol class=\"c8 lst-kix_w3abvcs3xv75-0\" start=\"5\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.u9udjvmrf815\"><span class=\"ez-toc-section\" id=\"Customer_Retention\"><\/span><span class=\"c4\">Customer Retention<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Last but not least, the insights you gain can be a boon for customer retention. Understanding what your competitors offer allows you to up your game, improving customer satisfaction and building loyalty.<\/span><\/p>\n<h2 id=\"h.tn85em9fj8y3\" class=\"c0\"><span class=\"ez-toc-section\" id=\"Common_Mistakes_to_Avoid_in_Competitive_Analysis\"><\/span><span class=\"c7 c6\">Common Mistakes to Avoid in Competitive Analysis<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"c2\"><span class=\"c1\">Conducting a competitive analysis is a powerful way to gain insights into your market, but it&#8217;s not without its pitfalls. Here are some common mistakes to watch out for:<\/span><\/p>\n<ol class=\"c8 lst-kix_tn2zh2niky1z-0 start\" start=\"1\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.a8t25f60qwiq\"><span class=\"ez-toc-section\" id=\"Ignoring_Indirect_Competitors\"><\/span><span class=\"c4\">Ignoring Indirect Competitors<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Many businesses make the mistake of only focusing on their direct competitors, missing out on valuable insights from indirect competitors. Ignoring them can lead to missed opportunities and blind spots in your strategy.<\/span><\/p>\n<ol class=\"c8 lst-kix_tn2zh2niky1z-0\" start=\"2\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.5t5f78pw30n2\"><span class=\"ez-toc-section\" id=\"Data_Overload\"><\/span><span class=\"c4\">Data Overload<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">It&#8217;s easy to go overboard with data collection in the quest for comprehensive analysis. The downside? You end up drowning in a sea of numbers and metrics that don&#8217;t serve your objectives. The key is to focus on data that aligns with your goals and provides actionable insights rather than collecting data for the sake of having it.<\/span><\/p>\n<ol class=\"c8 lst-kix_tn2zh2niky1z-0\" start=\"3\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.xa3f2b86r0o8\"><span class=\"ez-toc-section\" id=\"Stagnation\"><\/span><span class=\"c4\">Stagnation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">Some businesses conduct a competitive analysis, create a report, and then let it gather dust. The market is dynamic; what was true six months ago might not be the case today. Failing to update your analysis regularly can result in outdated strategies that don&#8217;t address current challenges or opportunities.<\/span><\/p>\n<ol class=\"c8 lst-kix_tn2zh2niky1z-0\" start=\"4\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.l62f5fk34eb8\"><span class=\"ez-toc-section\" id=\"Confirmation_Bias\"><\/span><span class=\"c4\">Confirmation Bias<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">It&#8217;s human nature to seek out information that confirms our existing beliefs. In competitive analysis, this can manifest as cherry-picking data or interpreting findings that align with what you already think you know. This can severely limit the effectiveness of your analysis and lead to misguided strategies.<\/span><\/p>\n<ol class=\"c8 lst-kix_tn2zh2niky1z-0\" start=\"5\">\n<li class=\"c3 li-bullet-0\">\n<h3 id=\"h.dekil38kdwui\"><span class=\"ez-toc-section\" id=\"Not_Acting_on_Insights\"><\/span><span class=\"c4\">Not Acting on Insights<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p class=\"c2\"><span class=\"c1\">The ultimate goal of competitive analysis is to inform your business decisions. Gathering insights and then failing to act on them is a wasted effort. Whether it&#8217;s a tweak in your marketing message or a complete product pivot, the analysis should lead to actionable steps that improve your competitive standing.<\/span><\/p>\n<h3 id=\"h.iynu09g1sy68\" class=\"c12\"><span class=\"ez-toc-section\" id=\"Over_To_You\"><\/span><span class=\"c4\">Over To You<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"c2\"><span class=\"c1\">Competitive analysis isn&#8217;t just a to-do item; it&#8217;s a continuous process that can significantly impact your business success. The benefits are substantial, from understanding your market position to fine-tuning your strategies.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">But remember, gathering insights is only half the work. The real advantage comes when you take informed action based on what you&#8217;ve learned.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">So, don&#8217;t just sit on this goldmine of information. Use it to refine your strategies, mitigate risks, and seize opportunities that can set you apart from the competition.<\/span><\/p>\n<p class=\"c2\"><span class=\"c1\">The business landscape is ever-changing, and staying ahead requires both insight and action. Now that you&#8217;re armed with the knowledge, it&#8217;s over to you to make it count.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Say you&#8217;re a coach preparing your team for the big game. You wouldn&#8217;t just focus on your team&#8217;s strengths and weaknesses, would you? No, you&#8217;d also study your opponents\u2014how they play, their strategies, and where their vulnerabilities lie. That&#8217;s precisely what competitive analysis is in marketing. It&#8217;s not just about knowing your own business inside<\/p>\n","protected":false},"author":9,"featured_media":3613,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[579,429],"tags":[],"class_list":{"0":"post-3458","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-content","8":"category-ecom"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Competitive Analysis 101: What Is It And How Do You Conduct It? - FigPii blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.figpii.com\/blog\/how-to-conduct-competitive-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Competitive Analysis 101: What Is It And How Do You Conduct It? - FigPii blog\" \/>\n<meta property=\"og:description\" content=\"Say you&#8217;re a coach preparing your team for the big game. 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