Competitor analysis is a great way to inspire and sharpen your marketing mindset. It gets you away from working IN the business into working ON the business. You are opening your mind to the worldview of the customer rather than looking out into the world only from your own business perspective.
Turning competitor analysis into competitive advantage
Competitor analysis and marketing is an assessment of the strengths and weaknesses of both current and potential competitors.
The Competitive Analysis Template is essentially a combination of a SWOT analysis using the Marketing Mix as the evaluating elements. It can be carried out which measures a competitor’s strengths, weaknesses, opportunities and threats against the key elements of their business.
This can give you direction as to what areas to focus on to give the greatest advantage over your competitors.