Your competitive analysis

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A good competitive analysis varies according to what industry you're in and your specific marketing plan and situation. A comprehensive competitive analysis does have some common themes.

Begin by explaining the general nature of competition in your type of business, and how customers seem to choose one provider over another. What might make customers decide? Price or billing rates, reputation, or image and visibility? Are brand names important? How influential is word of mouth in providing long-term satisfied customers?

For example, competition in the restaurant business might depend on reputation and trends in one part of the market and on location and parking in another. For the Internet and Internet service providers, busy signals for dial-up customers might be important. A purchase decision for an automobile may be based on style, or speed, or reputation for reliability.

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For a good competitive analysis, extensive, objective research is necessary. Businesses have to do a competitive analysis frequently to ascertain their position as compared to the competitors in the market. This helps to determine the strengths and weaknesses of your competitors and take adequate action to prevent them from taking a share of your market, taking steps to correct your own weaknesses and strengths thus not becoming vulnerable to your competitors.