Competitive Analysis

Any comprehensive competitive analysis involves understanding and analyzing competitor businesses

, strategies, clients, market share and marketing, niche area, competitor strengths and weaknesses, opportunities and threats etc.

A good competitive analysis will include price points, the mechanism by which a problem or medical condition is addressed, cost estimates, distribution and sales channels, and any strengths or weaknesses of the competitive solution. It will also include solutions that are used by consumers in lieu of any pharmaceutical solution.

With a list of your top competitors in hand you can now go back to your original search and start experimenting with some of the Competitive Analysis Software tools you found there. Some popular ones you may want to start with include ReviewMyWeb.com, webtraffic24.com, and websitegrader.com. Follow the software instructions to enter your site and your top competitors. You'll get comparison data on your site versus the top competitor in areas like traffic, backlinks, and coverage.

As imply by its name, competitive analysis is an examination of the companies in a given industry sector or market niche that are competing with your company's products or services for market share. By doing this analysis, they have a depth exploration of the top fie competitors, or a larger numbers of competitors could be explored. In most cases, the client will have recognized the target competitors for you.

We made a list of their strengths and weaknesses and compared our strengths and weaknesses to theirs. This was the best free Competition Analysis tool we had come across. It provided information on our competition and allowed us to begin carving out what our special niche could be and how to compete. The only thing that it cost was time.

Browsing the web to analyze your competition is always a good point to start. Awareness how your competitors are presenting their brand online and which functionality and strategy they use is most important. But also realize that they could build on a new web site right now, at this moment and that this web site will be definitely more advanced and in many ways improved than the one you see on your screen. So it is always important to think ahead for the purpose to stay ahead.

Whether yours is a small, home-based business or an international corporation, it is necessary to perform a competitive analysis to gain a better understanding of your competitors. This, in turn, will help you formulate more effective strategies to strengthen your position among your customer base, as well as defend and increase your market share.

The key to beating competitors is to be a little bit better than them and to work a lot harder than them. Knowing who your competition is and what their strengths and weaknesses are can only help you. However in order to gather the information to carry out competitor analysis there is an internal cultural change needed as sales people need to begin to ask who they are against in terms of competition. Making this standard practice can take a bit of getting used to.

by: James Dann

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