{"id":38081,"date":"2021-04-13T13:28:58","date_gmt":"2021-04-13T18:28:58","guid":{"rendered":"https:\/\/www.crowdspring.com\/blog\/?p=38081"},"modified":"2026-02-11T18:24:08","modified_gmt":"2026-02-12T00:24:08","slug":"competitive-analysis-marketing","status":"publish","type":"post","link":"https:\/\/www.crowdspring.com\/blog\/competitive-analysis-marketing\/","title":{"rendered":"What’s a Competitive Analysis and How Can It Strengthen Your Marketing Strategy?"},"content":{"rendered":"

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What is a competitive analysis?<\/h2>
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A competitive analysis is an assessment of your key competitors' strengths and weaknesses and a strategy to identify opportunities and threats to help you outperform those competitors.<\/p>\n

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Your business doesn’t operate in a vacuum.<\/p>\n

One of your most crucial tasks as a business owner is deciding how to react to your market and competitive landscape changes<\/a>.<\/p>\n

Whether you’re starting a business<\/a> or running an existing small business, knowing where you stand relative to your competition is essential.<\/p>\n

A competitive analysis gives you the vital information you need to make educated decisions about your marketing, branding<\/a> position, pricing, and more.<\/p>\n

If you plan your brand strategy<\/a> or marketing strategy without a competitive analysis, you’re flying blind.<\/p>\n

Don’t fly blind.<\/p>\n

Optimize and focus your marketing strategy with a competitive analysis.<\/p>\n

Conduct a competitive analysis in 4 simple steps:<\/h2>
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  1. Identify your competitors.<\/a><\/li>\n
  2. Gather competitor info.<\/a><\/li>\n
  3. Perform a SWOT Analysis.<\/a><\/li>\n
  4. Realign your marketing strategy.<\/a><\/li>\n<\/ol>\n

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    Step 1 – Identify your competitors.<\/h2>\n

    The first step to any competitive analysis should be to identify your competitors.<\/p>\n

    You’ll need to do this even if you’re just starting your business and working on your business plan<\/a>. After all, it’s challenging to create a go-to-market strategy unless you understand your competition.<\/p>\n

    Keep an open mind. This task may be more challenging than you expect.<\/p>\n

    For example, Coke’s most obvious rival is Pepsi. But they’re also competing against every other beverage brand that makes cola and every other non-cola beverage<\/em>.<\/p>\n

    Different business sectors often provide specialized competitor analysis tools to meet their unique requirements. Take Amazon’s fiercely competitive marketplace, for example. The Viral Launch tool helps you with reverse ASIN lookups and performance tracking. If you’re an Amazon seller seeking a competitor analysis tool, that tool is worth exploring.<\/p>\n

    When conducting a competitive analysis, take a broad view of who your competitors may be. You may be missing out on a crucial group of competitors simply because you’ve kept your scope too narrow.<\/p>\n

    But it’s also possible to cast your net too wide.<\/p>\n

    So, how do you tell who your actual competitors are?<\/p>\n

    Compare your audiences.<\/p>\n

    If a potential competitor targets customers who are not your customers, they’re not truly your competition.<\/p>\n

    So, start with a broad view and then narrow your list. This will give you the most accurate picture of your competitive landscape.<\/p>\n

    Step 2 – Gather competitor info.<\/h2>\n

    Now that you know who your competitors are, it’s time to start gathering the information that will allow you to make informed decisions about your own business.<\/p>\n

    This step will represent the bulk of your effort in your competitive analysis.<\/p>\n

    The more comprehensive your research is, the better equipped you’ll be to draw informed conclusions and design effective strategies.<\/p>\n

    So, don’t short-change this step.<\/p>\n

    Want a free brand review?<\/div>
    \"brand<\/div>
    Answer 5 short questions and we will send a custom report with actionable insights and specific actions you can take to build a stronger brand.<\/div>
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