Finding Pepsi to your Coke; what that means? We all know Pepsi and Coke are the two topmost cold drink brands which have been a great competitor of each other; so it means that every business owner should find a competitor for his business so that they can always analyze their position in the market and come up with new plans to beat the competitors. Yes! Competitive Analysis is very important and proper analysis can help your business to flourish. Here, are some points that will help you in better competitor analysis.

Before looking at the points, first of all, just make a list of your competitors who are doing exactly what you do. You don’t need to follow everyone, just consider the top 5 or 6 competitors. Let us move towards the key points for competitor analysis.

Competitive Analysis

Analyze the products of your Competitor- For a competitive analysis, you need to completely analyze the product your competitors are offering. Like if you are run an education company, buy the products of your competitors and highlight what they are offering. Make a list of services they are offering and you are not and similarly also a list of services you offer and they don’t. After this, you have to work on two things, first of all, do proper marketing highlighting services that your competitors are not offering. Secondly, work on the services you aren’t offering at present; try to bring out better services in their place.

Identify your weaknesses- After you analyze your competitor’s product, just identify what your weaknesses are; maybe you are not able to market your services well. Maybe your product has many negative reviews or unresolved issues. Just work on your weaknesses to ensure success in your business.

Know what your competitors are doing- Always keep an eye on what your competitors are up to and what products they are launching. Also, keep yourself updated with the latest trends in the market.

Although competitive analysis is very important, you should refrain from copying the strategies of your competitors as it is. Think for new ideas that can beat your competitor; take your time and come up with a better plan. New ideas always work! Your focus should be your customer; if you know what your customer needs, you will never fail.