What Is The Meaning Of Competitive Analysis?

[johnexplo]

What Is The Meaning Of Competitive Analysis?

 

[Joseph Cruz]

Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service . A competitive analysis is a critical part of your company marketing plan.

 

[Saitama]

A competitive analysis is the analysis of your competitors and how your business compares. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage.

 

[K2Bsolutions]

Competitive Analysis in seo refers to identifying the competitors, analyzing their keyword optimization, their backlinks , their landing page optimization etc.
https://www.k2bindia.com/services/digital-marketing/

 

[Uliana Moreva]

A competitive analysis is a research (usually online) made in order to better understand the competitive landscape and estimate opportunities, weaknesses, threats and strengthens of competing industry players, to optimize future business activities and utilizations (marketing, product, sales or alike).
To make such analysis, you should build the list of questions, related to your product and answer on them.

• Who are your competitors?
• What products or services do they sell?
• What is each competitor's market share?
• What are their past strategies?

As an example!

 

[Scott Fullerton]

A competitive analysis is the analysis of your competitors and how your business compares. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage. Such an assessment is usually part of a company’s business or marketing plan, and provides context for growth plans.

Types of Competitors
The types of competitors evaluated include:

• Direct – Businesses that sell the same types of goods and services you do, to the same market. Such as gift shops, convenience stores, or florists, for example.
• Indirect – Businesses that sell substitute products or services, or items that can be used in place of yours. If you own a bakery, an indirect competitor might be a restaurant. If you run a scrapbook supply store, an indirect competitor could be a craft store.
• Potential new entrants – Although you can’t predict the future, any news you’ve picked up about new businesses entering your market should be taken into account as you analyze your current and future competition.