4 steps of competitive analysis to conduct a successful market research

“I have no competition”. We’ve heard that phrase a thousand times. A thousand times, entrepreneurs have told us that their idea has no competition, and a thousand times we have contradicted them. Competition is not necessarily around the corner. It is now global, worldwide, and sometimes hiding in complex value chains that are difficult to penetrate. Find out the steps to follow to ask yourself the right questions before conducting your market research.
Step 1: Identify competitors. It is useful at this stage to reason in terms of needs. Your product may indeed be innovative and not have a counterpart. But it undoubtedly has indirect competitors.
Step 2: Define the criteria to be analyzed for your competition study. Based on the data collected, it is useful to make an initial assessment: who are your most serious competitors, those who are likely to give you a hard time in your immediate market? Start by listing these competitors in an excel table on the x-axis and the criteria to be evaluated on the y-axis.
Step 3: Find information about your competitors. To carry out market research, you will, of course, need information about your future competitors. In this age of the Internet, this information is fortunately much more easily accessible than it was 20 years ago.
Step 4: benchmarking. The best way to analyze the competition is to build a massive Excel spreadsheet in which you can record your analyses. In the columns, you will indicate the different factors to be analyzed. You will then assign a row to each identified competitor and only have to fill in the cells of the table.

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