Competitive landscape analysis

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Competitive landscape analysis is a proactive way to find out how you stack up against other companies in your business. By using the strengths of your business, you can close the gap between you and your rivals and avoid taking a purely reactive approach. To do it right, you need to plan and put in some work, but the results can be big.
What is a study of the competitive landscape?
A competitive landscape study is a way to find and learn about your competitors in a planned way. You do a thorough study into how they make products, market them, sell them, and handle other important tasks. Instead of guessing why you aren't doing well, you can make counter-strategies based on accurate and reliable facts from the analysis.
An study of the competitive landscape should look at five main things:
Who your business's rivals are
What your rivals sell and how they do it
The pros and cons of your rivals
How your competitors are achieving their goals and how you can do the same
The overall picture for the market
Every business, from small start-ups to the biggest companies in an industry, can gain from a competitive landscape analysis. Finding out what your competitors are doing to increase their profits is a great way to increase your own.
What a competitive landscape study can do for you
A study of the competitive landscape tells you where your business could go in the future. In the short run, it shows what needs to be done next. By taking a careful look at what your competitors are doing, you can find out more about your potential customers and how you can reach them better.
When you look at the competition, you can also get a better idea of what your company's unique value proposition (UVP) is. When you know your unique value proposition (UVP), you can focus on the things that make your business stand out. These are the things you do better than your competitors or differently.
Businesses that do well know how important it is to do a competitive landscape study. Competitive research is done by about 90% of the Fortune 500 companies. 69% of businesses that have outsourced their competitive intelligence work have said that it was a good decision overall. Any business can start getting the benefits of this useful practice as soon as they have a good plan and the right tools. Here's what to do first.
8 steps to make a framework for analyzing the competitive scene
1. Get in order
If it's not organized or ordered, reams of raw data won't tell you much. The first step is to make an organization tool for your info. Make a matrix or worksheet that you can change, sort, and share. Having a way to see how your data looks can also be very helpful.
You'll end up with a lot of different data and information to record, but you can start by making a list of your known rivals and putting them into groups.
2. Identify your competition
Who are you up against? And how should you put them in groups? You probably know the answer to the first question right off the top of your head, but you shouldn't just study the most obvious competitors.
Start with a list of ten competitors and sort them into three groups: main, secondary, and tertiary.

#marketing #easymarketing #business #digitalmarketing #competitivelandscapeanalysis



Copywriter: Kamran Tagiyev
Voiceover author: Jeremy G.
Animation author: Asad Asadzadeh
Sound editor: Mahluga Taghiyeva
Project manager: Kamran Tagiyev

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💼 Our FREE Marketing Courses:
🍽 Free Restaurant Marketing Course:
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🏫 Free Marketing Course for Education Sector:
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