What is the meaning of competitive analysis?

Hi Friends,
Competitive Analysis : 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.

Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.

Competitive intelligence is knowing how good your business is versus competition. Acknowledging the presence of your competitors (and their strengths) helps you in two ways:

1) Know your position in the marketplace.
2) Formulate the next steps to compete with them effectively.

Competitive research or competitive intelligence is a field of strategic research that specializes in the collection and analysis of information about rival firms. It’'s an essential tactic for finding out what your competitors are doing and what kind of threat they present to your financial well-being.

How to Conduct Your Competitive Analysis
1. Identify Your Top Ten Competitors
2. Analyze and Compare Competitor Content - What types of content creation do your competitors focus on, a blog? Case studies? Premium content?
3. Analyze Their SEO Structure
4. Look at their Social Media Integration
5. Identify Areas for Improvement

A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.