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Competitive Analysis
Main takeaways
A tool for organizing the information a firm collects about its competitors to see how it stacks up against its competitors.
Provides ideas for markets to pursue, and identifies the business' primary sources of competitive advantage.
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Competitive Analysis Grid
A competitive analysis grid collects the important parameters to compare a business against its competitors in a table format.
Competition Analysis Map
The competitor analysis map is similar to the competitive analysis grid, with the difference that it is focused on a smaller number of sources of competitive advantage.
Step-by-step
1. Round up your competitors
The first thing that every business has to do, no matter the stage it is at, is to find their competition.
2. Choose an area of your business to review
For competitor mapping to be successful, you must understand why you are mapping your competitors, and what you are trying to discover.
3. List your best traits
The next step is to identify your product’s strengths. Consider how others perceive your product or service in comparison to your competitors.
4. Find areas for improvement
The key to taking advantage of your competitors’ activities is to regularly monitor them to find areas in which you can improve and align your products with market trends.
5. Create the competitor map or grid
Choose the main parameters to evaluate your business on. If you want to focus on two, choose the map. If you have multiple, choose the grid. Input the competitors to visualize how they compare to your product.
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