Competitive Analysis – Getting ahead of the competition

“How do I stay on top of the game?” Now is the time to find out who your competition really is. A healthy competition can keep you
motivated more than just passion for what you do. And for that you’ll have to keep a close eye on your competitors.

You know why Honda was able to break the US motorcycle market? They kept an eye on their competitors – none of them were producing small bikes at that time. It was a unique and fresh idea that no one in the US market thought of before. And it worked.

The competitor analysis tool will help you identify your competition. In just a few minutes you will be able to determine and weigh their
attributes, assess their strengths, weaknesses and uncover their objectives and strategies to see how they relate to your market.

Action: Conduct Competitive Analysis

Your aim should be to determine and weight your competitor’s attributes, assess their strengths, weaknesses and uncover their objectives and strategies to see how they relate to your market

  • Identify your competition. Include those locally based as well as internationally
  • Research information about your competitors. List all the elements you want to find out about your competition
  • Compare your business using the competitor analysis grid
  • Schedule a monthly competitive analysis. They should be as regular as your inventory checks and other business functions

Make a copy using Google Docs-> File->Make a copy option.

Additional Tips:

  • You can employ college students or create internship programs for conducting your analysis
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