What is a Competitor Analysis?
Competitor analysis in marketing and strategy is an assessment of the strengths and weaknesses of current and potential competitors. The analysis provides a clear view to improve strategic context and to identify opportunities and threats.
Why do we run a Competitor Analysis?
We run Competitor Analysis to help to extract, compare and define:
- Compare how good the major competition is doing with usability
- Compare your products in reference to its competition
- Get ideas of how to innovate the user experience
- Have a baseline of where the business stands with the competition
- Find new opportunities for business
Competitor Analysis is designed to help the business to have an understanding of where the competition stands. We use this method to extract important and valuable information to help to support the requirement gathering.
Who will be supporting the Competitor Analysis?
Different team members will be supporting the competitor analysis providing information and metrics. To be able to execute it, team members will have to collaborate, including:
- Architects and management
- Customer service
- Administration and Accounts
- Business analyst and product owners
- Employees and users
Only the expert will be preparing the type of competitor analysis to be executed.
What are the benefits of running a Competitor Analysis?
The benefits of running a competitor analysis are to understand the competition and be able to improve:
- Usability and accessibility
- Digital business processes
- User experience design and engagement
- Technology and Innovation
- Gathering insight
- By simplifying complexity
- Opportunities for new features
- Performance and conversion rates
Competitor analysis is well planned, prepared and executed.
What deliverables will Competitor Analysis produce?
As a result of a competitor analysis we will produce the following deliverables:
- Comprehensive Competitor Analysis Report