7 Easy Steps on How to Perform a Competitor Analysis

Emphasizes the need for regular competitor analysis to stay ahead in the market. Identifies key purposes of competitor analysis, including gaining inspiration, recognizing market gaps, and establishing a unique value proposition. Recommends performing an in-depth competitor analysis at least once a year, with a preference for every six months. Outlines a step-by-step process for competitor analysis: Finding competitors by searching online using relevant keywords. Exploring competitors' websites, social media, and platforms to understand offerings. Analyzing the sales process, including customer journey and engagement. Examining pricing, product pages, and comparing with competitors. Studying competitors' digital marketing strategies, focusing on social media presence. Reading through customer reviews and feedback to adapt strategies based on customer needs. Concluding with a SWOT analysis to plan new marketing strategies or products.