Competitive Analysis

What is this method about?

A research technique that identifies and evaluates both direct and indirect competitors according to specific metrics—determining their strengths and weaknesses relative to your own.

Why use it

This method helps businesses to better understand their product’s purpose, potential and place in the market, identifying opportunities to exploit.

When should I use it?

During the early stages of development when you’re researching your target market and audience and surveying the market overall. It helps to understand if the market will support another similar product. It is also useful when there is a decline in sales revenue, market share or customers, as a tool to assess and help guide new product development.

What you get

Business will gain an understanding of your competitors’ strengths and weaknesses. Method will generate a list of product/market issues or opportunities to exploit.

At a glance

• Time: Long
• Effort: Medium
• Cost: Low

Materials

• Internet access (for research)
• Documentation materials
• Primary and Secondary market research (useful)
• Workshop space
• Whiteboard and markers
• Spreadsheet software (e.g. Excel)

Who is involved

• Business Analyst (facilitator)
• Sales and Marketing Manager
• Product Manager
• Customer Services Manager