Competitive analysis involves evaluating the strengths and weaknesses of competitors to identify market opportunities and threats. It helps businesses refine strategies and gain a competitive edge.

HubSpot contributor Christine White has published an article explaining competitive analysis.

She says, “In this article, I’ll break down the steps I follow to conduct competitor analysis and identify ways to one-up top brands in the market.

Here are six main reasons I perform a competitive analysis exercise whenever working with a brand for the first time.

1. Find competitors’ strengths and weaknesses.

What are your competitors doing right to drive their growth? Analyzing the ins and outs of an industry leader will tell you what they did well to reach the top position in the market.

By looking at competitor strengths and weaknesses, you will identify opportunities for your own business.

I personally love analyzing competitor strengths. It’s easy to become short-sighted when looking internally only at your website, marketing, and business. Analyzing competitors will open your eyes to what the market is up to, what looks good, functions well, and would benefit your business.”

What Is a Competitive Analysis — and How Do You Conduct One?

HubSpot

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