A competitor analysis is a useful tool to understand the market landscape. This helps you identify alternative ways prospective customers can solve their problems. It is also a great way to evaluate other vendors’ strategies so you can assess their strengths and weaknesses. This gives you important insights into how other companies are trying to provide value to your target buyers.
Your competitive analysis should answer these core questions:
- Who are the other companies vying for customers in your market?
- What products and services do they offer?
- What is each competitor’s market share?
- What are their strengths and weaknesses?
- How do your own products and services compare?
- How can you differentiate your products and services?
Product and marketing teams use these findings to inform their strategic plans and determine what will make their product a success. It allows them to formulate an approach that considers the strengths and weaknesses of their own offering relative to the competition.
Few tools of competitor analysis in Social Media
There are many different types of competitor analysis. When considering which template to use, it is important to think about the factors you want to analyze and how you will share your findings.
#1: Do a Side-by-Side Comparison
#2: Assess Facebook Page Performance
#3: Identify Influencers
#4: Analyze Twitter Activity
Hope you will be use and get benefited, but remember one thing this is a most advanced phase of action for any business so use it carefully and only when required.