Coming to Terms with the Basics of Competitor Analysis
                     Coming to Terms With 
The Basics of 
Competitor Analysis
https://goodmanlantern.com/
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When drawing up your business plan, creating a “competitive analysis” 
section is of the utmost importance. Competitor analysis allows you to 
understand your current and potential competition, ensuring the survival and 
growth of your business. Think of this as a basic profile detailing the strengths 
and weaknesses of your competitors; enabling you to plan ahead and be at the 
top of your game.
The first step in your competitor analysis should be to figure out what their 
strengths are in terms of service, price, inventory, convenience, and location. 
Balance out these strengths by noting any corresponding weaknesses that 
you may be able to take advantage of. Also, take note of their marketing 
strategies and consider how you could adapt your own strategies to be a step 
ahead of them. Take the time to figure out what your competitors’ basic 
objectives are and who their target markets are. Moreover, try to tweak 
your own objectives to set yourself up as a future industry leader.
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Competitor analysis might sound complicated and time-consuming. You may 
have no idea where to begin. Gathering information, however, may be simpler 
than you think. You have a wealth of valuable resources at your fingertips. Visit 
competitor websites, search the web for news, public relations, blog posts, 
social media posts, and product/service comparisons. Make use of online 
tools, such as Similar Web, which uses a panel of over 100 million monitored 
devices to gather information, to compare your competitors’ online marketing 
strategies to your own.
Finally, take a trip to your competitors’ locations and get a first-hand account of 
their sales materials and of their customer service. Learn from their mistakes 
and successes as a part of your competitor analysis.
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THANK
YOU!
Goodman 
Lantern
Phone: Email: Website:
+1 9292993999 [email protected] https://goodmanlantern.c
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