A competitor analysis is an identification of your various competitors and information about their performance, capabilities, objectives/Values, strategy. These are just the basic
| Performance metrics | Capabilities | Objectives/values | Strategy | |
|---|---|---|---|---|
| Competitor 1 | ||||
| Competitor 2 | ||||
| Competitor 3 | ||||
| Competitor 4 | ||||
| Competitor 5 | ||||
| Competitor 6 |
The primary goal of a competitor analysis is to gain a comprehensive understanding of the competitive landscape, based on various qualitative as well as quantitative data, the metrics above are a good start, but can be augmented with other factors as needed. By understanding the competition, an organisation can identify areas where they can differentiate themselves, such as by offering unique products, providing better customer service, or having lower prices. Additionally, competitor analysis helps businesses stay abreast of market trends and changes, and adjust their own strategies accordingly.
On the surface, competitor analysis can seem rather straight forward, but at the heart of it there's a number of fundamental questions one needs to ask. An approach could be to create strategic group by their similarities, then use this concept of strategic groups to then prioritize the various competitors that you want to analyze. Once you have that prioritization, then you can dedicate more time focusing on those closer in competition with your organisation. But maintain awareness your of other competitors that may be a little farther afield however may become relevant in the future.
