How do you leverage competitor analysis to identify new opportunities and threats?

In my opinion, competitive analysis is the process that provides you with a competitor's point of view on how to better yourself. You ought to modify and enhance what they do since you have examined their tactics and noted their patterns. Additionally, since you are always researching the consumers' problems, it stays on their side.

Competitor analysis helps you see what others are doing, and you can leverage that to improve your product, services or industry. A good competitor analysis will drive insights into the 4P of the market mix, and with this, you can restrategize your marketing plan to suit the audience you want to target.

I think sometimes consultants and entrepreneurs goff at the thought of ANOTHER competitive analysis - something akin to a cookie cutter homework assignment, but really, when done correctly, they can be: -The key input to any growth-oriented recommendation or strategic move -A one of a kind, living playbook to navigate a changing category -Your ticket to expertise and sector ‘ownership’ How can you move forward, into uncovering new needs and achieving growth if you dont know the state of the category?

Competitor analysis is important because it helps businesses understand the competitive landscape, identify market gaps, and uncover trends, enabling them to make informed decisions, differentiate their offerings, and strategically position themselves in the market.

In the world of consumer products, there is a new approach to competitive analysis that relies on Artificial Intelligence to analyze consumer reviews and identify valuable insights for comparing products. These reviews can be found on e-commerce sites, videos, or reactions on social media. The most advanced solutions currently not only allow you to decide the scope of the analysis by including the products and platforms of your choice but also go so far as to generate comprehensive and accurate analysis reports, in the language of your choice, making it very easy to access insights.

Think about your goals relative to the many types of competitive audits: Curious what people think of your biggest competitors? --> Social listening and media analysis Curious why your brand now seems to be lost in the noise? --> Brand positioning and messaging audit Curious why you aren't growing like you thought you would? --> Business strategy and model audit Curious what's next for your category? --> Product innovation audit, VC, and patent analysis

Identifying how your products are differentiated in the marketplace is very important. Having a clear differentiation in the marketplace positions the organization to compete more effectively. Messaging can be crafted around the key product differentiators vis a vis the competition.