The objective of competitive market analysis is to collect actionable competitor intelligence to help understand what's happening in the world outside your business. A competitive analysis helps you learn the ins and outs of how your competition works. 10 min read. 7 Simple Steps to Conducting a Competitive Market Analysis. Many don’t practice it on a regular basis.

Hardin Center for Market Research at Elmhurst College. It also helps you identify what they're doing right and opportunities where you can easily one-up them by using a strategy they haven't taken advantage of. Faustinus Angmortey. This chapter details a simple, easy-to-use process to help you complete a competitor analysis that discovers and keep tabs on other retailers in your space. The market analysis isn’t just one part of a successful business plan—it’s one of the best reasons to write one. Market research helps you find customers for your business. Knowing what the competitors are doing—how they’re thinking about the market, which tactics they’re using, how they’re crafting messages and design—can make all the difference in the battle for customers. Which, as you might have guessed, begins with knowing the opponents. Gaps in the market; New products and services to develop; Market trends; According to a Conductor survey, 60 percent of marketers don’t feel proficient in competitive analysis. How to Conduct Your Competitive Analysis Although performing a competitive analysis isn’t rocket science, it does go beyond the few simple Google searches needed to identify your competitors. Competitive Analysis in Marketing. “Most people conducting a competitive market analysis are trying to understand how their business, product or brand is positioned,” said Sherry Smoak, assistant professor and director of the D.K. Competitive market analysis is the process of ethically gathering information about market competition to assess their strengths and weaknesses as well as your own organizations strengths and weaknesses. Competitive analysis helps you make your business unique.

If you do need banks to lend you money or investors to jump on board, a market analysis section is required, as savvy lenders or investors will need to know that the business you’re pitching has viable market appeal.

Combine them to find a competitive advantage for your small business.

In addition, competitive analysis can be a treasure trove of conversion optimization insights, yet it often gets skipped.

Writer. Every brand can benefit from regular competitor analysis. With the right sources, you are ready to begin your competitive market analysis.