Do you want to conduct a competitive analysis to better understand your competitors, launch new products, and even gain more ideas about marketing strategies? Let's see how you can do it!
You have started a new project: a shoe brand (not quite like Edward Green, but on the rise). You think they are very likely to disrupt the industry.
But you know that before you start thinking about big issues, you must better understand your environment. You need to explore the competitive environment of the product to determine how similar the products in your industry are. More importantly, before making any decisions, you need to define your sources.
Do you know the answers to these questions?
But this shouldn't be normal. It needs to be more in-depth than simply comparing the social media, advertising campaigns, or advertising efforts of your competitors.
To get the best results, you need to investigate their history, their progress in selling products, who they think is your closest competitor, and where they fall short.
To conduct a competitive analysis, you must fully understand the industry hierarchy. For example, it needs to explore the upcoming shoe brand and identify who the competitive environment you are measuring is.
You need to know the brands of similar size that your customers might browse and compare with your business.
In fact, the strategic advantage of compiling this analysis lies in that it helps you better depict the competitive landscape. This is how you can obtain a successful real-life template to imitate, while also identifying and avoiding failure.
Conducting a competitive analysis requires some effort, but it is worth it.
Here, we will explain why you need to conduct a competitive analysis and give more insightful suggestions.
But first, let's define competitive analysis, so we have a clear meaning from the beginning of the guide.
