{"id":31371,"date":"2021-11-23T15:22:38","date_gmt":"2021-11-23T15:22:38","guid":{"rendered":"https:\/\/brandignitybeta.com\/demo\/brandlatest\/2021\/11\/23\/how-to-perform-online-competitor-analysis-the-right-way\/"},"modified":"2021-11-23T15:22:38","modified_gmt":"2021-11-23T15:22:38","slug":"how-to-perform-online-competitor-analysis-the-right-way","status":"publish","type":"post","link":"http:\/\/brandignitybeta.com\/demo\/brandlatest\/how-to-perform-online-competitor-analysis-the-right-way\/","title":{"rendered":"How To Perform Online Competitor Analysis The Right Way"},"content":{"rendered":"

\"Competitor<\/p>\n

Image source: mohamed Hassan from Pixabay<\/em><\/p>\n

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One of the best ways to get ahead in today\u2019s business landscape is the ability to perform a comprehensive competitor analysis<\/a> that\u2019s aligned with business goals. And with the digital field being the playground of choice for most businesses, it\u2019s even easier to get hold of tangible, actionable insights from the multitude of data that\u2019s available with the right set of tools.<\/p>\n

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In this article, we discuss what a competitor analysis entails, how to go about it smartly, and the readily available tools you can have at your disposal. Let\u2019s get started!<\/p>\n

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Competitor Analysis Defined<\/strong><\/h2>\n
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Before we jump in, let\u2019s set the foundation for this article by defining what competitor analysis is, what it does, and what it aims to accomplish. The goal of competitor analysis is to gauge the performance of various business enterprises in a predefined market. When a competitor analysis is done right, it can help a company identify why certain ventures are successful, enabling it to find a more advantageous market position in the highly-competitive business landscape<\/a>. When it comes to defining a market, it can be segmented into particular products (leather goods<\/a>), or an industry (rubber manufacturing). In a competitor analysis, it is likewise crucial to note that a company\u2019s strengths and weaknesses must be weighed in alignment with its strategic goals. This allows it to see what it can do to improve its position and not just base it on what works (and what doesn\u2019t) for others.<\/p>\n

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How to Perform a Competitor Analysis<\/strong><\/h2>\n
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The \u201cright\u201d competitor analysis will largely depend on the scale of your operations. But with that being said, there are still a few basic steps you need to make sure are done appropriately. When you\u2019re able to do the steps below thoughtfully, you can create a personal development plan<\/a> to glean insights that can help you make wiser business decisions and craft the most optimal strategies.<\/p>\n

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#1. Identify your competitors<\/strong><\/h3>\n

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While this step may seem obvious (how are you going to do a competitor analysis otherwise?), it\u2019s important to note the difference between direct and indirect competitors. A direct competitor is one that\u2019s offering the same product whilst also targeting the same customer base. Meanwhile, an indirect competitor sells a similar product, but targets a different customer segment.<\/p>\n

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While it\u2019s certainly vital to learn as much as you can about your direct competitors, performing ample research on yoru indirect competitors is equally important as it gives you a different perspective on the industry you\u2019re in. Aside from social media, videos and podcasts<\/a>, there are a number of tools and platforms you can use to do a basic search of your indirect competitors (Product Hunt<\/a> and Crunchbase<\/a> come to mind).<\/p>\n

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#2. Segmenting the list<\/strong><\/h3>\n

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Once you\u2019ve come up with a list of competitors, you need to narrow that list down. As a benchmark, you can start with around seven to 10 relevant competitors that ideally:<\/p>\n

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