What is Competitive Analysis?

Think of competitive analysis as being a detective in the business world. Just like how you might compare different laptops before buying one, businesses study their competitors to make smart decisions.

It’s essentially three main things:

1. Understanding what other businesses in your field are doing
2. Learning what works and what doesn’t
3. Finding ways to do things better

Student Example: Imagine you’re starting a tutoring service on campus. You’d want to know:

• What other tutors charge
• Which subjects they cover
• How they find students
• What makes some tutors more popular than others

 Why Do a Competitor Analysis?

There are five key reasons why studying your competition matters:

1. Learn From Others’ Experiences

• Save time by not repeating others’ mistakes
• Discover what works well in your field
• Understand what customers expect

2. Find Market Gaps

Like finding out no tutoring service offers:

• Late-night sessions during finals
• Online study groups
• Subject-specific practice tests

3. Improve Your Offerings

Help you decide:

• What features to add
• Which services to focus on
• How to price your product

4. Stand Out

Discover what makes you unique:

• Your special skills
• Better ways to serve customers
• Unique approaches to common problems

5. Make Better Decisions

Based on real market information, not guesses

 What is Competitive Market Research?

This is the practical part of understanding your market. It’s like doing homework before a big project.

What You’re Looking For:

1. Market Size:
   • How many potential customers exist
   • How much money they spend
   • Market growth potential
2. Customer Preferences:
   • What people like
   • What they complain about
   • What they wish existed

1. Price Points:
   • What people are willing to pay
   • Current market rates
   • Value for money perceptions

 Competitive Analysis in Marketing

Think of marketing analysis like understanding the “personality” of each business in your field. Let’s break it down in simple terms:

Key Areas to Study:

1. Brand Voice & Message

• How do they talk to customers?
• What stories do they tell?
• What promises do they make?

Example: Think about phone companies:

• Apple = Simple, premium, innovative
• Samsung = Feature-rich, cutting-edge, diverse options
• Google = Smart, helpful, user-friendly

1. Marketing Channels Where do they connect with customers?

• Social media platforms
• Email newsletters
• Website content
• Physical advertising
• Events & sponsorships

How to Conduct Analysis (Quick Guide)

Here’s your step-by-step starter guide (think of it like a recipe):

Step 1: Identify Competitors

• Make a list of direct competitors (same product/service)
• List indirect competitors (similar solutions)
• Note new companies entering the field

Student Example: If you’re starting a note-taking app:

• Direct: Evernote, OneNote
• Indirect: Google Docs, paper notebooks
• New: AI note-taking tools

Step 2: Research Their Offerings

Create a simple comparison chart:

Step 3: Check Their Performance

Look for:

• Number of users/customers
• Customer reviews
• Social media following
• Market share

Step 4: Study Their Marketing

Analyze:

• Website design
• Social media presence
• Content strategy
• Advertising approaches

Step 5: Create a SWOT Analysis

 Detailed Analysis Steps

Now let’s dive deeper into each step:

1. Gathering Information

1. Online Research
   • Company websites
   • Social media profiles
   • News articles
   • Review sites
2. Customer Feedback
   • Read reviews
   • Study complaints
   • Look at ratings
   • Check social comments
3. Product Testing
   • Try their products/services
   • Compare features
   • Test customer service
   • Evaluate user experience

2. Organizing Data

Create simple spreadsheets to track:

• Prices
• Features
• Customer feedback
• Marketing strategies

 Templates and Tools

Here are some student-friendly tools to help:

Free Tools:

1. Basic Research
   • Google Alerts (track competitors)
   • Social Media Analytics
   • Google Trends
2. Analysis Templates
   • SWOT Analysis worksheet
   • Competitor Comparison Matrix
   • Feature Comparison Chart

What is Competitive Market Research?

[10 Competitive Market Research Templates]

A Student’s Clear Guide

Think of It Like This…

Imagine you’re planning to open a late-night coffee shop near campus. Before investing your time and money, you’d want to know:

• Are other coffee shops already serving late-night students?
• What do students look for in a study spot?
• How much are people willing to pay for coffee and snacks?
• When are the busiest study hours?

This is competitive market research in action!

What Is It Really?

Competitive market research is like creating a detailed map of your business landscape. It helps you understand:

1. Who else is offering similar products or services
2. What customers want and need
3. How much people are willing to pay
4. Where there might be gaps in what’s currently available

The Three Main Parts

1. Understanding Your Market

• How big is your potential customer base?
• What’s the total spending in your industry?
• Is the market growing or shrinking?

Example: In our coffee shop case, you’d want to know:

• How many students study late at night
• Average student spending on coffee/snacks
• Whether late-night study trends are increasing

2. Knowing Your Customers

• What do they need?
• What frustrates them about current options?
• What would make them choose your business?

Example:

• Do students want quiet study spaces or group areas?
• Are they frustrated by early closing times?
• Would they pay more for better coffee or faster WiFi?

3. Analyzing Current Solutions

• What are existing businesses offering?
• How much do they charge?
• What are their strengths and weaknesses?

Why It Matters for Students

1. Making Smart Decisions

• Helps you understand if your business idea has potential
• Shows you where you can do better than existing options
• Reduces the risk of failure

2. Finding Opportunities

• Spots gaps in the market
• Identifies unmet customer needs
• Shows where you can innovate

3. Setting Realistic Goals

• Helps you set reasonable prices
• Shows what features/services to offer
• Guides your marketing strategy

How to Do It: Simple Steps

1. Watch and Learn
   • Visit competitors
   • Observe their customers
   • Note busy times and quiet periods
2. Ask Questions
   • Talk to potential customers
   • Read online reviews
   • Join relevant social media groups
3. Collect Data
   • Take notes on prices
   • Track popular products/services
   • Monitor customer complaints
4. Analyze Patterns
   • Look for common customer needs
   • Identify shared problems
   • Spot missing services or features