How do you make a competitor analysis?

HOME / HOW DO YOU MAKE A COMPETITOR ANALYSIS?

When is your business successful? If your product or service is better or cheaper, or if your service is better than that of your competition. So take a good look at your competitors and distinguish yourself from the rest. A competitive analysis will help you with this.

With a competitive analysis you list the strengths and weaknesses of your company compared to your competitors. It also provides your data for your SWOT analysis. What does such a competitor analysis model look like?

Direct and indirect competitors

First, find out who your competitors are. Make a distinction between direct and indirect competitors. Direct competitors offer a product or service that matches your product or service. Indirect competitors sell a product or service that resembles or is an alternative to your product or service. An indirect competitor may also be located in a region that your company doesn't focus on. Focus your research on your direct competitors.

Collect information

If you know who your direct competitors are, answer the following questions:

  • Which competitors are where? View the website of these companies and request additional company information from the Trade Register if necessary.
  • How many other entrepreneurs are located nearby? Use the Chamber of Commerce location scan for this.
  • What products or services are my competitors selling?
  • What audience are my competitors targeting?
  • What prices or hourly rates do they charge? Do they give a discount? Request a quote. This will give you valuable information.
  • What is their name recognition? And how does my competition advertise? Through social media, commercials or folders?
  • What service does my competition provide?

Make a competitor analysis

Then put all the data in a clear competition matrix. This way you can determine the competitive position of your company. You list the strengths and weaknesses.

The above example shows that there isn't yet a bicycle dealer that scores high on price level. Perhaps a bicycle shop with low(er) prices is an interesting addition. And what can you learn from the fame of Rijwielhandel B? Does this entrepreneur advertise a lot, or is he active on social media?

This way you discover which options you can use for your own company.

How do you find new customers and assignments? How do you ensure that clients choose you? Now you have to find the best answers.

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