What is competitor analysis in marketing?
Posted: Thu Jan 23, 2025 5:01 am
Marketing competitor analysis is the process of researching and analyzing your competitors’ marketing strategies and tactics to identify their strengths and weaknesses.
Look at the four Ps of marketing—product, price, place finland b2b leads and promotion—these are four essential factors in marketing a product or service. Analyzing this gives you a competitive edge. Once you know more about your competitors’ methods, you can avoid their pitfalls and take advantage of missed opportunities to optimize your marketing.
A callout card that says, "Marketing competitor analysis is the process of researching and analyzing your competitors’ marketing strategies and tactics to identify their strengths and weaknesses."
But who exactly are your competitors? A competitor is any business that could pull market share away from your organization now or in the future.
There are two main types of competitors: direct and indirect. Direct competitors actively compete with you for the same customers, such as a similar business in your local area. Indirect competitors are those in the same category as you but sell different products or services and target a different market.
For example, if you run a B2B CRM software company that sells to small and medium-sized businesses, a CRM for enterprise clients would be your indirect competitor.
For a marketing competitor analysis, you should focus on your direct competitors.
How to analyze marketing competitors
To analyze your competitor’s marketing strategy, you need to gather as much competitive intelligence as possible about their marketing, from web and social media to field marketing. Fortunately, there are competitive intelligence tools to make this process much easier. You’ll also need to establish criteria for evaluating the effectiveness of their efforts.
Look at the four Ps of marketing—product, price, place finland b2b leads and promotion—these are four essential factors in marketing a product or service. Analyzing this gives you a competitive edge. Once you know more about your competitors’ methods, you can avoid their pitfalls and take advantage of missed opportunities to optimize your marketing.
A callout card that says, "Marketing competitor analysis is the process of researching and analyzing your competitors’ marketing strategies and tactics to identify their strengths and weaknesses."
But who exactly are your competitors? A competitor is any business that could pull market share away from your organization now or in the future.
There are two main types of competitors: direct and indirect. Direct competitors actively compete with you for the same customers, such as a similar business in your local area. Indirect competitors are those in the same category as you but sell different products or services and target a different market.
For example, if you run a B2B CRM software company that sells to small and medium-sized businesses, a CRM for enterprise clients would be your indirect competitor.
For a marketing competitor analysis, you should focus on your direct competitors.
How to analyze marketing competitors
To analyze your competitor’s marketing strategy, you need to gather as much competitive intelligence as possible about their marketing, from web and social media to field marketing. Fortunately, there are competitive intelligence tools to make this process much easier. You’ll also need to establish criteria for evaluating the effectiveness of their efforts.