12 Methods of Competitor Analysis
Posted: Mon Jan 20, 2025 6:20 am
SWOT analysis
SWOT is an abbreviation of the English words Strengths, Weakness, Opportunities, Treats. In this analysis, a product is described from the standpoint of advantages, disadvantages, prospects, and the presence of potential dangers. The product in the description is presented both from a strong side and from a weak side, and the market is nothing more than opportunities and threats. For example, a business owner makes decisions about the properties of a product, but does not take into account the effect of laws regulating its activities, such as GOST, Federal Law, ISO, Tax Code, etc.
SWOT analysis in marketing
Source: shutterstock.com
SWOT analysis of competitors botim database is a universal tool, as it is applicable to a personal brand, product, company of various sizes, educational institutions and government bodies. It should be borne in mind that it is not worthwhile to draw up business strategies for developing your business based only on this study, because it is an assessment of the current state of the market, which tends to change at the most inopportune moment. Usually, SWOT analysis is used for some tactical actions or correction of the current development plan.
SPACE research
It is a strategic analysis of competitors at a given time. It is characterized by the use of a large number of tools and parameters, with the help of which the study of the internal and external situation in business is carried out. The discovered factual subsets of criteria are sorted into different groups, and each of them is assigned its own weighting coefficients, in accordance with a given scale.
Each company is assessed according to the following criteria:
Financial position. This analyzes information about liquidity, profit or loss, level of return on investment, presence of debt, real production costs, etc.
Market position and competitiveness. This criterion characterizes the entire market volume, the company's share of it and its dynamics, analysis of the competitor's product and its range, strategy of interaction with clients, the possibility of prompt adjustment of costs and product cost, the company's ability to conduct marketing activities.
Attractiveness of a market segment. Reflects the level of competition in a specific area, the life cycle of a product, its potential (growth or decline), the possibility of improving the technological process, the level of resource use (meaning waste-free production), and the stability of profit.
Characteristics of the state of the industry. Important indicators here are the level of inflation, the rate of change in technological solutions, dynamic fluctuations in demand, price variability, the degree of influence of competitors' actions on the cost of the product, the range of funds required for similar goods, etc.
For each category of values, the average is determined, and the final result is used to plot a graph according to this model. The resulting figure shows the strategic state of the business, on the basis of which one or another direction of development is selected in the current market conditions.
This competitor analysis method is relatively simple and easy to use. However, it should be remembered that in most cases the analysis is quite superficial, and the recommendations made on its basis may be incorrect.
Download a free selection of tools for calculating KPIs and increasing marketing metrics
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
Read more posts on my personal blog:
Over the past 7 years, we have conducted over 23,000 comprehensive website audits and I have learned that all of us as leaders need clear and working algorithms for our marketing and sales.
Today we will share with you 6 of the most valuable documents that we have developed for our clients.
Download for free and implement today:
Step-by-step guide to creating marketing KPIs
Template for calculating KPIs for a marketer
9 Examples of Universal Selling Commercial Proposals
Upgrade your CPs to close more deals
How to make KPI for the sales department so that profits grow by 20% or more?
Step-by-step template for calculating KPIs for OP managers
Checklist of 12 main indicators for website promotion
Find out what metrics are needed to properly optimize your website
40 Services for Working with Blog Content
We have collected the best services for working with content
How to define your target audience without mistakes?
A proven guide to defining a company's target audience
Download the collection for fr
SWOT is an abbreviation of the English words Strengths, Weakness, Opportunities, Treats. In this analysis, a product is described from the standpoint of advantages, disadvantages, prospects, and the presence of potential dangers. The product in the description is presented both from a strong side and from a weak side, and the market is nothing more than opportunities and threats. For example, a business owner makes decisions about the properties of a product, but does not take into account the effect of laws regulating its activities, such as GOST, Federal Law, ISO, Tax Code, etc.
SWOT analysis in marketing
Source: shutterstock.com
SWOT analysis of competitors botim database is a universal tool, as it is applicable to a personal brand, product, company of various sizes, educational institutions and government bodies. It should be borne in mind that it is not worthwhile to draw up business strategies for developing your business based only on this study, because it is an assessment of the current state of the market, which tends to change at the most inopportune moment. Usually, SWOT analysis is used for some tactical actions or correction of the current development plan.
SPACE research
It is a strategic analysis of competitors at a given time. It is characterized by the use of a large number of tools and parameters, with the help of which the study of the internal and external situation in business is carried out. The discovered factual subsets of criteria are sorted into different groups, and each of them is assigned its own weighting coefficients, in accordance with a given scale.
Each company is assessed according to the following criteria:
Financial position. This analyzes information about liquidity, profit or loss, level of return on investment, presence of debt, real production costs, etc.
Market position and competitiveness. This criterion characterizes the entire market volume, the company's share of it and its dynamics, analysis of the competitor's product and its range, strategy of interaction with clients, the possibility of prompt adjustment of costs and product cost, the company's ability to conduct marketing activities.
Attractiveness of a market segment. Reflects the level of competition in a specific area, the life cycle of a product, its potential (growth or decline), the possibility of improving the technological process, the level of resource use (meaning waste-free production), and the stability of profit.
Characteristics of the state of the industry. Important indicators here are the level of inflation, the rate of change in technological solutions, dynamic fluctuations in demand, price variability, the degree of influence of competitors' actions on the cost of the product, the range of funds required for similar goods, etc.
For each category of values, the average is determined, and the final result is used to plot a graph according to this model. The resulting figure shows the strategic state of the business, on the basis of which one or another direction of development is selected in the current market conditions.
This competitor analysis method is relatively simple and easy to use. However, it should be remembered that in most cases the analysis is quite superficial, and the recommendations made on its basis may be incorrect.
Download a free selection of tools for calculating KPIs and increasing marketing metrics
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
Read more posts on my personal blog:
Over the past 7 years, we have conducted over 23,000 comprehensive website audits and I have learned that all of us as leaders need clear and working algorithms for our marketing and sales.
Today we will share with you 6 of the most valuable documents that we have developed for our clients.
Download for free and implement today:
Step-by-step guide to creating marketing KPIs
Template for calculating KPIs for a marketer
9 Examples of Universal Selling Commercial Proposals
Upgrade your CPs to close more deals
How to make KPI for the sales department so that profits grow by 20% or more?
Step-by-step template for calculating KPIs for OP managers
Checklist of 12 main indicators for website promotion
Find out what metrics are needed to properly optimize your website
40 Services for Working with Blog Content
We have collected the best services for working with content
How to define your target audience without mistakes?
A proven guide to defining a company's target audience
Download the collection for fr