How to do Competition Analysis
1. Identify Your Competitors- Identify the companies that are selling similar products to your product and who can sell similar products to customers in the future.
2. Collect Data on Competitors-Collect the data points like location, pricing ,business models of your competitor.
3. Analysis Competitors' Marketing Strategies-Understand their marketing strategy around paid ads, SEO, and social media.
4. Evaluate Customer Perception- Understand what Customer thinks about their brand from App Store reviews and Twitter posts of Users. Try to gather what their customer likes and dislikes.
5. Analyze Their Sales & Distribution Model-Analyse their business from where they are selling the products like Direct sales, e-commerce, partnerships, and resellers.
6. Identify Strengths & Weaknesses-what are there strengths and weaknesses of your competitor.
7. Compare Key Metrics – Analyze the Key Metrics
8. Find Your Competitive Advantage- to gain an edge find your competitive edge.
9. Improve Your Product- Improve your product based on the data points you have gathered from your competition.
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