Competitor Analysis: Practical Example

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This model will help you analyze the competitive scenario of your market niche, supporting you in the most strategic decisions for your business.

All clear, right? How do you say, 'not yet'? I understand, actually so far we have only spoken in theory and perhaps an example of competitor analysis in practice could clarify your ideas.

So let's see how to do a step-by-step competitor analysis for a hypothetical e-commerce that sells yoga clothing.

As a first step, we need to understand who our competitors are: let's analyze who the main sellers of yoga clothing are in our market (only in Italy or in the world, depending on our reach), also taking into consideration the big ones like Amazon, and also indirect competitors like those who produce clothing for other sports similar to yoga. Let's note australia email list all this in the Porter model.
We identify the competitors' top products: which are the best sellers? What new products have they introduced? Which ones do the public seem to appreciate the most? We can create a benchmark table to keep track of everything.
Let's decide which aspects to focus the monitoring on: are we interested in analyzing how they communicate on social media? How do they do SEO? What ads do they do? Consider that depending on the topic to analyze you can rely on one or more of the tools for competitor analysis seen above.
With the help of these tools, we analyze their strategies in relation to what interests us and ask ourselves: what are the main strengths of the latter? What are the weaknesses? How could I exploit the latter and stay away from the former, in my strategy?
And there you have it: once you have collected all this data and given it a form that is useful to you, you will be able to analyze the situation as a whole and draw important conclusions for your business!

You should repeat these steps as often as possible, to monitor the changes taking place in your market and always find new elements of inspiration for your strategies.

Competitor Analysis: Conclusion
By the end of this article, you should have understood how important it is for the success of your business to monitor your competitors.
Competitive analysis is not something to be taken lightly. Follow the advice you found in this article and do not rush, analyze each competitor and each factor in detail.
A well-done analysis will allow you not only to beat the competition, but also to satisfy needs of your market niche that no one has thought of yet. With a good analysis and the right tools, success is guaranteed!
Have you tried analyzing your competitors yet? Which data was most useful to you? Let us know in the comments below!