Competitive analysis is identifying your competitors and evaluating their strategies. It is the work of understanding who you are up against and what they are doing. Without it, you are fighting blind.

The process starts with identifying competitors. Direct competitors sell similar products to the same customers. Indirect competitors sell different products that meet the same need. A movie theater competes with Netflix, even though they are different businesses. Once you know who they are, you analyze their strengths and weaknesses. What are their prices? What channels do they use? What do customers say about them? What are they good at? Where are they vulnerable? Tools like SWOT analysis help organize the findings. The goal is not to copy. It is to find gaps and opportunities. Where are customers underserved? What can you do better or differently? Competitive analysis is not a one-time task. Markets change. Competitors move. The analysis must be ongoing.

What to analyze

• Products and pricing
• Marketing and distribution
• Customer reviews and complaints
• Strengths and weaknesses
• Market share and trends