7 Easy Steps on How to Perform a Competitor Analysis

About this Video

• Video Title: 7 Easy Steps on How to Perform a Competitor Analysis
• Channel: LYFE Marketing
• Speakers: Morgan
• Duration: 00:08:11

Introduction

This video provides a seven-step guide on conducting a competitor analysis. The speaker, Morgan, a digital marketing professional, uses a fictional café ("Morgan's Cafe") to illustrate the process, explaining its purpose and how to apply it in a real-world business scenario.

Key Takeaways

• What is a Competitor Analysis?: It involves examining everything a competitor does (publicly available information) to understand how your business compares.
• Why Perform a Competitor Analysis?: Identify competitor strengths and weaknesses to gain inspiration, find market gaps, establish your value proposition, and anticipate growth.
• Frequency of Competitor Analysis: An in-depth analysis at least once a year, with shorter, more frequent check-ins (e.g., every six months) recommended to ensure information remains current.
• Seven Steps to Perform a Competitor Analysis:
  1. Identify Competitors (direct competitors are the main focus).
  2. Outline Competitor Offerings (products/services, policies, offers).
  3. Analyze the Competitor Sales Process (walk through the customer journey).
  4. Analyze Competitor Pricing and Product Structure.
  5. Scrutinize Competitor's Digital Marketing Strategy (paid and organic).
  6. Read Customer Reviews and Comments (understand customer experience and feedback).
  7. Perform a SWOT Analysis (strengths, weaknesses, opportunities, threats).
• SWOT Analysis: Use the gathered information to develop new marketing strategies and products.