How to Conduct a Competitive Analysis for Your Business (Plus a Free Template)

How to Do a Competitive Analysis for your business. ✅ FREE Shopify Trial ► https://bit.ly/41eB5w5 SUBSCRIBE to ‪@learnwithshopify‬to get the knowledge you need to start and grow your online business: https://bit.ly/3vHxSYi -- FREE TRIAL -- Build your home based business using a FREE trial of Shopify , one platform with all the ecommerce features you need to start, run, and grow your business. ►https://bit.ly/41eB5w5 -- FREE COURSE FIRST DAY TO FIRST SALE -- ► Sign up here: https://bit.ly/3Le30GM -- DOWNLOAD FREE TEMPLATES -- ► List of Business Ideas https://bit.ly/3UV1CMp ► Video Ad Strategy Template https://bit.ly/3USSKXH ► Brand Positioning Analysis https://bit.ly/40rt0D7 ► Value Proposition Template https://bit.ly/40GGBqp ► Creative Brief for Product Photography https://bit.ly/3oxmAoM ► SEO Checklist https://bit.ly/3LhGzR5 ► Cash Flow Template https://bit.ly/40GGJpT –––––––––––––––––––––––––––––––––––––––––––– What is a competitive analysis? A competitive analysis is a comparison of competitors’ strategies used to evaluate the strengths and weaknesses of different marketing approaches within an industry. It helps a business determine potential advantages and barriers within a market around a product or service and generally helps brands monitor how direct and indirect competitors are executing tactics like marketing, pricing, and distribution. Competitive analysis example: what does one look like? The competitive analysis can vary widely depending on what it is you’re trying to learn about your competitors. You might do a competitive analysis around a specific aspect—like a competitor’s website approach, for example—or you might do a high-level look at their marketing approach as a whole. There are a lot of different ways you can structure a competitive analysis, so let’s look at the different types of information that are frequently seen within this type of research. If you’re doing a high-level competitive analysis, there are a few major elements you’ll want to be sure to include around around competitors’ market positioning, such as: Who their target customers are: 1. What their main differentiator/unique value add is for their business and products 2. Key features/benefits they highlight in sales materials 3. Price points for products across a variety of marketplaces 4. How they approach shipping 5. Whether they’ve received any funding or venture capital -- DOWNLOAD FREE TEMPLATE HERE -- ► How to Do a Competitive Analysis + Example Template https://www.shopify.com/blog/competit...