One of the analyzes to help you grow is competitor analysis. The reason why competitor analysis is important is that you can detect what other brands with which you do similar work are doing better or less than you, with a small examination.
- What's good about them? What are the best aspects of you?
- What subjects did they focus on?
- How do they explain the similar services you provide to users?
- At what points are they missing from you?
You can analyze it in two parts "Feature Comparison" and "User Experience" comparison.
The main items you can look at for feature comparison are:
- Product quality
- Number of features
- Ease of use
- Customer support
One of the most common analysis methods used for a feature analysis is a simple matrix with you and your competitors on one side and all relevant features on the other. In this way, you can check or rate how you perform in the field you have determined:
SWOT analysis is a must. A SWOT analysis lists your key strengths, weaknesses, opportunities, and threats. If you want to see a summary of the most important issues without going into details, this analysis will be enough for you.
Here are some sample questions for SWOT analysis:
- Strengths: Same-day delivery | high-quality foods.
- Weaknesses: Costly | poorly optimized SEO.
- Opportunity: Attract a larger, wider target audience.
- Threats: Can operate at a loss to drive away the competition.