As strange as it may sound, competitor analysis is a significant part of the marketing process. Any company that hopes to become successful one day needs to look at the way competing businesses handle themselves. A competitive analysis is a document designed to showcase the strengths and weaknesses of other companies in an industry. A technical writer with marketing intelligence can create a strong analysis that allows a business to make good decisions.
The foundation of every good competitor analysis is objectivity. A biased report means bad news for the business receiving it. It is important that the writer of the competitive analysis relies on facts, not personal opinions.
Of course, writing excellence is also imperative. The business receiving the analysis must understand the message the writer is trying to convey. If the document is unreadable, it is useless as an analysis.
What Does a Competitor Analysis Include?
A competitor analysis addresses the strengths and weaknesses of other businesses in similar fields. This includes businesses that are not competitive yet, but may be in the future.
This about what has helped this company prosper? Is there anything they do particularly well that another company could learn from?
Solid analyses will also include product summaries and a list of strategies the business uses to reach goals. A good writer will address which products one business offers that another does not. Marketing strategies are important as well. Address customer views of the company for a well-rounded analysis.
Finally, the analysis should include the market outlook for the industry. Is there room for another competitor in the industry? How strong will competition be? Is there a specific niche the business could break into to attract more customers?
Completing research is likely the most difficult aspect of creating a solid competitive analysis. While the Internet is one helpful tool, writers should always look for ways to obtain deeper information. This means that writers may have to make phone calls, speak to consultants and even poll consumers. Make phone calls and write emails to journalists and marketing specialists who have worked with these companies in the past. People will be more willing to talk than you think.
While writing a competitor analysis can be difficult, this document is an essential resource for any company. It helps a business reach out to customers in the most appealing way possible. Any business that wants to stay in business needs to understand the competition.
Here you can find a comprehensive review of tools that may be useful in competitor analysis.