How to conduct a Competitive Landscape Analysis

By Tavishi Pahuja, Blogger at Edubrainz | 13 June’2023 |

Table of Content

S.No.	Title
1	About Competitive Landscape Knowledge
2	​Steps to Conduct a Competitive Landscape Analysis
3	Conclusion

About Competitive Landscape Knowledge

A competitive landscape analysis is a structured approach to locating and studying your rivals.

Businesses do a thorough examination of how they manage sales, marketing, and other crucial operations.

Instead of speculating on why you are underperforming, the analysis enables you to create counter-strategies based on actual and trustworthy data.

Every firm, from startup competitors to the incumbent heavyweights of a sector, can profit from a competitive landscape study. A fantastic strategy to increase your bottom line is to find out what the competition is doing to increase theirs.

It helps a business to improve its value proposition.

Steps to Conduct a Competitive Landscape Analysis

1. Know what your customers what

Competitive intelligence's main objective is to improve your ability to service your consumers. You can discover what your clients value in a product and which issues they are most interested in fixing by learning what the market thinks of your competitors or your own company. It pays to start your landscape analysis by brushing up on what consumers desire. This entails conducting your consumer research. You can discover precisely what your consumers and prospects want from products on the market. This can be done by conducting your own primary, qualitative research using customer surveys, focus groups, and customer interviews.

2. Know your competitors

It is time to learn who your rivals are. However, a short list would not quite do. Do not forget to categorize your rivals. The majority of practitioners we've talked to like three categories of competitors: primary, secondary, and tertiary.

A competitor's threat level as a rival or the potential financial gain from securing business from them, for example, may be used to classify them into one of several categories.'

Alternative solutions can be included as your third tier of competitors after separating them into direct and indirect rivals. Even if these alternatives can be products that seem completely different from your own, it's still crucial to be aware of them.

They are taking market share away from you if customers are using them to address the same issue that your solution addresses.

3. Know your customer’s offerings

Examine the features and advantages of rival products while gathering a little more competition information and starting to analyze what you've learned. Understanding each competitor's positioning and product offerings is essential.

Each rival will take a slightly different stance. Everyone wants to stand out from the crowd and have their niche in the market. Even if they are attempting to establish themselves as the "antidote" to another important player, that knowledge about:

How the rival perceives their goods.

what the rival considers to be the advantages of its product.

the issues this rival believes should be addressed first for the market.

Don't forget that certain competitors' positioning techniques won't work. Although people perceive themselves in a certain way, the market does not.

For instance, pricing strategy is quite helpful. You may learn a lot about a competitor's target market and desired perception of the market by looking at how it prices itself.

4. Know what degree of client needs are met

It's beneficial to go back and reconnect with the interviews and survey respondents from the customer research stage at this point in the procedure. As a result, you may research competitors in greater detail and learn much more about their offerings and market positioning. Cross-referencing your findings from the first phase is crucial even if you lack the means to do so. To identify where possibilities and market gaps exist for you to exploit, you want to assess how well each competition is serving client wants.

5. Connect this to your business.

You should connect all of this to your company as the process's last step. You should use this knowledge to guide your future strategy if a specific competitor offers a product that is identical to yours but includes some extra features that the market adores.

Conclusion

It is imperative for a business to understand why it is underperforming by conducting a well-researched analysis. A competitive landscape analysis is similar to a market research study. An in-depth understanding of current market conditions is carried out to develop a unique proposition for the business.

This analysis will be helpful for every type of business to respond to their competitors and appeal to their customers.

About the author

Tavishi Pahuja is a content writer and blogger at Edubrainz. She has an avid interest in reading books and writing articles. She has completed an MBA from The Vedica Scholars Programme for Women and has worked as an English trainer. Her interests include spirituality, dance, music, and spending time in nature.

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The article talks about the importance of conducting a competitive landscape analysis and the steps for it. It is imperative for a business to understand its customers and competitors to thrive.

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Keywords: Competitive Landscape Knowledge, competitors, customers, keywords, content, Blog, program, market

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