87% of companies say that their market has become more competitive in the last three years, according to the 2019 State of Competitive Intelligence Report. With markets becoming more competitive, doing a thorough competitor analysis is a crucial step to getting a 360 view of the competitive and market landscape.
What is a Competitor Analysis?
A competitor analysis is a lot more than a feature comparison sheet. In fact, some competitive intelligence (CI) specialists will say to cover product features last and instead focus on areas like finances, positioning, or campaigns. Ultimately, the most powerful competitor analysis provides a complete view across many aspects of the competitive landscape, including where each company compares to the other on various dimensions.