The 5 Competitive Analysis Frameworks Every Product Strategist Should Know

source https://upmetrics.co

Competitor analysis is an integral part of your business growth. Apart from helping you grow your business and keeping you ahead of your competitors, it has many benefits. But it is very important to do it in the right way.

In that case, we have 5 fantastic frameworks for the competitive analysis that you can use for your company growth. And this blog post explains them all in detail.

SWOT Analysis

This is the first of 5 five frameworks of competitive analysis. It is the easiest and the most used framework for competitive analysis. It can be used by small, medium as well as large companies.

SWOT analysis stands for Strength, Weakness, Opportunities, and Threats. It is a technique that gives you an idea about your strength, your weakness, your opportunities, and your threats in your business. You can apply this technique to your product/service, sales, and marketing strategies, target audience, and more.

When to perform SWOT analysis?

• Before developing a new strategy
• During the making of quarterly performance reports
• While making the business plan for the next quarter/ year
• While calculating your strengths, weaknesses, opportunities, and risks

How to perform a SWOT analysis?

1. Divide your document into 4 parts and put Strength, Weakness, Opportunity, and Threats in each section.
2. On the topmost of the document, in the title bar, add the parameter for which you’re performing a SWOT analysis. For eg: If you want to perform SWOT for marketing- put marketing in the title bar. By doing so, you perform this analysis with complete clarity.
3. In the section for the strength, note down all your strengths.
4. In the section on weakness, note down all your weaknesses.
5. In the section on opportunities, note down all your opportunities.
6. In the section of threats, note down all your threats.
7. Do the same for all your competitors.
8. Keep the list of at least 3 competitors ready before performing a SWOT analysis. Also, decide all the parameters and do all the important research beforehand.
9. Analyze your business against theirs in all the areas.

Benefits of performing a SWOT analysis

• You get a clear idea about the market position of your business.
• You can use this technique to develop and know your USPs
• You come to know where exactly is your business lacking
• This technique can help you come up with new groundbreaking strategies
• You know where your competitors are lagging behind you. So, you can leverage those parts to move ahead.

While conducting this analysis, be rigorous and realistic. Plus, always use real-time data.

Continue to read please click here, This post is copied from https://upmetrics.co/blog/competitive-analysis-frameworks