The Ultimate Guide to Competitor Analysis Frameworks

The Ultimate Guide to Competitor Analysis Frameworks

Understanding your competitors is a crucial part of running a successful business. A competitor analysis framework allows you to gather intelligence on rival companies so you can make more informed strategic decisions.

In this comprehensive guide, we will cover everything you need to know about competitor analysis frameworks, including:

Table of Contents

What is a Competitor Analysis Framework?

A competitor analysis framework is a structured approach for gathering, organizing and analyzing data about your competitors. The framework provides a template for researching competitor products, services, customers, marketing strategies, financials and more.

The findings from the framework enable you to:

  • Identify competitor strengths and weaknesses
  • Pinpoint opportunities in the market
  • Uncover threats to your business
  • Craft data-driven strategies to outperform rivals

In other words, a competitor analysis framework is an essential strategic tool that provides actionable insights into the competitive landscape.

Why Conduct a Competitor Analysis?

Here are some of the key reasons why every business should invest time in competitive intelligence:

  • Gain a competitive edge – Understanding rivals inside and out enables you to find an strategic advantage. You can capitalize on their weaknesses while shoring up your own.
  • Identify new opportunities – Analyzing competitors reveals gaps in the market you can fill, new technologies to leverage and partnership opportunities.
  • Understand customer needs – Researching competitors provides insights into what customers value most. You can then refine products and marketing accordingly.
  • Set realistic goals – Competitor data provides benchmarks to set measurable objectives for growth, market share, revenue etc.
  • Avoid pitfalls – Learning from competitors’ mistakes prevents you from making the same errors and wasting resources.
  • Predict future moves – Monitoring competitors regularly allows you to anticipate their next steps rather than be blindsided.
  • Boost marketing ROI – Knowing competitors’ most and least effective marketing tactics allows you to optimize your own activities.

In short, vigilant competitor monitoring gives you an informational advantage to stay ahead of the pack.

Types of Competitor Analysis Frameworks

There are a variety of frameworks you can use to structure your competitive analysis. The most common include:

SWOT Analysis

A SWOT analysis examines competitors’ Strengths, Weaknesses, Opportunities and Threats. It helps you identify areas where rivals excel and flounder so you can craft strategies accordingly.

When to use: General analysis of one or more competitors.

The Ultimate Guide to Competitor Analysis Frameworks

Porter’s Five Forces

This framework analyzes five forces that impact profitability within an industry:

  • Competitive rivalry
  • Threat of new entrants
  • Threat of substitutes
  • Buyer power
  • Supplier power

It reveals the competitiveness of an overall market.

When to use: Industry analysis, positioning a new product/service.

The Ultimate Guide to Competitor Analysis Frameworks

Perceptual Mapping

Perceptual mapping displays consumer perceptions of product attributes and preferences. It uses a matrix to compare competitors on factors like price, quality and features.

When to use: Product development, branding and positioning.

The Ultimate Guide to Competitor Analysis Frameworks

PEST Analysis

PEST examines the external Political, Economic, Social and Technological factors that may impact an industry. It provides context on the macro-environment.

When to use: Before entering a new market, designing a new product/service.

The Ultimate Guide to Competitor Analysis Frameworks

Competitor Array

A competitor array compares rivals based on certain parameters like market share, pricing, features etc. It enables side-by-side comparisons.

When to use: Evaluating competitors’ products/services or marketing strategies.

The Ultimate Guide to Competitor Analysis Frameworks

There are many more frameworks, but these cover the basics. We’ll explore how to use each one in more detail throughout this guide.

How to Conduct a Competitor Analysis

Follow these six steps to perform an effective competitor analysis:

Step 1: Identify your competitors

  • List your direct competitors – businesses offering similar products/services to your target customers.
  • Identify indirect competitors – companies that satisfy the same customer need in a different way.
  • Use tools like SEMrush, Buzzsumo and SimilarWeb to find competitors.
  • Segment competitors into strategic groups if analyzing many companies.

Step 2: Gather intel on competitors

  • Use public sources like company websites, social media, press releases.
  • Subscribe to industry reports, newsletters for insider data.
  • Purchase competitor products yourself for hands-on research.
  • Interview ex-employees, partners and contractors for an inside look.

Step 3: Organize research into a framework

  • Select a framework aligning with your goals – SWOT, perceptual map etc.
  • Enter competitor data into the framework categories.
  • Use visual formats like charts to easily compare rivals.

Step 4: Identify key insights

  • Analyze the data to spot competitor strengths, weaknesses, strategies etc.
  • Note areas where competitors excel and where they are vulnerable.
  • Highlight opportunities to leverage based on gaps, trends etc.

Step 5: Craft a strategy

  • Use insights to shape strategies better than competitors.
  • Address weaknesses, mitigate threats, leverage strengths etc.
  • Outline specific actions for each department.

Step 6: Monitor competition

  • Set up Google Alerts, social listening streams etc. to monitor competitors.
  • Update frameworks as market conditions evolve.
  • Continuously assess performance vs. competitors.

Let’s explore each step in greater detail:

Step 1: Identify Competitors

The first step is to make a list of your competitors. This is not as simple as just jotting down the big players in your industry. You need to think broadly about all potential competitors and segment them appropriately.

Direct vs. Indirect Competitors

As mentioned earlier, you have two main types of competitors – direct and indirect.

Direct competitors target the same customers, with similar offerings. For example, Pepsi and Coke.

Indirect competitors satisfy the same customer need, but in a different way. For example, Coke and homemade lemonade.

Focus your analysis on direct competitors, but keep an eye on indirect competitors too.

Segment Strategic Groups

If analyzing a large number of competitors, it helps to break them into strategic groups with similar characteristics like:

  • Pricing/quality range
  • Target customer
  • Product features
  • Distribution channels
  • Marketing strategies

Strategic groups might be budget airlines, premium hotels, low-cost gyms etc. Calculate market share for each group.

Here is an example strategic group map:

The Ultimate Guide to Competitor Analysis Frameworks

This enables you to analyze competitors in relation to close rivals in their strategic group.

Search Tools to Find Competitors

Use the following tools to discover competitors:

  • Google – Search your product name and analyze the top results.
  • SimilarWeb– Enter your URL to view competitor sites people also visit.
  • BuzzSumo – Enter keyword phrases to reveal top content from competitor sites.
  • SEMrush – Input your company name to find competitor keywords and ad spend.
  • Social listening – Monitor product/industry hashtags to identify key players.

List all your competitors in a spreadsheet. You will analyze each one in-depth next.

Step 2: Gather Intel on Competitors

With your list of competitors in hand, it’s time to start gathering intelligence. You can leverage both public and private sources:

Public Sources

  • Websites – Review competitor sites for product info, pricing, marketing copy etc.
  • Social media – Check channels like Facebook and Twitter for insights into content strategy, campaigns etc. Use a social listening tool to monitor conversations.
  • Industry forums – Join relevant forums to find news, reviews and customer feedback on competitors.
  • App/Play stores – Download competitor apps to analyze features, UX, ratings etc.
  • Press releases – Assess news of product launches, campaigns, partnerships etc. Sign up for competitor PR distribution lists.
  • Recruitment sites – Job listings provide intel on departments, technologies and strategies competitors are investing in.
  • Events – Attend industry events, trade shows and conferences to observe and learn directly from competitors.

Private Sources

  • Product usage – Buy competitor products/services yourself to analyze strengths and weaknesses.
  • Ex-employees – Contact former employees and contractors on LinkedIn to gain insider understanding.
  • Partners – Talk to businesses partnered with competitors about their experiences.
  • Suppliers – Discuss competitors with suppliers of raw materials, software etc.
  • Client interviews – Talk to customers that also buy from competitors about preferences.
  • Paid data sources – Subscribe to in-depth market research reports on competitors from providers like Spy Newsletter, IBISWorld, Transparency Market Research etc.

Compile all your findings into a centralized database or spreadsheet.

Step 3: Organize Research into a Framework

With your competitor research complete, it’s time to organize it into a framework.

Pick 1-2 frameworks aligning with your objectives. For example, SWOT analysis to pinpoint competitor weaknesses or a perceptual map to compare product positioning.

Populate each element of the framework with corresponding data points from your analysis.

Some best practices when creating your framework:

  • Use visual formats like charts and graphs to easily compare competitors across different parameters.
  • Include your company data in the framework to benchmark performance.
  • Keep it simple – avoid cramming in too many competitors or data points that overcomplicate analysis.
  • Make it shareable – create an executive summary, presentation or dashboard to share insights across the organization.

Step 4: Identify Key Insights

With your framework complete, the next step is identifying salient insights that will inform your strategy. Look for:

Competitor Strengths

  • Core capabilities competitors leverage – development skills, proprietary tech, supply chain scale etc.
  • Powerful brand associations, customer loyalty and retention strategies.
  • What they do exceptionally well like product quality, customer service, digital marketing etc.

Competitor Weaknesses

  • Areas competitors are falling down on – faulty products, bad reviews, PR crises.
  • Gaps in product line, features, depth of inventory.
  • Poor customer targeting and positioning.

Current Strategies & Trends

  • Promotional strategies and campaigns. Look for trends in messaging, media mix, influencers etc.
  • New market segments and geographies competitors are targeting.
  • Mergers, acquisitions, investments and other moves.
  • Management changes and structural shifts.

Potential Opportunities

  • Customers needs not fully satisfied by competitors based on reviews.
  • Emerging technologies/partnerships competitors haven’t capitalized on.
  • High demand search terms competitors don’t rank for.
  • Complementary products/services to provide.

Highlight 2-3 key insights from each competitor that have the biggest strategic implications.

Step 5: Craft a Strategy

With key insights identified, work cross-functionally to shape strategies capitalizing on the analysis.

Address Weaknesses

  • Shore up vulnerabilities competitors expose – improve product quality, expand inventory range etc.
  • Divest from categories/products where competitors dominate. Re-allocate resources to areas of strength.

Mitigate Threats

  • Develop contingency plans for competitor expansion into new markets, geographies etc.
  • Build relationships with partners competitors rely on – suppliers, influencers etc.
  • Prepare counter-messaging and campaigns ahead of competitor launches.

Leverage Strengths

  • Double down on areas of competitive advantage – patent protected technology, pricing power due to economies of scale etc.
  • Acquire competitors lacking organizational strengths like marketing, distribution clout.

Seize Opportunities

  • Introduce new products and features customers want that competitors don’t offer.
  • Leverage shifting trends like rising demand for ethical products.
  • Partner with brands in complementary verticals competitors haven’t tapped.
  • Create targeted content around competitor knowledge gaps and keywords.

Ensure strategies are specific. Assign owners and deadlines.

Step 6: Monitor Competition

The competitive landscape evolves quickly. Continuously monitor competitors so your strategies keep pace.

  • Set up news alerts, Google Alerts and social listening streams for competitors.
  • Subscribe to competitor RSS feeds, email lists, analyst reports etc.
  • Regularly review competitors’ products, websites, apps and stores.
  • Attend annual shareholder meetings and investor days. Monitor quarterly earnings calls.
  • Purchase updated marketing databases/reports quarterly or annually.
  • Assign staff to routinely analyze specific competitors.

Update frameworks and strategies based on new intelligence.

Keep tabs on performance metrics vs. competitors. Adjust strategies as needed.

Common Competitor Analysis Frameworks

Now that you understand the process, let’s explore some of the most popular competitor analysis frameworks in detail.

SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. By analyzing these four elements for one or more competitors, you gain well-rounded understanding.

When to use:

  • General analysis of competitors
  • Early planning stages
  • First framework to build

The Ultimate Guide to Competitor Analysis Frameworks

Let’s explore how to conduct a SWOT competitor analysis:

Strengths

What to look for:

  • Core capabilities – technical expertise, proprietary algorithms, knowledgeable staff etc.
  • Powerful brand – pricing power, customer loyalty, retention levels.
  • Marketing strengths – digital, content, influencer etc.
  • Operational strengths – manufacturing, distribution, customer service.
  • Financial strengths – profitability, capital reserves, access to credit.

How to find out:

  • Analyze competitors’ products and marketing materials.
  • Read third-party reviews on software, services, customer support etc.
  • Check social media and reviews for brand sentiment.
  • Review investor presentations and financial disclosures.
  • Speak to current and former employees, partners and vendors.

Strategic implications:

  • Build similar strengths or partner to acquire strengths.
  • Position your differentiated value proposition.
  • Turn strengths into weaknesses – patent workarounds, marketing targeting incongruencies.

Weaknesses

What to look for:

  • Operational weaknesses – high turnover, supply chain issues, wastage.
  • Product flaws – quality criticisms, buggy software, lack of features.
  • Marketing blindspots – ineffective digital tactics, poor content.
  • Brand criticisms – lawsuits, PR crises, negative press.
  • Financial issues – declining revenue, high debt, low profits.

How to find out:

  • Search online reviews for recurring complaints.
  • Check sites like Glassdoor for employee criticisms.
  • Follow news and PR wires for negative press announcements.
  • Analyze financial statements for profitability and efficiency ratios.
  • Talk to customers, ex-employees and partners to uncover problems.

Strategic implications:

  • Beat competitors on pricing, quality and customer service in weak areas.
  • Hire away talent from departments competitors struggle with.
  • Use weaknesses as focal points in your branding and messaging.
  • Publicize flaws discreetly via PR to reduce market share.

Opportunities

What to look for:

  • Favorable partnerships competitors could form.
  • New distribution channels and geographical markets to enter.
  • Consumer demand trends and under-served needs.
  • Emerging technologies competitors could leverage.
  • Complementary products and services to offer.

How to find out:

  • Search industry keywords competitors don’t rank for.
  • Speak with consumers directly to uncover unmet needs.
  • Attend events and trade shows to identify new innovations.
  • Monitor jobs boards and press releases for expansion plans.
  • Ask partners how competitors could better work together.

Strategic implications:

  • Exploit the same opportunities before competitors.
  • Develop strategies to combat competitors if they pursue the opportunity.
  • Partner with competitors to jointly pursue the opportunity.

Threats

What to look for:

  • Pending regulations and political developments.
  • Shifts in consumer preferences and economic conditions.
  • Disruptive technologies on the horizon.
  • New competitive entrants into the market.
  • Aggressive moves from competitors like price cuts, product launches etc.

How to find out:

  • Set Google News alerts around relevant industry keywords and competitors.
  • Monitor crowdfunding sites for emerging competitors.
  • Regularly check retail sites for pricing changes.
  • Subscribe to industry research reports.
  • Talk to legal teams and lobbyists about regulatory threats

Strategic implications:

  • Lobby politicians and regulators to reduce threats.
  • File patents quickly to block competitors from new tech.
  • Develop contingency plans for disruption – partnerships, divestments etc.
  • Maintain pricing power and margins ahead of price wars.
  • Get ahead of launches with pre-emptive PR and promotions.

Bringing these four elements together provides a 360-degree view to shape well-informed strategies. Assess the relevance of each SWOT factor to determine strategic priorities.

Select 2-3 big strategic moves to pursue based on the SWOT analysis of key competitors.

Porter’s Five Forces

Porter’s Five Forces examines the competitiveness within an industry by assessing five factors:

The Ultimate Guide to Competitor Analysis Frameworks

  • Competitive rivalry
  • Threat of new entrants
  • Threat of substitutes
  • Buyer power
  • Supplier power

It reveals overall industry profitability and attractiveness. Use it when:

  • Analyzing the landscape before launching a new product.
  • Evaluating a new market to expand into.
  • Periodically reviewing industry dynamics.

Let’s examine how to leverage each force in a competitor analysis:

Competitive Rivalry

This measures competition between existing players. Assess:

  • Number of competitors and market share distribution.
  • Industry growth – growing or declining?
  • Exit barriers – easy or difficult to leave?
  • Product differences – unique or undifferentiated?
  • Switching costs – high or low for customers?

Strategic implications:

  • High rivalry = limited profit potential. Consider differentiation.
  • Low rivalry = domination potential. Invest to expand.

Threat of New Entrants

This gauges how easy or difficult it is to enter the industry. Analyze:

  • Startup costs – high or low?
  • Distribution access – exclusive deals or open?
  • Brand loyalty – are customers loyal or willing to switch?
  • Government policy – are regulations restrictive?
  • Incumbents’ cost advantages – can they keep prices lower?

Strategic implications:

  • High threat = limited profit potential and more competition.
  • Low threat = guard market share aggressively.

Threat of Substitutes

This examines the likelihood customers will switch to alternative solutions. Look at:

  • Relative price of substitute products.
  • Quality, features and compatibility.
  • Switching costs for customers.
  • Buyer inclination to substitute – are customers open to it?

Strategic implications:

  • High threat = limit pricing power, differentiate offerings.
  • Low threat = potential to raise prices.

Buyer Power

This analyzes customers’ influence over companies in the industry. Factors include:

  • Number of customers and market share distribution.
  • Switching costs – low costs increase power.
  • Availability of perfect information – are purchase options transparent?
  • Relative size of suppliers – are there a few big players?

Strategic implications:

  • High power = downward price pressure, need to differentiate.
  • Low power = opportunity to raise prices.

Supplier Power

This examines the influence suppliers have over businesses in the sector. Look at:

  • Number of suppliers and market share distribution.
  • Switching costs – are there alternative vendors?
  • Suppliers’ ability to vertically integrate – can they absorb you?
  • Relative size of suppliers vs. industry players.

Strategic implications:

  • High power = upward price pressure, consider partnerships.
  • Low power = opportunity to negotiate lower costs.

By analyzing these five forces, you gain a comprehensive picture of overall industry competitiveness. Use it to inform decisions like:

  • Entry into new markets.
  • Product pricing strategies.
  • Make vs. buy decisions.
  • Identifying partnership and acquisition targets.

Perceptual Mapping

Perceptual mapping visualizes how your brand is perceived by customers relative to competitors based on attributes like price, quality and features.

It displays perceptions on a matrix like this:

The Ultimate Guide to Competitor Analysis Frameworks

Use it when analyzing customer preferences and shaping positioning strategies.

Here is how to create a perceptual map:

  1. Select attributes – Pick 2-3 attributes to compare – pricing, product quality, brand reputation etc. Choose attributes important to customers.
  2. Map competitors – Plot competitors on the map based on customer perceptions of where they fall on the attribute spectrums.
  3. Map your company – Plot where your brand fits based on customer feedback.
  4. Analyze gaps – Look for empty areas on the map where competitors are not positioned. These likely signal unmet customer needs.
  5. Shape strategy – Consider repositioning your company on attributes where competitors are not. Or target messaging to change perceptions.

Add multiple competitors across 2-3 maps with different attributes for robust insights.

Here are some strategic implications to consider:

  • Reposition if there is empty space competitors don’t occupy.
  • Change messaging if consumer perceptions don’t match realities.
  • Consider adding or modifying features customers value that competitors don’t offer.
  • Assess pricing – undercut or premium position competitors.

Perceptual mapping reveals how customers see you vs. competitors. Use it to hone positioning and branding.

PEST Analysis

PEST analysis examines the external Political, Economic, Social and Technological factors affecting your industry’s competitiveness. It provides macro-environmental context.

The Ultimate Guide to Competitor Analysis Frameworks

Use it to understand the landscape before launching a new product or expanding into a new market. Revisit it periodically to check for changes.

Let’s explore each element more closely:

Political Factors

Consider policies and political factors that affect the competitive environment:

  • Government regulations – are there industry-specific regulations? Have any new restrictive policies been proposed?
  • International trade policies – are their favorable/unfavorable tariffs? Restrictions on foreign investment and trade?
  • Government-funded research – does competitors benefit from publicly-funded grants and institutions?
  • Lobbying activity – are competitors politically connected or able to influence policy?
  • Local municipal rules – are their geographic restrictions or zoning rules affecting competition?
  • Political stability – does political uncertainty affect ability to operate?

Implications:

  • Compliance costs and restrictions on business activities.
  • Access to partnerships, talent and funding opportunities.
  • Operational risks in unstable regions.

Economic Factors

Look at macroeconomic factors impacting competitiveness:

  • Economic growth rates – is it a growing or declining economy?
  • Interest rates – how does central bank policy affect investment attractiveness?
  • Currency exchange rates – does a strong/weak currency affect international expansion?
  • Disposable income trends – are customers seeing incomes rise or fall?
  • Recession risks – are there signs of impending downturn?
  • Access to capital – how easy is it to raise funds?

Implications:

  • Growth potential and financial sustainability.
  • Input costs and ability to fund R&D.
  • Pricing power and customer demand.

Social Factors

Consider societal trends shaping competition:

  • Demographic shifts – changing age, income, education etc.
  • Population growth/decline – growing or shrinking customer segments?
  • Cultural trends – health and environmental awareness, nationalism etc.
  • Consumer buying patterns – shifts from in-store to ecommerce etc.
  • Media consumption patterns – changes in popular platforms.
  • Attitudes to work – demand for flexibility, purpose etc.

Implications:

  • Targeting marketing and products to served customer interests.
  • Adapting messaging to resonate with cultural shifts.
  • HR policies adjusting to the evolving workforce.

Technological Factors

Look at emerging technologies affecting competitiveness:

  • Maturity of incumbent technology – emerging, growing, mature or declining?
  • New product innovations and IP – are patents pending for new tech?
  • Automation and AI – can processes be automated?
  • Supply chain tech – are new logistics tech emerging?
  • Mobile tech usage – are customers rapidly switching to mobile?
  • Cloud software adoption – is it disrupting on-premise software?

Implications:

  • Rising investment in R&D to keep pace.
  • Making operations more efficient.
  • Defending market share from disruption.

PEST factors vary in importance by industry. Weigh each accordingly – prioritize heavily influential forces for insights.

Competitor Array

A competitor array allows you to analyze competitors based on parameters important to your business. It enables side-by-side comparisons on factors like:

  • Products/services
  • Pricing
  • Features
  • Target customers
  • Market share
  • Branding
  • Marketing strategies

And more. Customize it to your business priorities.

The Ultimate Guide to Competitor Analysis Frameworks

Arrays make it easy to analyze competitors by a single variable – examining pricing across competitors for example.

You can also view a competitor’s broader strategy at a glance from the row.

Use arrays to:

  • Compare product features and marketing strategies.
  • Assess which competitors to position against.
  • Identify areas of differentiation.
  • Set pricing strategies based on benchmarks.

Pro Tip: Aim for 5-7 competitors maximum. Too many makes useful analysis difficult.

Let’s walk through how to conduct a competitor array analysis:

Step 1: Determine parameters

Decide which factors are most relevant to analyze. This depends on your priorities like features, pricing, branding etc. Limit to 5-7 parameters maximum.

Step 2: Gather competitor data

Collect information on competitors for each parameter. Use websites, products, market research and interviews.

Step 3: Populate the array

Enter competitor data for each parameter in a table. An Excel spreadsheet works well.

Step 4: Identify insights

Look for trends and outliers revealing strengths, weaknesses and areas of opportunity.

Step 5: Make strategic recommendations

Develop recommendations to address competitor advantages and leverage weaknesses.

Arrays provide strategic insights tailored to your priorities. Revisit regularly as competitors evolve strategies.

Advanced Competitor Analysis Frameworks

Now let’s examine some more advanced frameworks requiring greater time investment, but providing deeper insights.

Win/Loss Analysis

Win/loss analysis examines why your company wins or loses deals to competitors. It reveals positioning weaknesses and sales vulnerabilities.

Gather win/loss data by:

  • Sales interviews – Have sales reps conduct short 5 min phone interviews with prospects when deals close, regardless of outcome.
  • Follow-up surveys – Email both closed won and lost prospects a quick survey on factors influencing their decision.
  • Sales call listening – Have managers sit in on sales calls to hear prospect concerns and objections.

Analyze results to understand:

  • Product advantages and disadvantages vs. competitors.
  • Marketing message gaps – are value propositions unclear?
  • Sales process strengths and flaws.
  • Brand misconceptions that need to be addressed.

Use insights to improve sales materials, craft better USPs and refine objections handling. Share widely to help keep competitive intelligence top of mind.

Competitor Response Profiles

Analyze how competitors have historically responded to challenges and industry shifts. Look for patterns revealing likely reactions to your strategic moves.

Examine past responses to:

  • Competitor product launches.
  • New market entrants.
  • Regulatory changes.
  • Technology disruption.
  • Economic shifts like recessions.
  • Supply chain hiccups.
  • Leadership changes.
  • Partnerships and acquisitions.

Strategic questions to inform moves:

  • How rapidly did competitor leadership react?
  • Were responses effective in mitigating the threat?
  • What departments spearheaded responses?
  • Did competitors partner to combat threats?
  • Were response resources sufficient?

Build competitor response profiles over time by monitoring news and industry developments. Update frequently as strategies evolve.

Battle Cards

Battle cards compile everything sales teams must know about winning deals against specific competitors. Create card for every major competitor with sections covering:

Company overview – location, leadership, revenue, customers etc.

Strengths – technical capabilities, pricing power, brand equity.

Weaknesses – flaws, operational challenges, bad PR.

Core differentiators – unique intellectual property, strategic assets.

Products – full product line summary with pricing.

Value proposition – positioning statement and target customers.

Common objections – reasons prospects consider the competitor and how to counter them.

Marketing strategies – summaries of digital marketing, events, partnerships etc.

Recent news – announcements about funding, product launches, leadership changes etc.

Arm sales teams with tailored battle cards to win more deals. Distribute cards digitally for easy access on sales calls.

Competitor Monitoring Dashboard

Centralize your competitor analysis into an interactive dashboard for quick insights. Showcase elements like:

Financial KPIs – market share, revenue, profitability.

Performance benchmarks – customer acquisition costs, churn rates etc.

Product features – side-by-side product feature comparisons.

Web traffic data – charts of monthly site visitors and engagement metrics over time.

Sentiment analysis – constantly updated net sentiment chart from social listening.

Competitive heat map – monitor new product features, marketing strategies etc.

Win/loss trends – charts on win rates and losses by competitor.

Automate dashboard population using APIs. Provide access to sales, product, marketing and leadership teams to align on competition.

Competitor Analysis Tools

Compliment your frameworks with tools to build efficient data collection processes. Here are the 10 most useful:

1. Similar Web– Uncover competitor website traffic data, and benchmark its engagement metrics.

2. SEMrush – Spy on competitor keywords and digital marketing efforts.

3. BuzzSumo – Analyze competitors’ most engaging social content.

4. Spy Newsletter – Monitor and analyze your competitors comprehensively by AI and/or human experts.

5. Pricesearcher – Collect and compare competitor pricing data.

6. SensorTower – Track competitor mobile app store performance.

7. Owler – Find estimated competitor revenue and headcount figures.

8. Crunchbase – View competitor funding history and corporate hierarchy.

9. BuiltWith – Identify competitor web technologies and plugins.

10. LinkedIn Sales Navigator – Gain intel on competitor leadership and talent.

Prioritize tools aligned to your intelligence gaps and frameworks. Automate feeds where possible.

Turning Insights into Action

The real value of competitor analysis comes from translating insights into strategic action across your business.

Here are five ways to drive impact:

1. Product development

  • Prioritize in-demand features competitors lack.
  • Benchmark product KPIs like engagement.
  • Engineer workarounds for competitor patents.

2. Messaging and positioning

  • Craft messages focused on weaknesses.
  • Communicate your differentiators and value proposition.

3. Sales enablement

  • Create battle cards to defeat competitors.
  • Provide win/loss analysis to refine objections.

4. Marketing campaigns

  • Target keyword and messaging gaps.
  • Partner with influencers used by competitors.

5. Leadership strategy

  • Consider acquiring competitor strengths.
  • Develop contingency plans for competitor threats.

Ensure insights reach relevant teams. Assign clear responsibility for responding. Track progress in taking action.

Competitor Analysis Best Practices

Follow these best practices to maximize the value of your competitor analysis efforts:

Choose game-changing metrics – Analyze metrics with the biggest strategic impact – don’t sweat minor details.

Mix public and private info sources – Blend data from websites, tools, interviews etc. for robust insights.

Keep it focused – Limit analysis to 2-5 top competitors – avoid information overload.

Conduct annually at minimum – Review competitors at least yearly as the landscape shifts.

Designate ownership – Appoint a leader to drive competitor intelligence coordination.

Share across the company – Get insights in the hands of everyone that can take action – sales, product, marketing etc.

Protect analysis – Use NDAs and confidentiality for any sensitive sources and methods.

Combine frameworks – Use complementary frameworks like Porter’s Five Forces + perceptual mapping for deeper dives.

Automate tracking – Create news alerts, listen streams and email newsletters to automate monitoring.

Translate to action items – Each insight should connect to at least one follow-up action to capture value.

Competitive intelligence is a journey, not a one-and-done analysis. Consistency compounds insights over time.

FAQs About Competitor Analysis Frameworks

Let’s wrap up by answering some frequently asked questions about competitor analysis frameworks:

What is the most common competitive analysis framework?

The most common is a SWOT analysis evaluating competitors’ strengths, weaknesses, opportunities and threats. The simplicity makes it easy for assessing multiple competitors.

How does a competitive analysis framework differ from other market analysis?

A competitor analysis focuses specifically on researching rival companies instead of examining broader market conditions, trends and forces like other business analyses.

What tools can I use to conduct competitor analysis?

Helpful tools include Spy Newsletter, SEMrush, Similar Web, BuzzSumo, Crunchbase and LinkedIn.

How often should I update my competitive analysis frameworks?

You should aim to update your frameworks at least quarterly, if not more frequently. The competitive landscape shifts rapidly, so regular refreshes help keep strategies current.

What kinds of data should I include in a framework?

Key data points include product features, pricing, market share, web traffic, social media engagement, SEO metrics, marketing campaigns, leadership changes, and customer sentiment.

What are some benefits of using a framework?

Benefits include identifying competitor weaknesses to exploit, benchmarking your performance, finding market gaps to fill, gaining early warning of competitor moves and crafting well-informed strategies.

Who should I share my competitive analysis with?

Share relevant insights across departments like sales, product, marketing, and leadership so they can all capitalize on the intelligence.

How do I turn analysis into action?

Connect insights to specific strategic actions like modifying product roadmaps, creating targeted marketing campaigns and refining sales collateral. Assign owners and track progress.

What mistakes should I avoid?

Avoid lack of focus by researching too many competitors, using outdated information, not tying analysis to strategy and failing to designate formal ownership.

Conclusion

Competitor analysis is essential for making strategic moves that lift your company above rivals. Dedicate resources to continuously collect and organize competitive intelligence using the frameworks outlined.

Distill insights into strategic actions across your business – product, marketing, sales and leadership. Keep your finger on the pulse as market conditions evolve.

Consistent competitor research provides an information advantage to repeatedly craft winning strategies. Adopt the disciplined habit to stay steps ahead.

So get out there and start uncovering game-changing insights using these competitor analysis frameworks! The future success of your business depends on it.

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