BBB Business Tip: How to Implement a Competitor Analysis

If you’re starting a new business, chances are you’re doing it because you saw an opening in the market. You’re providing a unique solution, a better product, or a superior service for consumers. Those differentiators — unique, better, superior — are used in comparison to the competition. This research is critical to a successful launch. As a new business owner, you must know the playing field. How are they doing things? How can you model your business initiatives on their successes (while avoiding the pitfalls)? A competitor analysis will help answer those questions from day one.

A competitor analysis is the process of researching your competitors, their audience, and their actions. While conducting this study, you’ll be able to identify:

  • Who your competitors are
  • Their marketing/business strategies
  • What’s working for them, and what isn’t
  • Who their (and your) audience is
  • Market trends/gaps

The Better Business Bureau (BBB) team explains how to study up on your competition by running a competitor analysis in a new blog post here.

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