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What brands and companies come up when you search "hydrating lipstick", for example? What comes up when you search social media channels for relevant hashtags or keywords? That way, you can easily identify existing brands that target customers might choose over yours. Start by reviewing your own business values, goals, branding, products, and services. Return to this framework regularly and apply the insights to develop your business. The sections below provide a competitor analysis framework for evaluating your industry’s competitive landscape. Understanding industry standards so that you can meet and exceed themįulfilling customers’ desires and solving their problems better than competitors

Benefits of conducting competitor analysisĪ competitor analysis offers several benefits, including:

Knowing your competitors in business analysis is important if you’re a business owner, marketer, start-up founder, or product developer. A competitor analysis, also called competitive analysis and competition analysis, is the process of examining similar brands in your industry to gain insight into their offerings, branding, sales, and marketing approaches.