the analysis gives you a clearer picture of where your business is now and what you can do to grow. by thoroughly evaluating your competitors, you can learn to deal with their strengths, capitalize on their weaknesses, take advantage of any opportunities they present, and handle any threats they pose. when you’re evaluating your competition, you need to determine who they are. once you have a list of your direct competition, look at their products or services, their sales process, and their marketing efforts. when you’re assessing their products or services, look at their complete line and compare their quality to your quality. look at their sales process and the channels they’re selling through.
this is also a great time to find out why consumers are not purchasing from your competitors or why they ended a relationship with those companies. look at how often they’re blogging or posting to social media and how often they change their ad messaging. the information in this article is based on thorough research and has been edited for accuracy and timeliness by workful’s human resources experts. while this blog is meant to inform and educate small business owners, it is not intended to provide legal, financial, accounting, or tax advice. we streamline your business functions and processes so you get back to the business of your business. it’s time to fully own your own business again.
if you’ve been in business for any length of time, you know that assessing strengths, weaknesses, opportunities and threats is a regular exercise. competitor swot analysis turns the exercise outward, pinpointing what your competition is up to. while useful, swot is of course just a methodology that covers the basics about how a competitor is performing. what are your competitors doing better than you or doing the best in the marketplace? the more definition you can give to this, the better. when the difference between you and a competitor is that they are stronger in a certain area, you can make decisions with greater clarity. what are your competitors doing worse than you or doing poorly in the marketplace? your team needs a thorough understanding of the weaknesses of your competitors. strengths and weaknesses can mostly be gleaned from data as it is analyzed.
the next step of a swot analysis is always to identify opportunities. when you’re doing a competitor swot analysis, you see the opportunities that are in front of competing companies. you may find competitor opportunities as you zoom out of the competitive landscape in general. if the competitor you are analyzing provides something similar to your own product or offering, these threats may be similar to your own. knowing the imminent or likely threats that are facing your competitors is important because they will react to those threats, usually in predictable ways. in the broader scheme of your ci efforts, competitor swot analysis has a useful place. here are some tips for using the content in a meaningful way. is this the year to up the ante? here are the 9 best (free) competitive intelligence tools you need to know about and use. the knowledge360® and huunu® word marks are registered trademarks owned by consensus point, inc.
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