Competitor analysis, in the broadest sense, is an essential component of corporate strategy. It is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling coalesces all the relevant sources of competitor analysis into one framework in support of efficient and effective strategy formulation, implementation, monitoring, and adjustment.

Competitor analysis is an essential tactic for finding out what your competitors are doing and what kind of threat they present to your financial well-being. Companies can form strategies based on the information about their competitors and can gain a competitive advantage by learning the ins and outs of their competitor’s operations. It’s a way to identify the best practices in the industry, which can help businesses stay ahead in the market. The process involves identifying key competitors (either direct or indirect), understanding their strategies, strengths, weaknesses, market positioning, products, and what makes them appealing to their customers. This information helps businesses in strategic planning and decision-making.

Here are 50 Questions to ask about your competition:

1. Who is your main competition in the market?
2. What are the strengths and weaknesses of your competitors?
3. How do your competitors differentiate themselves from your business?
4. What is the market share of your competitors?
5. How do your competitor’s price their products or services?
6. What marketing strategies do your competitors use?
7. How do your competitors engage with their customers?
8. What is the customer satisfaction level of your competitors?
9. How do your competitors handle customer complaints or issues?
10. What is the reputation of your competitors in the industry?
11. How do your competitors distribute their products or services?
12. What is the quality of products or services offered by your competitors?
13. How do your competitors innovate and stay ahead in the market?
14. What is the financial stability of your competitors?
15. How do your competitors attract and retain top talent?
16. What partnerships or collaborations do your competitors have?
17. How do your competitors handle changes in market trends or consumer preferences?
18. What is the geographic reach of your competitors’ operations?
19. How do your competitors leverage technology in their business operations?
20. What are the growth strategies of your competitors?
21. How do your competitors communicate with their stakeholders (investors, employees, etc.)?
22. What are the key success factors for your competitors in the market?
23. How do your competitors measure and track their performance metrics?
24. What are the key challenges faced by your competitors in the industry?
25. How do your competitors manage their supply chain and logistics?
26. What are the key regulations or compliance requirements for your industry that affect your competitors?
27. How do your competitors handle product or service recalls, if any?
28. What is the customer loyalty and retention rate of your competitors?
29. How do your competitors handle pricing pressure from customers or suppliers?
30. What are the key marketing channels used by your competitors?
31. How do your competitors handle competition from new entrants in the market?
32. What are the key customer segments targeted by your competitors?
33. How do your competitors handle international expansion or global operations?
34. What are the key success stories or case studies of your competitors?
35. How do your competitors handle intellectual property rights and patents?
36. What are the key trends or disruptions in the industry that affect your competitors?
37. How do your competitors handle corporate social responsibility and sustainability initiatives?
38. What are the key customer acquisition strategies used by your competitors?
39. How do your competitors handle product or service differentiation?
40. What are the key sales and distribution channels used by your competitors?
41. How do your competitors handle pricing promotions or discounts?
42. What are the key customer feedback or review platforms used by your competitors?
43. How do your competitors handle online reputation management and social media presence?
44. What are the key customer retention strategies used by your competitors?
45. How do your competitors handle product or service warranties or guarantees?
46. What are the key customer support channels used by your competitors?
47. How do your competitors handle product or service customization or personalization?
48. What are the key customer engagement strategies used by your competitors?
49. How do your competitors handle product or service bundling or cross-selling?
50. What are the key customer loyalty programs or rewards offered by your competitors?

Social Media