Terms

Competitive Analysis

What is a Competitive Analysis?

A competitive analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics. This process helps in implementing stronger business strategies, defending against competitors, and capturing market share.

Steps for Conducting Competitive Analysis

To conduct an effective competitive analysis, follow these steps:

  1. Identify Competitors: Determine direct, indirect, and potential competitors.
  2. Research: Analyze competitors’ products, pricing, and marketing strategies.
  3. Documentation: Record findings in a detailed report to identify improvement areas.
  4. Review Regularly: Conduct large-scale analyses annually and smaller-scale reviews quarterly to adapt to market changes and stay competitive.

Key Components of Competitive Analysis

  • Company Overview: Begin by examining the competitor's background, mission, and market presence.
  • Product/Service Analysis: Compare key product features, pricing, and target audience to identify differentiators and market gaps.
  • Marketing Strategy: Analyze competitors' promotional tactics, channels, and messaging to uncover strengths and weaknesses.
  • Operational Analysis: Assess their operational efficiency, distribution channels, and customer support to pinpoint areas for improvement.
  • Strengths and Weaknesses: Identify competitors' advantages and disadvantages to inform your own strategic decisions and growth opportunities.

Competitive Analysis Versus Market Analysis

Competitive analysis and market analysis are two distinct yet complementary approaches to understanding a business's position in the market. While competitive analysis focuses on researching major competitors to gain insights into their products, sales, and marketing tactics, market analysis involves a broader examination of market metrics, trends, and customer needs to distinguish and leverage a business's unique offerings.

Benefits of Regular Competitive Analysis

Regular competitive analysis offers numerous benefits for businesses, including:

  • Identifying unique value propositions: By understanding competitors' offerings, businesses can emphasize their distinct advantages and better serve their target audience.
  • Learning from competitors' successes: Analyzing successful strategies employed by competitors can provide valuable insights for improving one's own business tactics.
  • Uncovering opportunities: Recognizing gaps in competitors' products or services can reveal potential areas for growth and expansion.
  • Benchmarking progress: Regular analysis allows businesses to measure their performance against competitors and track improvements over time.
  • Adapting to market changes: Staying informed about industry trends and competitor strategies enables businesses to adjust their approach and maintain a competitive edge.

Other terms

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Integration Testing

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Integration Testing

Weighted Pipeline

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Weighted Pipeline

Data Encryption

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Data Encryption

No Forms

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No Forms

Platform as a Service

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Platform as a Service

Docker

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Docker

Sales Funnel Metrics

Learn about sales funnel metrics, including understanding sales funnel stages, key sales funnel metrics to track, & enhancing sales funnel performance.

Sales Funnel Metrics

Chatbots

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Chatbots

Data Mining

Learn about data mining, including introduction to data mining concepts, benefits of effective data mining, & data mining techniques and approaches.

Data Mining

Horizontal Market

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Horizontal Market

Account Executive

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Account Executive

Request for Quotation

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Request for Quotation

Cross-Selling

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Cross-Selling

Data-Driven Marketing

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Data-Driven Marketing

Unit Economics

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Unit Economics

Siloed

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Siloed

Statement of Work

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Statement of Work

Net Promoter Score

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Net Promoter Score

Account View Through Rate

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Account View Through Rate

Sales Intelligence

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Sales Intelligence

B2B Marketing KPIs

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B2B Marketing KPIs

Touches

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Touches

Programmatic Display Campaign

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Programmatic Display Campaign

Account-Based Sales Development

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Account-Based Sales Development

C-Level or C-Suite

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C-Level or C-Suite

Dynamic Segment

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Dynamic Segment

Outbound Leads

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Outbound Leads

Sales Qualified Lead

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Sales Qualified Lead

Customer Loyalty

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Customer Loyalty

Logo Retention

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Logo Retention

Price Optimization

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Price Optimization

SEM

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SEM

Site Retargeting

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Site Retargeting

Small to Medium-Sized Business

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Small to Medium-Sized Business

Brand Equity

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Brand Equity

Brag Book

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Brag Book

Lookalike Audiences

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Lookalike Audiences

Yield Management

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Yield Management

Monthly Recurring Revenue (MRR)

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Monthly Recurring Revenue (MRR)

LinkedIn Sales Navigator

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LinkedIn Sales Navigator

Social Proof

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Social Proof

Digital Analytics

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Digital Analytics

Soft Sell

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Soft Sell

Pay-per-Click (PPC)

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Pay-per-Click (PPC)

Microservices

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Microservices

Outbound Lead Generation

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Outbound Lead Generation

Affiliate Networks

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Affiliate Networks

Cost Per Click (CPC)

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Cost Per Click (CPC)

Email Personalization

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Email Personalization

Sales Coaching

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Sales Coaching

Virtual Selling

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Virtual Selling

Vertical Market

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Vertical Market

Product-Market Fit

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Product-Market Fit

HTTP Requests

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HTTP Requests

Lead Scoring

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Lead Scoring

Predictive Analytics

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Predictive Analytics

CPM

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CPM

Copyright Compliance

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Copyright Compliance

D2C

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D2C

Buyer Intent Data

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Buyer Intent Data

Operational CRM

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Operational CRM

Lead Management

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Lead Management

Challenger Sales

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Challenger Sales

Sales Territory Management

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Sales Territory Management

Return on Investment (ROI)

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Return on Investment (ROI)

Revenue Intelligence

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Revenue Intelligence

Version Control Systems

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Version Control Systems

Marketo

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Marketo

Inside Sales

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Inside Sales

Sales Operations Analytics

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Sales Operations Analytics

Sales Script

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Sales Script

Overcoming Objections

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Overcoming Objections

Data Enrichment

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Data Enrichment

Elevator Pitch

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Elevator Pitch

Lead Scrape

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Lead Scrape

Electronic Signatures

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Electronic Signatures

Demand

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Demand

Commission

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Commission

Mid-Market

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Mid-Market

Latency

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Latency

Sales Manager

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Sales Manager

Order Management

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Order Management

Data Appending

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Data Appending

Lead Enrichment

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Lead Enrichment

Ransomware

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Ransomware

Needs Assessment

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Needs Assessment

Lead Response Time

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Lead Response Time

Supply Chain Management

Learn about supply chain management, including effective strategies for supply chain management, & components of an efficient supply chain.

Supply Chain Management

Marketing Automation Platform

Learn about marketing automation platform, including key benefits of marketing automation, & essential features of marketing automation platforms.

Marketing Automation Platform

Sales Development

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Sales Development

Sales Director

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Sales Director

Psychographics

Learn about psychographics in marketing, including understanding it, crafting psychographic profiles, & psychographics vs. demographics.

Psychographics

Day Sales Outstanding

Learn about day sales outstanding, including calculating your DSO, strategies for reducing DSO, impact of DSO on cash flow, & DSO vs. cash conversion cycle.

Day Sales Outstanding

Data Warehousing

Learn about data warehousing, including benefits of data warehousing, building an effective data warehouse, & data warehousing best practices.

Data Warehousing

Analytical CRM

Learn about analytical CRM, including benefits of analytical CRM, implementing analytical CRM successfully, & analytical CRM vs. operational CRM.

Analytical CRM

Consideration Buying Stage

Learn about consideration buying stage, including identifying the consideration stage, key strategies for engagement, & consideration vs. decision stage.

Consideration Buying Stage

Lead Nurturing

Learn about lead nurturing, including the importance of lead nurturing, strategies for effective lead nurturing, lead nurturing vs. lead generation: understanding the differences.

Lead Nurturing

Content Management System

Learn about content management system, including importance of a content management system , choosing the right CMS , & top features to look for .

Content Management System

Objection Handling in Sales

Learn about objection handling in sales, including strategies for effective objection handling, & key techniques in resolving sales objections.

Objection Handling in Sales

Cohort Analysis

Learn about cohort analysis, including understanding cohort segmentation, steps to conduct cohort analysis, & cohort analysis vs. traditional analysis.

Cohort Analysis
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