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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Performance Plan

Learn about performance plan, including creating a successful performance plan, & essential elements of a performance plan.

Performance Plan

Enrichment

Learn about enrichment, including benefits of data enrichment, steps to implement enrichment successfully, enrichment vs. data cleaning: understanding the differences.

Enrichment

Guided Selling

Learn about guided selling, including benefits of guided selling, steps to implement guided selling, & guided selling vs. traditional sales.

Guided Selling

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

Demand

Learn about demand, including key factors influencing demand, elasticity of demand, types of demand, & demand forecasting methods.

Demand

Account-Based Advertising

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Account-Based Advertising

Social Proof

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Social Proof

Target Account Selling

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Target Account Selling

Payment Gateways

Learn about payment gateways, including how payment gateways work, benefits of payment gateways, & challenges of implementing payment gateways.

Payment Gateways

Dark Social

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Dark Social

Closed Won

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Closed Won

Custom API integration

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Custom API integration

Bad Leads

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Bad Leads

B2B Demand Generation

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B2B Demand Generation

Sales Kickoff

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Sales Kickoff

Ad-hoc Reporting

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Ad-hoc Reporting

Escalations

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Escalations

ABM Orchestration

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ABM Orchestration

Sentiment Analysis

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Sentiment Analysis

Value Statement

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Value Statement

Account-Based Marketing Software

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Account-Based Marketing Software

SEM

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SEM

Soft Sell

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Soft Sell

Behavioral Analytics

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Behavioral Analytics

Closed Lost

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Closed Lost

Unique Selling Point

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Unique Selling Point

Agile Methodology

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Agile Methodology

Chatbots

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Chatbots

End of Quarter

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End of Quarter

Marketing Intelligence

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Marketing Intelligence

Regression Testing

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Regression Testing

Demand Forecasting

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Demand Forecasting

Decision Buying Stage

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Decision Buying Stage

Workflow Automation

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Workflow Automation

Functional Testing

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Functional Testing

Personalization in Sales

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Personalization in Sales

Sales Rep Training

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Sales Rep Training

Omnichannel Sales

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Omnichannel Sales

Buying Criteria

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Buying Criteria

Buyer’s Remorse

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Buyer’s Remorse

Scalability

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Scalability

Gamification

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Gamification

Account-Based Analytics

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Account-Based Analytics

Average Selling Price

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Average Selling Price

Virtual Selling

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Virtual Selling

AI-Powered Marketing

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AI-Powered Marketing

Average Revenue per User

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Average Revenue per User

Sales Engineer

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Sales Engineer

B2B Sales Process

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B2B Sales Process

AI Sales Script Generator

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AI Sales Script Generator

Real-time Data Processing

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Real-time Data Processing

Phishing Attacks

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Phishing Attacks

Below the Line

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Below the Line

Lightning Components

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Lightning Components

Monthly Recurring Revenue (MRR)

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Monthly Recurring Revenue (MRR)

Social Selling

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Social Selling

Email Deliverability Rate

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Email Deliverability Rate

Revenue Intelligence

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Revenue Intelligence

Deal Closing

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Deal Closing

Contract Management

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Contract Management

Sales Operations Management

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Sales Operations Management

Buyer Intent

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Buyer Intent

Lead Enrichment

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Lead Enrichment

SDK

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SDK

Messaging Strategy

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Messaging Strategy

Business-to-Business (B2B)

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Business-to-Business (B2B)

Call for Proposal

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Call for Proposal

Dynamic Segment

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Dynamic Segment

Persona

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Persona

Cloud Storage

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Cloud Storage

Digital Advertising

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Digital Advertising

B2C2B

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B2C2B

SPIN Selling

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SPIN Selling

Persona-Based Marketing

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Persona-Based Marketing

Objection

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Objection

B2B Sales Channels

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B2B Sales Channels

Outbound Sales

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Outbound Sales

Economic Order Quantity

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Economic Order Quantity

Sales Forecast

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Sales Forecast

Mid-Market

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Mid-Market

Drupal

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Drupal

Pipeline Coverage

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Pipeline Coverage

Content Syndication

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Content Syndication

Digital Contracts

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Digital Contracts

B2B Data

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B2B Data

CPM

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CPM

Database Management

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Database Management

Customer Churn Rate

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Customer Churn Rate

Account Match Rate

Learn about account match rate, including improving your account match rate, key factors influencing account match rate, & account match rate vs. data quality.

Account Match Rate

B2B Intent Data

Learn about B2B intent data, including how B2B intent data enhances sales strategies, sources of B2B intent data, leveraging B2B intent data for competitiveness.

B2B Intent Data

Account

Learn about account, including types of accounts in accounting, components of an account, & account management best practices.

Account

Master Service Agreement

Learn about master service agreement, including key elements of a master service agreement, & crafting an effective master service agreement.

Master Service Agreement

API

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API

Sales and Marketing Analytics

Learn about sales and marketing analytics, including key benefits of sales and marketing analytics, & implementing analytics successfully.

Sales and Marketing Analytics

Buying Signal

Learn about buying signal, including identifying buying signals effectively, interpreting subtle buying signals, & buying signals vs. general interest.

Buying Signal

Data Privacy

Learn about data privacy, including understanding data privacy laws, implementing data privacy in your business, data privacy vs. data security: the differences.

Data Privacy

Business to customer

Learn about business to customer, including maximizing B2C sales strategies, B2C vs. B2B: unveiling differences, & core principles of B2C success.

Business to customer

Product Recommendations

Learn about product recommendations, including tips for effective product recommendations, & benefits of personalized suggestions.

Product Recommendations

B2B Leads

Learn about B2B leads, including identifying quality B2B leads, generating B2B leads effectively, & B2B leads vs. B2C leads: understanding the differences.

B2B Leads

SAM

Learn about SAM, including serviceable available market explained, SAM and market segmentation, & importance of SAM in business planning.

SAM
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