Driving results and profitability to your organization is most likely on the top of your list. One way to assure a successful development of your business is by understanding your strengths and weak spots. However, you shouldn’t stop there. Analyzing your competitors’ strengths, weaknesses, and online behavior can also give you important insights into what is working and what isn’t in your industry.
A Competitive Analysis is about analyzing and understanding your own company’s position in the market to better understand what strengths, weaknesses, threats, and opportunities you are facing, so you can make a well-informed strategic marketing plan.
In a Comparative Analysis, on the other hand, you do the same type of analysis but focus on your competitors. By assessing your rivals, you can gain valuable information about what they are doing right, so you can learn from that. But you will also gain information about what they are not doing so well, so you can take advantage of that.