COMPETETOR ANALYSIS
A competitive analysis is a process of identifying their competitors and evaluating their strategies to determine their strengths and weaknesses relative to their own business, product, and service. The competitive analysis aims to gather the intelligence necessary to find a line of attack and develop its go-to-market strategy.
Competitive analysis in advertising and key administration is an evaluation of the qualities and weaknesses of current and possible contenders. This analysis gives a forceful and protective key setting to recognize openings and dangers. Profiling strengthens every single relevant wellspring of contender investigation into one system on the side of productive and effective strategy formulation, implementation, monitoring, and adjustment.
Why you should conduct a competitive analysis
You may have heard the adage “Keep your friends close, but also keep your enemies close.” When it comes to doing a SaaS competitor analysis, this is not the whole story.
In the SaaS industry, by not keeping your enemy close you cannot ambush. Sometimes you don’t even know who your enemies are. “Enemies”, after all, can be acquired by Amazon and put you out of business overnight. Or Google can build a competitive product in your market.
Here’s why you should do a SaaS competitive analysis, or “study the enemy.” Studying the ‘enemy’ can help you understand the battlefield. This can help you identify where the “enemies” are and how they are coming for business. This can help you discover strategic areas where you can position yourself for a win.