Your business’s competitor analysis if done correctly, will give you great detail information about your competitor’s product or service strategies. This information is very crucial to the formulation of your own business’ marketing.

Keep in mind that obtaining this information will not be easy. Your competitors are obviously will not be out and be open about their sensitive information. As long as you are patiently and thoroughly seeking, you will be surprised at how much advertising, public statements, and observing consumers’ reactions will give you information that reflects their strategies.

Make sure that you are collecting information that are relevant and usable, not just for the sake of collecting it. Focus on the trend’s patterns more than the details. Keep an eye on the big picture, will allow you to spot new rivals and developing trends early on.

The following are samples of questionnaires that can guide you in collecting the information you need:

• Do their products or services address specific demographic market?

• How well do they reach their segmented target market?

• How closely does their product or service quality match the description conveyed by the publisher’s marketing efforts?

• How big or small is their budget? How well is it managed?

• What is their marketing mix? Sales policy? Distribution policy?

• How will they respond to your actions?

• How will their actions impact and influence your growth rate, market share, and profitability?

• How will your actions affect their growth rate, market share, and profitability?

• How well are your competitors doing in terms of sales growth, market share, profit margins, net income, return on investment, etc.?

• What are their strengths and weaknesses – product quality, positioning, distribution, marketing and selling ability, operational skills, financial ability and constraints, pricing, etc.?

• How sustainable are their advantages?

• How easily can their weaknesses be exploited?

• What kind of personalities do your competitors’ key people have?

• What are the major obstacles for each of your competitors in gaining market share? What are your own major obstacles?

• What stage of the life cycle are their products in?

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