The point of departure – Your analysis is to understand who your competitors are, and categorise them. This is the easiest section, nonetheless, the most crucial step for the later stages of your research.
To organise your time better, download the Competitive Analysis Template spreadsheet. Change this by adding or removing the columns that you feel are relevant to your requirements.
Begin looking for your competitors on Google Advanced search or other search platforms that are popular in your country or city. Use the same keywords that your business targets. Then, check your rivals products on sales markets such as Amazon, Alibaba Group, or Asos if you offer fashion products. One more important channel is social media networks – Facebook and Instagram. These allow for detecting competitors which may not have websites but can be found using hashtags.
When you have finished adding these to the spreadsheet, you need to break your competitors into tiers. The most popular way is to categorise them into three groups:
Primary (A). These are your direct competitors with the same products and audience, as well as business size.
Secondary (B). These are competitors who offer similar products but to a completely different audience segment.
Tertiary (C). These are businesses, who are just tangentially related to yours. They may become your competitors if you decide to expand your product catalogue. Or they can also be your partners for affiliate advertising.
Put their store names, links, locations, slogans, and segment notices into a spreadsheet to have an opportunity to monitor and change the data from time to time.