Have you ever thought about doing a SWOT analysis on your
By thoroughly evaluating your competitors, you can learn to
deal with their strengths, capitalize on their weaknesses, take advantage of
any opportunities they present, and handle any threats they pose.
Questions to ask during a SWOT analysis of your competition
Conducting a SWOT on your competitors can be difficult, so consider
asking the following questions:
What does your competition do really well?
What are they known for?
What attracts customers to them?
Why do customers ultimately end up purchasing
from your competitors?
What do your competitors’ customers regularly
What problems have you experienced when you
“shopped” with them?
What products or services should they offer but
Are your competitors doing anything that
presents an opportunity for your small business?
Have they stopped carrying any products?
Have they changed any of their services?
Is your competition doing anything that presents
a threat to your business?
Have they lowered their prices recently?
Are they offering new products or services?
Are they moving to a new location closer to you?
What to analyze
Now that you have some questions to get started, what else
should you analyze?
When you’re evaluating your competition, you need to
determine who they are. Otherwise, you could be overwhelmed. Focus only on your
direct competitors, those businesses who generally operate in your same
geographic area and offer a product or service that could be a substitute for
your own product or service.
Once you have a list of your direct competition, look at
their products or services, their sales process, and their marketing efforts.
When you’re assessing their products or services, look at
their complete line and compare their quality to your quality. Pay attention to
how often they hold sales, what their ideal customer looks like,
and how much of the market share they hold.
Look at their sales process and the channels they’re selling
through. Try to find out how involved their sales staff is. This is also a
great time to find out why consumers are not
purchasing from your competitors or why they ended a relationship with
When you’re evaluating your competition’s marketing efforts,
review their website,
social media pages, and their online and offline advertising campaigns. Look at
how often they’re blogging
or posting to social media and how often they change their ad messaging. You’ll
also want to look at what they’re doing to drive more engagement with their