What tools can be used to conduct a competitive analysis?

There are several tools that can be used to conduct a competitive analysis. These include SWOT Analysis, Porter's Five Forces Analysis, and PESTEL Analysis. Additionally, online tools such as SEMrush, Ahrefs, and SimilarWeb can provide valuable insights into competitors' online strategies. It's also beneficial to use social listening tools like Hootsuite and Brandwatch to monitor competitors' social media activities.

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Competitive Strategies

Do you feel trapped to outdo competitors? Better strategies can build a stronger defense against competition and generate higher ROI on your strategic...

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Execs need competitive analysis to get outside of what they think they're good at or what their competitors to do and switch course and pivot as they see areas of weakness in competitors for you to act on. Pivot in terms of technical changes or pivot in terms of brand image or brand positioning. No matter what you do, you feel if they actually need to give a presentation on your findings, the second half of the deck is great for that. With this explainer, you'll learn how top companies like McDonald's, Apple, Robinhood, and Netflix use competitive analysis to be at the top of their industry.

Questions and answers

What is the role of competitive analysis in crisis management?

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Competitive analysis plays a crucial role in crisis management. It allows companies to identify their competitors' weaknesses and areas of vulnerability, which they can then exploit to gain a competitive advantage. This could involve making technical changes or altering their brand image or positioning. In a crisis situation, this information can be invaluable in helping a company to pivot and adapt to changing circumstances.

How can competitive analysis help in understanding the market trends?

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Competitive analysis can help in understanding market trends by identifying the strengths and weaknesses of competitors. This can provide insights into potential opportunities or threats within the market. It can also reveal trends in terms of technical changes or shifts in brand image or positioning. Companies like McDonald's, Apple, Robinhood, and Netflix use competitive analysis to stay at the top of their industries.

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