Competitive Analysis Definition: Competitive analysis or competitive research is a field of strategic research that specializes in the collection and review of information about rival firms. It's an essential tactic for finding out what your competitors are doing and what kind of threat they present to your financial well-being. Unless you're marketing earrings made from old coffee cans, chances are there are other companies out there offering a similar product or service as you. Establishing an edge over these competitors is just part of the daily grind, but ask yourself, to what extent are you prepared to gain an edge over your competitors? Simply knowing what they offer is not enough.
There is no disputing that knowing how your website is performing is the first step to improving it. On top of that, knowing how your competitors are performing allows you to always stay one step ahead of them. So, how do you gather the information you need in order to start the process of identifying areas of improvement?