Final step: Conduct a SWOT analysis

[phonenumber]

Once you’ve gathered all of the above insights, you need to find a way to visualize them clearly. A reliable way to do this is by doing a SWOT analysis.

SWOT is an acronym for strengths, weaknesses, bahrain b2b leads opportunities and threats. As a marketing framework, SWOT comprises four sections, often presented in a grid. It can be used to visualize your company’s standing in the market, as well as the market presence of your competitors.

To complete a SWOT analysis, take all of your insights on a single company and apply them to each section. If they’re doing something well, add the insight to strengths, if they’re doing something poorly, add it to weaknesses. If there’s an external market factor that they benefit from positively, add it to opportunities, and if there are external concerns that could harm them, then add this to threats.

An example of a simple SWOT analysis for Apple, created by Reve Chat
Once completed, a SWOT chart should outline the ways your competitor is succeeding, as well as the areas where they could improve. You can then apply this to a SWOT analysis of your brand to better understand how you compare to your competition.

If you’re comfortable conducting a SWOT analysis, consider creating more complicated marketing frameworks to display your insights. Two other common frameworks that can help with competitive analysis include PESTLE (which stands for political, economic, social, technological, legal and environmental) and Porter’s 5 Forces.

Use the right tools to start gathering your competitive insights
Competitive insights, when used effectively, will inform and direct your marketing approaches and overall business strategies.

But these insights will only realize their full potential if you’re able to appropriately visualize, analyze and apply the data. Unleashing the true power of competitive insights demands that you find the right tools for the job.