Do you want to conduct competitive analysis to better understand your competitors, launch new products, and even gain more ideas about marketing strategies? Let's see what you should do!

You have started a new project: a shoe brand (not quite like Edward Green, but rising). Do you think they are likely to disrupt this industry.

But you know, before you start thinking about big problems, you must have a better understanding of your environment. You need to explore the competitive environment of your products to determine how similar they are in your industry. More importantly, before making any decision, you need to define your source.

Do you know the answers to these questions?

But this shouldn't be normal. It requires a deeper comparison than just looking at competitors' social media, advertising campaigns, or advertising efforts.

To achieve the best results, you need to investigate their history, their progress in selling products, who they consider your closest competitors, and where they haven't done enough.

To conduct competitive analysis, you must have a thorough understanding of the industry hierarchy. For example, it needs to explore emerging shoe brands and find out who the competitive environment you are measuring is.

You need to know about similar sized brands that your customers may browse and compare with your business.

In fact, the strategic advantage of compiling this analysis is that it helps you better depict the competitive landscape. This is how you can obtain a successful real-life template to imitate while also identifying and avoiding failures.

Implementing competitive analysis requires some effort, but it is worth it.

Here, we will introduce why you need to conduct competitive analysis and provide more insightful recommendations.

But first, let's define competitive analysis, so we have a clear meaning from the beginning of the guide.