You take on a new client: an ice cream brand that isn’t quite on the level of Ben & Jerry’s, but it’s on the rise and has serious potential to disrupt the industry. But, before you can start thinking big, you need to get a better picture of the landscape for the product to find how similar products in your industry are doing — and more importantly, what they’re doing. You need to do a competitive analysis.
A competitive analysis needs to go much deeper than looking at your competitors’ social media or advertising efforts for comparison. Take a look into their history, who they consider their closest competitor and where they’re succeeding and falling short on selling their products.