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.
This article originally appeared on Forbes.com, on September 3, 2021. Read the rest of the article here.