Competitor analysis is a practice where you list down your competitors and do a comprehensive research of their products, sales and marketing strategies. Doing this will enable you to come up with solutions to tackle competition and improve your profits.
Following are the steps to conduct competitor analysis:
1. Identify your competitors.
2. Determine their product offerings.
3. Research about their sales and marketing strategy.
4. Observe their promotion strategy and analyze the channels being used for the same.
5. Perform SWOT analysis for your competitors.