Competitive analysis

Understanding who else the customer could choose, including doing nothing.

What it means

Competitive analysis identifies direct competitors, indirect alternatives and the status quo, and compares them on the criteria customers actually use.

Why it matters

Customers choose between options, not in isolation. A business that does not know what it is being compared with cannot position against it.

What it looks like in practice

Ask new customers what else they considered and why they chose you. That is better competitive intelligence than any desk research.\n\nInclude "do nothing", which is the most common competitor and is rarely on the list.

What to watch out for

Competitor obsession. Copying a competitor's move without knowing why they made it is a good way to inherit their mistake.

Where to get proper advice

Your own won and lost analysis. Companies House for competitors' filed accounts, which are public.