1. Create a list of your competitors:
Knowing who your competitors make your task of analysis much simpler. You know what your niche is and who are the ones that you need to beat to reach the top. So, create a list of at least 8-10 competitors.
2. Create a spreadsheet:
Collecting data is of no worth if it isn’t recorded properly. To conduct a good competitive analysis, you need to create a spreadsheet with all the major fields with the factors you are willing to cover in the analysis.
3. Identify primary/secondary competitors:
Keeping a track of multiple competitors is fine but to target, a single amongst them may be confusing at times. Differentiate amongst your competitors and identify them as primary, secondary, and tertiary. This would help you target each one of them at the right time.
4. Collect data:
Collecting accurate data is something that you are conducting this analysis for. You can either opt for tools or go for a manual search. But the best way is to first do a tool collection of data and then refine it with a proper manual search. With this, you wouldn’t miss out on any factor and would be able to cross-check the data collected by the tools.