Competitor Analysis
When is your business successful? Is it when you reach financial and income security? Or when your service is better than that of your competition. A competition analysis is vital for your business and should be done regularly.
With a competitive analysis, you list the strengths and weaknesses of your company in relation to your competitors. And your competition analysis provides you with data for your SWOT analysis.
Find out who your competitors are. Make a difference between direct and indirect competitors. Direct competitors offer a product or service that matches your product or service. Indirect competitors sell a product or service that resembles or is an alternative to your product or service. An indirect competitor can also be located in a region that your company is not focusing on. Focus your research on your direct competitors.
Collect information
If you know who your direct competitors are, answer the following questions:
Which competitors are where? View the website of these other coaches.
- How many other entrepreneurs are located in the area?
- Which products or services do my competitors sell?
- Which target group do my competitors target?
- Which prices or hourly rates do they charge? Request a quote. With this you get valuable information.
- What is their brand recognition? And how do my competitors advertise? Via social media, commercials or folders?
- Which service do my competitors provide? Are they broker, trainer, advisor, facilitator as well?
Make a competition analysis
Then put all the data in a well-arranged table. What are the strengths and weaknesses of you as a coach compared to your competitors?
Coach 1 Coach 2 Coach 3
Price
Quality
Product Range
Location
Service