# How to Use Personas for Competitor Analysis

Performing regular competitor analysis is all about seeing where your company stands, where it could be and to identify opportunities to piggyback on the strategies of competitors.

## What is competitor analysis?

Competitor analysis is the study of competitors by researching their products, sales and marketing strategies, operational tactics, etc. It will help a business create strategies that will help them be one up against everyone else.

### Benefits of competitor analysis:

Competitive analysis isn’t a one-time thing, but should be a regular process that will help you understand their strengths and weaknesses.

Here are some of the potential benefits of competitor analysis.

#### Discover trends:

By knowing how the competitors have fared in the past using different strategies, you would be in a better position to identify trends and make decisions based on that.

#### Leverage intelligence:

When you study your competitors deeply, you would be able to understand their marketing and operational strategies deeply.

#### Learn from past mistakes:

Your competitors who were there in the market much before you would have committed Himalayan blunders that cost them in millions, including loss of reputation. Avoid all of these by studying the mistakes that they did over the course of their journey.

#### Market gaps:

When you do competitor analysis, it helps you spot gaps in the market.

#### Better content marketing:

If you have no idea about the kind of content that will work in your niche, looking at the blogs that your competitors have published is more than enough.

#### Refine your ideal customer profile:

With primary data and competitor data, you will be able to refine your ideal customer profile.

### Conduct a competitor analysis:

Establishing an edge over your competitors is a part of the daily rigmarole of businesses.

#### #1 Create a list of competitors:

The first step is to find relevant competitors as you don’t want ideas from a logistics company if you are into apparels.

#### #2 List the things you want to know about your competitors:

Once you know the competitors that you want to learn more about, the next step is to list down everything that you want to know about them.

#### #3 Collect quantitative and qualitative data:

Competitor persona can be understood by using a combination of quantitative and qualitative data.

#### #4 Analyze their marketing strategies:

The simplest act that you can do to find the marketing strategies of your competitors is to subscribe to their newsletters.

#### #5 Review social media performance:

With social media holding a vicious grip on the psyche of customers around the world, brands are wary of the impact too.

#### #6 Identify gaps with marketing strategies:

Sit down with your marketing team and find out the areas where your competitors are doing better than you.

#### #7 Hear from customers:

While it is impossible to measure the market share for each of your competitors, you can easily measure the amount of shout outs they get.

### Conclusion

Performing regular competitor analysis is all about seeing where your company stands, where it could be and to see if there are specific actions that can be taken to achieve the same by piggybacking on the strategies of competitors.

### Frequently Asked Questions (FAQs)

##### What is competitor analysis?

In competitor analysis, you thoroughly analyze your competitors by studying their product, sales, and marketing strategies. This analysis includes their pricing, product features, social media strategy, marketing plans, technology, funding, company revenue, customer base, strengths, weaknesses, and more.

##### What is a competitor persona?

Competitor personas are semi-fictional representations of your competitors’ audiences that help you uncover their marketing strategies.

##### How to conduct a competitor analysis?

Competitor analysis is easy to do if you have the right guidance, tools, and resources.