Part of business analysis is understanding your competition – its strengths and weaknesses. Though doing a SWOT analysis on your competition can be challenging, as the information is not always available, Lewis says there are a few things one can analyse to help you understand your competitor:
Have a look at what they are communicating to their customers through their marketing and promotion material.
Understand what their key strengths are by having a conversation with their customers, especially to decipher their value proposition.
You have to understand their weaknesses. If you look at challenges within your field, understand how you mitigate these. If your competitors are similar to your business, you can predict the effect challenges have on you will mirror what they experience.
If you converse with their regular customers, you will understand the opportunities and gaps they leave to exploit.
Understand what they do well and see if you have a corresponding weakness. This constitutes a threat to your market share. This is the opportunity for you make the necessary adjustments.