What is competitor SWOT analysis?
SWOT analysis is a form of competitor analysis that helps you visualize where your brand ranks among competitors, and what you need to do to move up those ranks.
True growth can only be achieved through contextual awareness. This understanding allows brands to recognize gaps in the market, opportunities for expansion, and potential risks within the industry.
Ask the right questions
Competitor SWOT analysis starts by simply asking the right questions. Considering the following inquiries can help shape your analysis and address targeted areas of interest.
- What can your competitor do well?
- Why do consumers choose your competitor?
- What brand reputation does your competitor have?
- What are common pain points experienced by customers of your competitor?
- What product offerings are they missing?
- Is your competitor limited by factors like location, workforce, budget, etc.?
- Have product or service offerings changed?
- Are new consumer markets emerging?
- Is your competitor ignoring potential markets?
- Does your competitor have lower prices?
- Is your competitor growing or expanding offerings?
- Is your competitor entering your target markets?
Find the right data
Competitor SWOT analysis utilizes two paths of data collection: consumer and brand data.
From the consumer perspective, social media, reviews and surveys are all effective ways to generate consumer feedback. Analyzing public perception allows you to understand the wants and needs of target consumer markets, and how your competitor may or may not be addressing those preferences. Consumer insights are ideal for analyzing all components of SWOT, particularly strengths and weaknesses.
On the other hand, analyzing brand communications can help address brand voice/identity, customer service efforts and product/service offerings. By analyzing website copy and brand social media activity, you can get an idea of how your competitor communicates with consumers and how they vocalize the value they bring to the market.
Choose the right analysis tool
Relative Insight takes social media, forum, reviews and survey data and produces actionable competitor insights. Competitor SWOT analysis is based in competitor comparison, and so is Relative Insight. Our text analytics software compares your brand against your competitors to uncover the differences in how consumers review or speak about each brand. Relative highlights the statistically significant words, phrases and emotion seen from one textual data set compared to another.
This form of analysis can be used to uncover the strengths, weaknesses, opportunities and threats specific to your brand or a competitor. Analysis happens in four easy steps:
- Upload your data file as is to Relative Insight.
- Choose which files to compare.
- Explore the automated insights.
- Pick which insights you’d like to highlight.
Case Study: What’s the best music streaming app? Let’s find out
We compared app reviews for Spotify, Apple Music, Pandora, Deezer, SoundCloud, TIDAL and iHeartRadio to understand what consumers like and dislike about each brand. These competitor insights have the power to shape product strategy and innovation in addition to brand messaging.