Analysing your competitors can be quickly defined as a task to identify the strengths and weaknesses of your opposition in order to defeat them.
This approach though, takes the focus off of the centrepiece of your brand, which is your audience.
Your competitors will likely already reside in the mind of your audience somewhere.
If they don’t then they’re not the competitors you should be analysing because to the people you’re trying to reach, they don’t exist.
Competitive analysis is an exercise that’s most effective when it’s conducted from the audience’s perspective.
By stepping into the shoes of your audience, you need to ask the following questions:
What options do I have in the market?
Which options suit me best? Why?
Which options suit me least? Why
If I could have another option, what would I add or take away? Why?
The perspective of these questions if applied throughout your competitive analysis will give you an acute insight into how to differentiate your brand from the rest.