In the quickly evolving business world of today, knowing your competition is more crucial than ever. Competitor analysis may assist you in identifying market gaps, recognizing differences, and making data-driven decisions, whether you are launching a new business, breaking into a new industry, or refining your approach. This procedure will be quicker, more precise, and simpler to visualize with Boardmix AI. This tutorial will teach you how to use AI to do competitor analysis and explain the strategic benefits of incorporating AI into competitive research.
What is Competitor Analysis?
Competitor analysis is a data-driven corporate learning process that aims to improve operations and acquire a competitive edge by detecting differences between oneself and competitors, allowing one to capture more market share. When analyzing competitors, the following factors are generally considered:
- Market share
- Pricing
- Customer service
- Product/service feature
- Target market
- Marketing strategy
Not only is competitor analysis a "defensive mechanism," but it is also a "forward-looking weapon" that helps organizations grow and improve their strategy over time.
Step Guide: How to Use AI to do Competitor Analysis
Let’s explore how to do competitor analysis with AI, using Boardmix as an example:
Step 1: Visit Boardmix and log in to your account
Visit the Boardmix official website and click to "Try for free" or "Go to workplace" to get a free Boardmix account.
Step 2: Define Your Objectives
Make sure you understand the goal of your competitor analysis before you begin employing AI for analysis. For instance:
- Do you want to know your competitors' market share and positioning?
- Do you want to examine the key characteristics of the rival's product?
- In order to improve their own services, do you want to know which users are unhappy with them?
👍You can use AI SMART goal generator to make your objectives more specific. Setting clear objectives will improve the accuracy of the data you gather and filter!
Step 3: Start from a new whiteboard
Click "Start from scratch" and open an infinite whiteboard, then you can find the Boardmix AI asistant. Locate "competitive" under "business report" to start use AI to do competitor analysis.
Step 4: Generate Visual Competitor Maps
SEO competitor analysis is an important optimization tool in digital marketing, which can effectively help brands be more easily seen by users on Google search engines. For example, if you are a marketer, you can directly input "competitor analysis for SEO" into the Boardmix AI assistant.
You don't need to manually search for competitors' websites to conduct research; Boardmix has organized five commonly used competitive analysis tools for websites and keywords, including their main features, target users, pricing structure, advantages and disadvantages, and core competitive advantages.
Marketers may directly record crucial information by using the AI competitor analysis template, which compares competitor data in a tabular style using various colored sections.
Step 5: Filtering and extracting information
If information extraction is hard for you, you can ask the AI assistant to summarize it for you. To read the table content fast, select all the content you want, click the Boardmix AI symbol, and select "summarize" from the dropdown menu.
Step 6: Content refinement
For instance, you can ask the AI anything you want after organizing your target data, such as comparing the advantages and disadvantages of Ahrefs and SEMrush. To further organize your content, click "content refinement" from the AI assistant's dropdown menu after selecting the generated content.
For instance, AI presentations can be used to swiftly meet your needs if you wish to share the results of your analysis with other team members.
Example for Competitor Analysis in Business Plan
Let’s say you’re writing a business plan for a plant-based protein bar company launching in the U.S.
With AI competitor analysis, you might identify: KIND Snacks has a portion of the healthy snack market with significant retail influence, RXBAR is a major player in the premium market, Clif Bar targets specialized markets, and LÄRABAR is renowned for its inexpensive and simple ingredients.
The following opportunities can then be highlighted in your business plan:
- A little less expensive than luxury brands
- Use digital marketing to grow the retail industry.
- Consider ingredient components for creating new flavors.
✨Action Suggestions:
Make the most of the difference between expensive and high-end products. Your company can market itself as a reasonably priced high-end substitute by finding a balance between high-quality ingredients and reasonable costs. This helps draw in health-conscious customers who respect items' nutritional content and usage of environmentally friendly components even while they are price-sensitive.
Benefits of AI Competitor Analysis with Boardmix
Visual collaboration: Team members may work together in real time on the same platform, modifying and discussing competitive analysis results together thanks to Boardmix's array of visualization tools, which include AI SWOT analysis and AI flowcharts.
Support for multiple content types: Boardmix allows for the upload and display of multiple content types, such as documents, videos, and images. This makes it possible to integrate all of the materials gathered during competitive product analysis onto a single platform for team members to easily access and share.
Real-time updates and synchronization: AI sources data from the latest web content, ensuring insights are current, and It also prevents information lag and miscommunications by guaranteeing that team members analysis findings throughout the competitive product analysis process.
Permission management: Boardmix can establish various permissions according to the roles and duties of team members, safeguarding competitive analysis's privacy and security.
Conclusion
Competitor analysis is a necessary learning process for businesses to optimize products and strategies. Using AI to do competitor analysis can drastically lower the cost of analysis, allowing even small businesses to acquire high-quality competitor information at a low cost. AI competitor analysis gives you the information you need to make informed, proactive decisions for pitch deck preparation, product launches, and strategy changes. Your product may stagnate and progressively lose the trust of customers if you ignore rival study. Let's try Boardmix, an AI-powered online collaborative whiteboard, your competition analysis can become more accurate and dynamic with its data-driven AI features.
