Competitor analysis involves assessing competitors within a specific market to understand their strengths, weaknesses, strategies, and performance.
The process involves identifying direct and indirect competitors, analyzing their products and services, pricing strategies, distribution channels, and promotions.
Key performance indicators are also considered, such as market share, revenue growth rate, profit margin, social media engagement, customer engagement, and website traffic.
To conduct a competitor analysis for Tesla, the first step involves identifying direct competitors for each model. For instance, the Model S competes with the Porsche Taycan, Audi e-tron GT, and BMW i4.
Parameters are then chosen based on specific needs and priorities, leading to a comparative analysis.
Additionally, indirect competitors encompass bicycles, e-bikes, electric scooters, micro-mobility services, as well as factors like telecommuting and remote work.
Competitor analysis tools like SWOT analysis, perceptual maps, market research, and social listening aid in identifying market gaps, improving products, and unlocking competitive advantages.