How to Conduct a Competitor Analysis

August 2023

In last month's newsletter we talked about how to narrow in on your coaching niche . Part of that involves conducting a competitor's analysis. This might be one of the most time intensive things to do, however it can be as complex or as simple as you like, and easily tracked with a spreadsheet or online template.

To conduct a competitor analysis, you can follow these steps:

• Identify competitors: Make a list of coaches or coaching businesses that operate in niches similar to yours. You can find competitors through online searches, social media, industry directories, or referrals. This will help you understand the number of coaches around you and what sets you apart from them.

• Research competitor online presence: Visit the websites, social media profiles, and online platforms of your competitors. Look at their branding, messaging, and overall presentation. Note the design, layout, and user experience of their websites. Pay attention to the content they share such as blog posts, videos, or podcasts. This will help you understand the type of online presence you would like to have.

• Assess competitor services and offerings: Examine the coaching services and programs your competitors provide. Look at their pricing structure, session duration, and any additional resources or materials they offer to clients. This will help you understand typical rates for coaching services and time investment.

• Understand competitor target audience: Analyze the demographics and specific needs of their clients. Consider how their niche aligns with their target audience's challenges and goals. This will help you understand potential gaps in the market.

• Evaluate their unique selling proposition (USP): What makes your competitors stand out? Look for their unique approaches or expertise. Assess how they position themselves and what sets them apart from others. This will help you differentiate your own coaching services.

• Analyze client testimonials and feedback: Look for client testimonials or reviews on competitor websites, social media platforms or third party review websites. This will help you understand strengths and weaknesses of your competitors' offerings.

• Consider their marketing strategies: Observe the marketing channels and strategies your competitors use. Analyze their content, social media engagement, email campaigns, webinars or workshops. Note what they prioritize and the type of content they create. This may help you gain insight into effective marketing strategies.

• Identify market gaps and opportunities: Based on your analysis, look for underserved areas where your competitors may not be fully addressing client needs. Consider how you can differentiate yourself from existing coaches.

• Do a SWOT analysis: Look at the Strengths, Weaknesses, Opportunities, and Threats (SWOT) for each of your competitors. This will help you gain a well-rounded view of their market position.

By conducting a comprehensive analysis you will gain valuable insights into your coaching niche. This will help you to position your coaching services more effectively, differentiating yourself from other coaches and creating great value for your target audience.

Best regards,

The Wisdom of the Whole Team