--- title: [Video] 3 Times You Should Always Conduct a Competitor Analysis description: In this video, we discuss the definition of a competitor analysis, how to conduct a competitor analysis and 3 times when you should always conduct one. image: https://blog.hurree.co/hubfs/featured%20(1)-3.png --- [Marketing Strategy](https://blog.hurree.co/topic/marketing-strategy) [Market Research](https://blog.hurree.co/topic/market-research) [Competitor Analysis](https://blog.hurree.co/topic/competitor-analysis) # [Video] 3 Times You Should Always Conduct a Competitor Analysis [![Dominique Daly](https://blog.hurree.co/hs-fs/hubfs/Dominique.jpg?width=40&height=40&name=Dominique.jpg)](https://blog.hurree.co/author/dominique-daly) by [Dominique Daly](https://blog.hurree.co/author/dominique-daly) 2 min read Nov 5, 2020 When it comes to succeeding as a business, laying the foundations is just as important as creating flashy [marketing campaigns](https://info.hurree.co/en/marketing-strategy-essential-guide). In fact, it’s these foundations that give you the insight and inspiration to ensure that your campaigns are effective enough to beat your competitors to the top - this is where your [competitor analysis](https://blog.hurree.co/blog/infographic-competitor-analysis) comes in. ### What is a Competitor Analysis? Competitor analysis is the process of researching, categorising, and evaluating the strengths and weaknesses of brands that you deem to be a potential threat to your business. Problem is, within the marketing industry, there’s a lot of crossed wires about exactly when you need to conduct a competitor analysis; **monthly, quarterly, yearly**? One thing is for sure, a competitor analysis is not just a one-time affair - it needs to be repeated throughout the lifetime of your business so that you can keep your competitive advantage. In this video, we're going to talk about competitor analysis and 3 times when you should always conduct one. But first, let’s consider the steps that you need to take to conduct a competitor analysis. [![Small Marketing Teams: How to Reclaim Your Time & Build Better Customer Relationships. Learn How.](https://no-cache.hubspot.com/cta/default/2080894/9d908e3a-040b-46a9-a727-b7589c377bd4.png)](https://cta-redirect.hubspot.com/cta/redirect/2080894/9d908e3a-040b-46a9-a727-b7589c377bd4) ### How to conduct a competitor analysis? There is a tried and tested [6 step process](https://blog.hurree.co/blog/step-by-step-competitor-analysis-tutorial) that you should follow when conducting your competitor analysis: **Step 1:** Map the context of your market **Step 2:** Identify your competitors **Step 3:** Record an overview of your competitors’ business **Step 4:** Compare your products and services **Step 5:** Use the R.A.C.E. acronym to analyse their content **Step 6:** Act on your data ## **3 Times you Should Always Conduct a Competitor Analysis ** **Time #1: When starting a new business** According to [Investopedia](https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx), the number 1 reason why new businesses fail is that owners do not investigate the market they are about to enter.  **Time #2: When launching a new product ** Each year more than 30,000 new consumer products are launched, and [80%](https://www.publicity.com/marketsmart-newsletters/percentage-new-products-fail/#:~:text=30%2C000%20new%20consumer%20products%20are%20launched%20annually%2C%2095%25%20of%20them,somewhere%20between%2070%2D90%20percent.) of them fail. Why is this? According to the Harvard Business Review, "The biggest problem... is lack of preparation”. **Time #3: When there is a significant market shift ** Competitor analysis during a significant market shift is vital to ensure your business does not get left behind through inaction. Let’s delve a little deeper into these 3 scenarios, shall we? Click play on the video above to find out more.    > *Learn how to build a brand that captures the attention of your audience and gives you life-long customers with our FREE guide: *[*A Marketer's Guide to Building a Brand in 2020*](https://www.hurree.co/a-marketers-guide-to-building-a-brand-2020)*. 💌 Please don't hesitate to get in touch with me directly via *[*contact@hurree.co*](mailto:emma@hurree.co)* with any of your questions or comments you may have!*   #### Share this [Share on X ](https://x.com/intent/post?url=https://blog.hurree.co/times-you-should-conduct-competitor-analysis&text=%5BVideo%5D%26nbsp%3B3+Times+You+Should+Always+Conduct+a+Competitor+Analysis) [Share on Facebook ](https://www.facebook.com/sharer/sharer.php?u=https://blog.hurree.co/times-you-should-conduct-competitor-analysis&t=%5BVideo%5D%26nbsp%3B3+Times+You+Should+Always+Conduct+a+Competitor+Analysis) [Share on LinkedIn ](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.hurree.co/times-you-should-conduct-competitor-analysis&t=%5BVideo%5D%26nbsp%3B3+Times+You+Should+Always+Conduct+a+Competitor+Analysis) Previous story [← 8 Marketing Automation Activities & Their Benefits](https://blog.hurree.co/infographic-8-marketing-automation-activities) Next story [Beginner's Guide to Creating a Profitable Email List →](https://blog.hurree.co/creating-a-profitable-email-list) ### You May Also Like These Related Stories [10 Competitor Analysis Tools Every Marketer Needs](https://blog.hurree.co/competitor-analysis-tools) ![](https://blog.hurree.co/hubfs/featured%20(1).jpg) [Marketing Strategy](https://blog.hurree.co/topic/marketing-strategy) #### 10 Competitor Analysis Tools Every Marketer Needs Aug 13, 2020 8 min read [4 Stepping Stones to a Successful Competitor Analysis](https://blog.hurree.co/infographic-competitor-analysis) ![](https://blog.hurree.co/hubfs/featuredimg.png) [Marketing Strategy](https://blog.hurree.co/topic/marketing-strategy) #### 4 Stepping Stones to a Successful Competitor Analysis Sep 4, 2020 2 min read [How to Complete Your First Competitor Analysis](https://blog.hurree.co/step-by-step-competitor-analysis-tutorial) ![](https://blog.hurree.co/hubfs/blog-Jun-30-2020-08-47-10-57-AM.jpg) [Marketing Strategy](https://blog.hurree.co/topic/marketing-strategy) #### How to Complete Your First Competitor Analysis Jun 30, 2020 11 min read ### Get Email Notifications ![](https://googleads.g.doubleclick.net/pagead/viewthroughconversion/924676190/?value=0&guid=ON&script=0) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Dominique Daly", "url" : "https://blog.hurree.co/author/dominique-daly" }, "dateModified" : "2022-03-25T15:39:01.295Z", "datePublished" : "2020-11-05T11:15:00.000Z", "headline" : "[Video] 3 Times You Should Always Conduct a Competitor Analysis", "image" : [ "https://blog.hurree.co/hubfs/featured%20(1)-3.png" ], "mainEntityOfPage" : { "@id" : "https://blog.hurree.co/times-you-should-conduct-competitor-analysis", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.hurree.co/hubfs/Logo_Word.png" }, "name" : "Hurree" } } ```