WHAT IS IT?
Competitive analysis is a process where you analyze your (closest) competitors. Learning what they’re doing is very important. You have to know how they communicate, what they emphasize and where you stand in the market.
HOW TO USE IT?
You should use the competitive analysis to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited. Competitive analysis can also serve as an inspiration to improve your solution or to even develop a new one.