2 Gather data on your competitors

The next step is to collect data on your competitors, such as their products, prices, features, quality, distribution, promotion, customer service, and reputation. You can use various sources of information, such as websites, social media, reviews, reports, surveys, or industry publications. You can also use tools like SWOT analysis, Porter's five forces, or PESTEL analysis to evaluate your competitors' strengths, weaknesses, opportunities, threats, competitive forces, and external factors.

3 Estimate your competitors' demand

The third step is to estimate your competitors' demand, which is the amount of products or services they sell or expect to sell in a given period. You can use different methods to estimate your competitors' demand, such as market share analysis, trend analysis, regression analysis, or simulation models. You need to consider various factors that affect demand, such as seasonality, price elasticity, customer loyalty, substitution, or innovation. You also need to account for uncertainty and risk in your demand forecasts.

4 Compare your demand with your competitors'

The fourth step is to compare your demand with your competitors' demand, which will help you measure your relative performance and position in the market. You can use various metrics to compare your demand, such as market share, growth rate, penetration rate, or customer retention rate. You can also use tools like benchmarking, gap analysis, or value proposition to identify your competitive advantages and disadvantages, and how you can improve your value proposition to your customers.

5 Adjust your strategies accordingly

The final step is to adjust your strategies accordingly, based on your demand forecasting and competitor analysis results. You need to align your production, inventory, pricing, and marketing strategies with your demand forecasts and customer segments. You also need to monitor your competitors' actions and reactions, and respond to changes in the market conditions and customer preferences. You need to continuously evaluate your demand forecasting and competitor analysis processes, and update them as needed.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?