There are several ways you can undergo competitive analysis, each with their own benefits. Make sure you know what you want to figure out, and any hypotheses you have, before determining which method to use. It is likely you will end up using more than one, but you want to make sure they’ll help you find out what you want to know.
Here are a few top methods to get you started:
1. SWOT analysis
2. Strategic group analysis
3. Porter's five forces
4. Perceptual mapping
5. BCG Matrix (also called Growth Share matrix)