Competitive Analysis Template
Identify the competitive landscape and your company’s relation to it.
What is Competitive Analysis?
Competitive analysis—also referred to as competitor analysis—is the practice of evaluating the landscape for competitive products, services, and companies. By conducting a competitor analysis, you can learn about the market, what’s working and not working for your customers or potential customers, and where there are areas of opportunity for your company. The knowledge you gain from competitive analysis can then inform your product, marketing, and sales strategies and potentially your business strategy for the future.
How to use the Competitive Analysis template
You may want to perform several different competitive analyses, for example one for your digital marketing, one for your website, and one for your in-person events (to name just a few). You may want to make adjustments to the template depending on your specific use case, but here are a few common elements of competitive analyses.
Step 1: Start by filling out your company information. You may wish to include some high-level information about your company such as your mission, values, value proposition, etc. as well as an overview of your main competitors. The competitors you list here will often be your direct competitors—those who offer a comparable product or service. However, if you also know about indirect competitors, you can list them, too. For example, perhaps some people use an existing product in a way it wasn’t intended to be used rather than purchasing your product. In this case, that product and company would be an indirect competitor.
Step 2: Describe your product/service information. This can include various price points of your main offerings and the channels you use to acquire new customers. If you know this information about your competitors, you can list it here, too.
Step 3: Next, gather information about the market. This may include your percentage of market share (and the respective percentages of the competitors you’ve listed), your competitors’ social media and web presence, and how your company is positioned in the market. For example, how does your voice or brand compare to other companies in the same space? You may want to spend some time conducting research to gather the information for this section. For example, take a look at your competitors’ blogs, websites, and social media accounts. How do they position themselves? How does this compare to your branding and positioning?
Step 4: Perform a SWOT analysis to determine your strengths, weaknesses, opportunities, and threats in comparison with the competitors you’ve identified. Can you identify any weaknesses or threats to your competitors? What are your strengths and opportunities to emphasize? You may find it valuable to get input from people in several departments in your company for this section. For example, your customer success team will be a good source of information about your weaknesses and threats since they often speak with customers who are encountering issues.
Step 5: With all the information you’ve gathered in the previous steps, you can now define your competitive advantage. What are the areas that separate you from the competition and how can you continue to make the most of them?
Why do a Competitive Analysis?
Conducting a competitor analysis will help give you an edge over the competition. When you identify areas where your company is differentiated from or better than competitors, you can develop your product, marketing, and sales strategies to take advantage of this. You can also use the results from your competitive analysis to help define your company’s value proposition and inform your strategic planning for the future.
When to use the Competitive Analysis template
Use the competitor analysis template any time you’d like to get a better grasp on where your product or service stands in relation to the market. You may find this especially beneficial when you know a big event such as a new product release or strategic planning session is about to occur.
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