What is the Competitive Analysis template?
Conduct an analysis of your direct and indirect competitors and compare their weaknesses and strengths to yours. Treat it as a living document that evaluates and identifies other brands’ marketing strategies and product features. Apply the insights gained from the research to your own processes to improve community management, content strategy, or brand presence on the market.
Set your sights on gaining a competitive advantage in the marketplace and improving your business strategy and development for the long term. Analyze up to ten competing solutions to determine what social media approach others are using, compare pricing or customer reviews, and analyze your current and projected market share, sales, and revenue. Contrast the success rates used by different companies to make knowledgeable decisions.
What are the benefits of the Competitive Analysis template?
Thanks to the Competitive Analysis template, you can:
- Gain an exclusive knowledge about the competition to fuel your product, marketing, or sales strategies for the future with rich insights.
- Develop your unique selling points (USPs) and compare how your company distinguishes itself from your competition.
- Tap into market gaps and anticipate your customers’ needs and expectations and your competitors’ improvements.
- Establish a foundation or point of reference for product managers to measure your company’s growth by analyzing historical data and your customers’ points of view.
- Discover the challenges and issues the market or your competitors face to anticipate potential changes or threats.
How to use the Competitive Analysis template in a few steps?
- Start with compiling a list of your competitors on the market by providing their names in the text blocks and appropriate columns.
- Conduct primary and secondary market research by taking a look at your competitors’ websites and using SEO analysis tools like Ahrefs or SEMrush. Dive deeply into other service offerings and fill out each proposed sticky note in the table.
- Compare your product features with your competitors and take a look at their marketing efforts and strategies. This stage will allow you to analyze your competitors’ audiences and assemble their personas.
- Focus back on your company and conduct an effortless SWOT analysis. Evaluate your own strategic goals and get a visual representation of your strengths or weaknesses on handy sticky notes. Include high-level details about your company, product, price structure, key advantages, etc.
- Determine your position in the market by creating reports or graphs showing your company against others on the competitive landscape. Let the X and Y axes represent customer satisfaction and market presence. Place your company on the graph to understand your position relative to your competitors.