What is the Competitor Analysis template?
Get to know the market better by analyzing your indirect and direct competitors. Identify their strongest and weakest points to increase your effectiveness, brand awareness, or sales. Stay at the top of your game by comparing different companies’ metrics to make more cautious decisions.
Gain a competitive advantage over other companies and use your findings to improve your own business strategy. Put other competing brands on the matrix to reflect how they might affect your organization and where you stand on the market landscape. Take into consideration any factor you want — price comparison, revenue value, or marketing strategy.
What are the benefits of the Competitor Analysis template?
Thanks to the Competitor Analysis template, you can:
- Use research to compare your competition’s strengths and weaknesses in relation to your own.
- Get to know the market and your position amongst other companies.
- See what works and what doesn’t for your customers when choosing a product.
- Identify new opportunities for development for your company.
- Gain knowledge that can help you evolve your product’s strategy for the future.
How to use the Competitor Analysis template in a few steps?
- Open the free Competitor Analysis template on a new board or add it to an already existing one.
- Invite your teammates to the competitive analysis session by sending them an online invitation or sharing the link to infinite canvas. Hop on a virtual audio-video call on the digital board to work with this competitors analysis format.
- Define the goal of the analysis exercise to know your market position at the moment and where you would like to be next.
- Create a competitive overview and begin in-depth market research. Put your findings on sticky notes or blocks of text.
- Write down your competitors’ names on available icons.
- Drag and drop your competitors’ icons to the appropriate quadrants on the axis — contenders, leaders, niche, or high performers.
- Place your brand’s icon on the axis to see where you’re at amongst your competitors.
- Plan your next steps to catch up with your current market or significantly outpace your competition.