Competition has become very common in the business world. The business industry is vast and there is competition at every level. This is where a competitor analysis comes in helpful.
What is a Competitor Analysis Template?
The concept of Competitor Analysis is based on marketing strategies of your own business as well as businesses around you. This report or template allows you to highlight your strengths and weaknesses as compared to your competitors in the same field or industry. For this, you need to take into consideration-
• Your company’s target
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• Features of your products and how they differ from other brands
• Your current market value and product revenue
• Affordability of your products in comparison to other similar products
• Comparison of your marketing strategy in social media as well as real life
A thoroughly researched competitive analysis gives you the resources you need to make strategic decisions, whether you’re a startup seeking to get into the market, a consultant trying to obtain results for your client, or an established corporation looking to solidify your position against the competition.
How do you create a Competitor Analysis Template?
1. RESEARCH: Without conducting thorough market research—which is all about gathering data to understand your customers, find chances for growth, and notice trends in the industry—you cannot produce a competitive analysis report. This research can assist you in creating the customer personas that will eventually inform business and marketing decisions and enable you to prepare for any changes that could disrupt the market. You can use customer reviews, analyze consumer behavior of other companies, customer interviews and so on. This will help you analyze the areas that require change.
2. FEATURE COMPARISON: Possibly the most significant aspect of the competitive analysis is the feature comparison. You’ll be able to see what truly distinguishes your product from that of your competitors if you compare their items feature by feature. Feature comparison refers to differences in price, quality, warranty, branding and so on. The most typical layout for a features analysis is a straightforward matrix with all of the pertinent features on one side and you, your competitors, and them on the other. You can mark each box or rate how well you do in each one.
3. SWOT ANALYSIS: It will be chaotic when you undertake the research for your competitive analysis. It will be difficult for an outsider to understand because you will have a lot of data. The SWOT analysis is crucial because of this. A SWOT analysis is a framework for analyzing your primary strengths, weaknesses, opportunities, and threats in order to determine your competitive position. SWOT stands for Strength, Weaknesses, Opportunities and Threats. Having enough knowledge about these four aspects is enough for your competitive analysis template.
Why is it important to craft a Competitor Analysis Template?
The use of a competitive analysis framework has a lot of potential advantages. A marketing expert can benefit from doing a competition analysis and compiling the data into a framework in the following ways:
1. Finding gaps in the market within a certain industry is made easier by looking at your competitors. This might assist you in developing a business strategy for a fresh concept or sellable goods.
2. You can learn what works in your market by examining the successful campaigns of your rivals. You can make or improve your own plan using that information.
3. It’s critical to gain more knowledge of market trends and patterns before developing a market strategy or business plan. A framework can show the needs or preferences of customers. This might assist you in creating a growth strategy that works for your intended audience.
These simple steps can help you improve your marketing skills using competitive analysis template. For your convenience, we have crafted a sample template. Click here to access it.
We hope this article helped you learn the importance of a well-crafted Competitive Analysis Template as well as how to create one. Don’t forget to leave a comment. All the best!