Businesses can only be successful if they learn everything there is to know about their competitors. If one knows the products and/or services that their competition is offering and what their strategies are, then it will be easier to figure what should be done to gain a competitive edge. That is why it is important to know how to conduct a competitive analysis. This article will provide you with information on how to conduct one.
5 Steps for Creating a Competitive Analysis Document
Step 1: Know who your competitors are.
You won’t analyze the competition if you do not even know who they are. You will want to make a list of those who are aiming for the same target audience that yours is, as well as the ones that deal with the same products/services.
Step 2: Look into what they have to offer.
It is important to take note of what specifically your competition is offering to its customers. Take note of the different products and/or services that they are selling. Be sure to provide descriptions for each of them, especially on those that your business does not offer.
Step 3: Identify their strengths and weaknesses.
When identifying their strengths, you’ll want to take a look at what exactly they’re doing that makes customers want to purchase from them. In regards to weaknesses, spot the problems that they have yet to address or have not noticed. All of this information will be useful for when you have to develop strategies against your competition.
Step 4: Figure out the strategies they are using to achieve their objectives.
You will have to know what it is that your competitors are doing which allows them to reach their objectives and gain continuous support from the customers. Take note of things like what marketing strategies they are using to successfully promote themselves or what actions they are taking to improve what they have to offer.
Step 5: Look for areas of improvement.
Now that you have all of the information you need about your competition, next is for you to use what you have learned to improve your business and gain competitive advantage. See what strengths you have that your competition does not and use it to find different areas of opportunity. Also, see what similar weaknesses you have with your competitors and use the same methods they used in order to fix their problems.
10+ Competitive Analysis Templates
1. Product Competitive Analysis Template
If your business is one that gains the most revenue from product sales, then it is important that you are able to do a product analysis on your direct competitors. That way, you can compare that quality of yours to theirs and see if there are weaknesses or areas of opportunity that you can exploit. Download this template so that you can start conducting the competitive analysis.
2. Website Competitive Analysis Template
Businesses create their own websites so that their customers will have an easier time learning about what they have to offer. However, there will always be competitive sites that may threaten a business’s potential to attract their intended target audience. With this template, you can create a competitive analysis that will tell you how your competitors are effective using their business websites and if there’s anything you can do to give yours the competitive edge.
3. Social Media Competitive Analysis Template
Social media has become the best medium for businesses to market themselves to their target audience. It is also because of the fact that many businesses use social media that there is a lot of competitors on it. By downloading this template, you can create a document that helps you analyze how your competition is using social media and whether or not they’re successful.
4. Small Business Competitive Analysis Template
There are many small businesses that it is only natural that they need to gain information on one another to figure out what gives them their competitive edge. If you are running your own small business, then you will surely benefit from downloading this competitive analysis template.
5. Competitive Market Analysis Template
If your business is entering a market with that has potential competitors, then you’ll want to make sure that yours has the advantage. The way for that to happen is by learning all that there is to know about the competition so that you can figure out how to best deal with them. Be sure to download this template so that you can gain all the information you need on every single one of your competitors in the market.
6. Competitive Pricing Analysis Template
Knowing how to price your business’s products and/or services is essential if you want to see success. The best way to learn how you should price yours is by gaining information on that of your competitors. Download this template now so that you can create a document that will provide you with all the information you need.
7. Competitive Analysis Template
If you are planning on conducting a competitive analysis, then be sure to download this template. With it, you can create a document where you can place the results of your analysis on your business competitors. Be sure to use either Microsoft Word, Apple Pages or Google Docs when opening and editing the template.
8. Restaurant Competitive Analysis Template
Considering the fact that there many different types of restaurants that customers can choose from, it’s no surprise that these restaurants will all be competing with one another. If you own one, then it is in your best interest to conduct an analysis of your competition. Download this template so that you can make a document where you can place the results of your assessment.
9. Marketing Competitive Analysis Template
Marketing is the only way for a business to get its intended target audience to know that they exist. Since many businesses are trying to market themselves, those who are aiming for the same target audience will need to figure out how to gain the marketing edge over one another. With this template, you can conduct an analysis that will tell you which of your competitors are a threat and what strategies you can use against them.
10. Free Competitive Analysis Template
If you are looking for a free template that allows you to make a document that holds the results of your competitive analysis, then this is the one for you. Should you decide to download it, be sure to fill it up with information on your competition and what can be done to gain the advantage over them.
11. Sample Competitive Analysis Template
When the time comes that you have to do a competitive analysis, then you’ll want to download this template. With it, you can create a document that stores the results of your analysis, easily allowing you to use the information to tell you all that there is to know regarding your business’s competition.