A competitive analysis is more likely associated with the SWOT (strengths, weaknesses, opportunities, and threats) analysis at times. They may be similar in a few points that’s why other people think that they are the same.
One thing that separate them, though, is that a competitive analysis is more focused on the study of external factors or the factors outside the operational processes of the company. These factors are mainly the opportunities and threats that either help or negate the performance of the business in terms of market shares.
We offer a host of analysis templates that you can use regarding this matter, ready for download.
Even if a competitive analysis also has researches for the strengths and weaknesses of the company’s products and how they stand in terms of sales in the target market, this type of analysis is more concerned on the competition and how they are able to perform the way they do.
It is always needed for a marketing plan to have a competitive analysis so that the company can draw comparisons to other businesses that have the same line of products and services but are performing differently with regard to how the market perceive their offerings.
With the help of a competitive analysis, businesses are able to do certain changes in what they offer so that they can penetrate a bigger share in the market. Factors really are needed to be used properly to get the percentage of sales generation that a company wants to achieve.
You may use our market analysis templates to help you create a document for the process. You may also download our customer analysis templates if you are also need research regarding your company’s target market.
Brand positioning is really important to relay the message that your company’s products and/or services are needs more than wants. A thorough determining of how your competitors play can give your business a big and distinct advantage.
A competitive analysis can only work in two ways depending on the situation where your company is currently at.
If you are holding a bigger market share, you need the competitive analysis to make sure that the means and ways that other companies are doing to penetrate your market will be blocked by counteractions, which you can only do if you have enough information about your competitor and how they sell their offers.
On the other hand, if your business needs more shares in the target market of a specific industry where your company belongs, prior and intricate research about companies who have already made it big in the same industry will be of great help in terms of your sales.
Again, evaluate the strategies of your competitors properly. Be sure to not imitate as it may cause you legalities but make ways on how you can improve their processes and use it for your advantage.
A competitive analysis can make or break the next steps that your company takes with regard to the improvement of your products and services. Make the most use out of it so that favorable returns may be seen through a sales incline.
Aside from competitive analysis templates, a business analysis template is also available for your reference from our collection.