Being in business, you can’t escape competition. Be it any industry that you may be operating in, you will surely have competitors fighting for market share. To stay ahead of the game, you should keep an eye for what your rivals are doing in the market. And for doing so you should write a competitor SWOT analysis. Here is how you can do that:
5 Steps to Write a Competitor SWOT Analysis
1. Identify Your Industry and Competitors
If you want to identify your competitors, first you must know your industry. Unless you are aware of these two pieces of information, you will not be equipped enough to do a SWOT analysis. Sometimes there could be sub-industries as well (or niche) and even then, you need to have clarity in what your industry is and what are your competitors for that industry.
2. Identify the Strengths of Your Competition
The First alphabet in SWOT is S, which stands for Strength. You must do extensive secondary research that would reveal a lot of information. You have to organize that and identify all the strengths that according to you your competitors have. Also, be very professional in doing this since writing the strengths of your rivals needs a lot of courage and mental stamina.
3. Write About the Opportunities
Every company has some opportunity or the other when it is competing in a market. Even your competitors would have some opportunities that they can look forward to leveraging in the coming days. Put yourself in their shoes and then write all areas where they can score big and capture more market.
4. Think About Their Weaknesses
Identifying the weaknesses of your competitors should be fun and highly motivating. Make a list of all areas where they are weak and are not doing good. This would also give you a lot of insights where you can improve your company and score better than them.
5. Don’t Forget About the Threats
Every company has some threats that its top management remains aware of most of the time. This helps them plan ahead of time and be prepared for rough situations. Write down the threats that you think are hovering over your competitors’ firms.
7+ Competitor SWOT Templates
1. Best Competitor SWOT Template
The first competitive analysis template on our list is best for a reason. It is a very professional design that has everything that you will need to document the SWOT details of your competitors. It starts off with an Introduction section followed by the SWOT and a few other areas. Competitive profiling is another feather on its cap that can add value to your overall exercise.
2. Simple SWOT Template for Competitor Analysis
Another simple yet powerful template is this one where you first have a section for your competitor’s analysis template while the next page accommodates its SWOT. This way you will have a better structure about your documentation and also be able to extract more insights for your decision making.
3. Standard Competitor SWOT Analysis Template
A very basic one-page design for your SWOT needs. You can use this template in PDF when you have to quickly write a SWOT analysis for one of your competitors. If you have more than one competitor, then you have to use this template multiple times. The bonus point about this template is that it gives pointers that you must consider for each of the strengths, weaknesses, opportunities, and threats.
4. Comprehensive Template for Competitor’s SWOT Analysis
This is a very professional looking competitor analysis template that consists of a simple header area to mention the name of the company’s name, date, and participants. The area below has 4 sections one after another stacked up vertically to write points about the strengths, opportunities, weaknesses, and threats.
5. Vertical Competitor SWOT Analysis Template
This is a beautiful looking competitive analysis template that is confined to one page. It is divided into 4 sections primarily where you can list the details about S, W, O, and T. The sample questions have given would help you analyze your competitors better. The bottom of the page also has some ideas on which you can gather information and make your research more detailed.
6. Modern Template for Competitor’s SWOT Analysis
If you are looking for something useful but elegant too, this is the SWOT analysis template in PDF that would grab your attention immediately. It is very stylish and presentable and is a 3-page document. While the first page defines SWOT (for people who might not know the meaning) and the 2nd page gives ideas about what questions should you find answers to, to fill the SWOT details of your rival in the market. The 3rd page is a blank template where you can furnish your findings and then use it for your awareness and decision making.
7. Horizontal Competitor’s SWOT Analysis Template
This professional SWOT analysis design is in landscape mode and thus feels like more space on one page. It has a simple place to write the purpose of this document and then gets started with the S, W, O, and T. The examples given on the side of the document would really help to think holistically.
8. Plain Template for SWOT Analysis of Competitor
This is the simplest printable analysis template design you will see around. It just has 4 sections on the page in landscape mode and has space for you to fill the strengths, weaknesses, opportunities, and threats. This design is best suited for industries that are not very complex.
Analyzing your competition is very vital for your success. You must get started with SWOT analysis of your closest competitors and don’t forget to use one of the above templates to save your precious time.