Keeping track and monitoring your competitors’ activities or projects can help you get prepared for new market shifts, trends, tactics, and technology within your industry or field. Small business owners will be thinking about their competition a lot but they should also strategize which area they should focus on and what they’ll do once they gathered information about these areas. Business owners can visit their competitors’ social media posts or subscribe to their business newsletters for more effective monitoring of their activities.
10+ Competition Analysis Samples
1. Competitive Analysis with User Testing
2. Competition Analysis Example
3. Competition Analysis and Strategies
4. Creating a Competitive Analysis
5. Small Business Competition Analysis
6. Competition Analysis Landscape
7. Competitor Analysis Worksheet
8. Competition Policy and Analysis
9. Competitive Analysis Tool
10. Study of Competition Analysis
11. Sample Competition Analysis
What is a Competition Analysis Template?
A competitive analysis template is an editable and downloadable document that helps you in assessing the products released by your competitors, their customer services, and sales or marketing strategies as well their weaknesses and strengths relevant to your business. With this template, you are able to see your advantages and potential challenges that will affect the growth of your business.
How do I Create a Competition Analysis?
Also referred to as a competitor analysis or a competitive analysis, competition analysis is a method used to identify who you’re competing with within your industry and find out the marketing plans and strategies they are using. By doing this, you will be able to gain insight into the products and services they are offering which will help you develop stronger and more effective strategies and discover possible opportunities to outperform your competitors.
Step 1: Determine Who your Competitors Are
Determine what kind of competitor your rival company is, whether they are direct competitors which refer to companies that sell the same products and services, secondary or indirect competitors which is business that offers different services or products but is in the same general category as yours, or substitutes competitors or businesses that offers different services but has the same target market as yours.
Step 2: Collect Relevant Information about Them
After determining the type of competitor you have, assess them in terms of the four categories of the marketing mix which are the product(comparing their products to your own offerings), pricing (how they are pricing their offerings), place (identifying their geographic reach or service area), and promotion (identifying their marketing strategies).
Step 3: Assess their Strengths and Weaknesses
During meetings with your team, you must compare the performance of the competitor with your performance. You can start by ranking their performance on certain criteria like product quality, pricing, promotion, place, positions, reputation, people, and partnership.
Step 4: Identify your Own Competitive Advantages
With all the data you have gathered, you can now analyze the areas where you have your own competitive advantage. It can be a strength that attracts your target audience and a factor that enables you to establish your brand awareness in the market.
What are the other factors to consider when conducting a competition analysis?
The other factors that you need to consider when conducting your competition analysis are the positioning of your competitors like their websites, social media, brochures, and more, their reputation or the feedback they get from people online, people or how big their organization is, and partnerships which refers to their suppliers and how long they have been collaborating.
What are the benefits of using a competition analysis?
With a competition analysis, you can identify your company’s strengths and weaknesses, better understand your market, determine trends in the industry, and sets a standard for the future growth of your company.
When should I conduct a competition analysis?
Competition analysis is not only for new and small businesses or startup companies. Companies or businesses of any type and size can periodically evaluate and update their competition analysis, or choose to start from the beginning. This will help them determine the current market trends as well as maintain their competitive advantage over the other companies within the same field.
A competition analysis template is a document or tool used for a business plan or strategic planning that allows a company to identify the advantages and disadvantages of their competitors as well as identify their own strengths and weakness by conducting a performance evaluation on their company. Gaining insights into the performance and marketing strategies of the competitors gives you an opportunity to come up with your own business plan and marketing strategy to outperform them.
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