Competitor analysis is a marketing strategy and a management strategy that assesses the strengths and weakness of the business’ current competitors as well as their potential competitors in the business. Through the analysis, a business can plan for both an offensive and defensive approach in identifying their opportunities and threats.
Profiling and analyzing the competitor’s of a business is a an essentially component or part of corporate strategy. Competitor analysis worksheets are used in conducting a competitor so that the entire process can be done easily and more efficiently. Here we have analysis templates that you can use as reference.
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Competitive Analysis Worksheet Template
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What Is a Competitor Analysis Worksheet?
A competitor analysis worksheet is a document that provides you with a framework of that will help you in getting a grip with your competitors in the business. Through the template you will be able to find the information that you need to:
- Help you evaluate your own performance against the performance of your current and future competitors.
- Be able to identify what their weaknesses are and be able to exploit the identified weaknesses.
- Be able to address the strengths of your competitors and be aware of what they are capable of doing and how they do it best.
- Help you get new ideas on making improvements or changes to the business.
- Be able to identify new groups of customers or a new target market.
What successful business owners do that makes them successful is knowing and learning about their competitors. This is how they get ideas and plans on how they can successfully compete them in the business or in the industry they are. Also, the best kind of motivation is knowing that you have to complete for success. It pushes you to do your best and excel.
Using a competitor analysis template not only makes the task easy, but it also helps you keep track of the activities that you need to do and the data that you are required to gather. It reminds you of your goals and what you must focus on for the whole duration of the analysis process.
There are samples and templates available for competitive analysis and analysis in general. Examples of articles you may find useful are Competitor SWOT Analysis Samples & Templates, Competitive Analysis Templates, and Company Analysis Templates.
How to Do a Competitive Analysis
The common steps involved in conducting a competitive analysis are the following
Step #1: Define the industry.
The very first thing that you need to do is to educate about the industry under which your company or business belongs, just like you would when writing a business plan. Learn about what the industry is all about, how things work in that industry. You will need all of the information that you can get to define the scope and the nature of that industry.
Step #2: Determine your competitors.
Next, after defining the industry you will have to determine who your competitors are in the same industry. Make a list of all your current competitors and future competitors. Forget about arranging the list based in a criteria or category. Prioritize your list after you have listed all that you need to list.
Step #3: Determine your customers.
Now, you will need to determine who your customers are. More than just knowing who they are is finding out the benefits that your customers expect from you and all the rest who are in the same line of business. If you know what your customers expect, then you can very well provide for their needs.
Step #4: Identify key strengths.
Find out what and where your business is good at. Do the same thing to your competitors. If you know their key strengths and how they do better, you can devise ways on how you can be better or figure out a plan that can help you compete successfully. Your key strengths include the price of your products, the services you offer, convenience, inventory and many more.
Step #5: Rank key success factors.
Provide a weight for each of the key success factors that you have identified. Weigh them according to your preferences or based on what is most important in your industry.
Step #6: Rate each of your competitors.
Once you have identified key strengths and provided weight to each key strength, then you will need to rate each of your competitors based on the total weight of their key strengths.
Conducting a competitor analysis does not always have to be difficult. You just need to know the things that must be done in order for you to carry out tasks and gather necessary data. You may also check out other relates titles, like Needs Analysis Templates, Investment Analysis Templates, and Professional SWOT Analysis Templates.
What to Include in a Competitor Analysis
It is important to know and be aware of the different things that are included in a competitor analysis worksheet. We have here a list of the things that you can commonly find in it.
- The header or title indicating what type of document it is
- Dates when certain activities are done and who conducted them
- The goals and objectives for conducting the analysis
- Company name or department conducting the analysis
- The list of your current and potential competitors
- Your key success factors against your competitors
- Rating for each competitor
- Rating for their marketing strategy
- Customer identification and description
- Details about benchmark performances
- Opportunities and Action Items
- Identification of the changes that must be made
- The names of the people involved in the process
- Research sources
Now, you will have an idea of what are included in a competitor analysis. There is actually no need for you to memorize them but it pays if you get familiar with the list so that you will have an idea of what a competitor analysis worksheet contains. Other topics you also be interested in are Advertising SWOT Analysis Templates, Cost Breakdown Analysis Templates, and Medicare Coverage Analysis Templates.
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Useful Tips for an Effective Competitor Analysis
The following are some simple and useful tips that you can use to be able to come up with an effective competitive analysis.
- Focus on your goals and objectives for conducting a competitor analysis and for creating the report.
- Include only relevant details.
- Keep yourself informed and stay informed about current industry trends.
- Write clear and concise sentences. To do this you will need to use simple words.
- Check previous competitor analysis reports and get ideas from their. Also use templates as your reference on the things you must include.
- Use relevant competitor analysis templates to help you get the task done.
- If you are not sure or if you are not satisfied with the information that you have gathered or the report that you have made, redo the entire process or revise your report until you find that missing piece that makes you dissatisfied.
If you need related templates for your needs, then feel free to check them out on our website. To name a few titles we offer are Company Financial Analysis Template, Sample Analysis Report Templates, and Workforce Analysis.
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