Competitive analysis is the heart of every successful business. You need to know your biggest competitors and how your company actually performs in correlation with them if you want always to be one step ahead of the competition. Because of that, we have developed a competitive analysis template as a competitor analysis tool to help you define your position regarding your three biggest competitors.
What Can This Competitive Analysis Template Do For You?
Analysis of your competition is something that you will need to do on a continuous basis. You must know what is the position of your company in relations to the most important competitors.
Because of that, this competitive analysis template is designed to give you the possibility of comparison with the three most important companies.
Additionally, such a competitive analysis must result in real steps for the improvement of your business. With the right analysis and real improvements of your company in correlation with your competitors, you can constantly add fresh business potential energy into your company.
So, this competitive analysis template gives you the possibility to add business improvement ideas related to each analysis criteria.
What is Competitive Analysis and How It Is Related to This Competitive Analysis Template?
Competitive analysis is a process of identifying your most important competitors and after that evaluating their positions according to different business factors or criteria. It is important for these factors to be the factors that are important for reaching success on the market where your business operates.
Different factors that will be analyzed will depend on the type of the business that you as an entrepreneur run, your market, and industry.
After finishing the analysis process, you must compare your competitor’s position in correlation with your company and your own position.
However, that comparison must produce action-oriented steps for you and your company. That action-oriented steps need to improve your company and make it better from the competition.
So, this competitive analysis template will help you in performing this analysis.
Factors That Will Be Analyzed With This Competitive Analysis Template
There are 57 different factors for comparing competitors with your business that are important to your company, or your particular industry. You can use several or all factors, but remember that how much more factors you will analyze, the more success you can expect from the analysis results.
The basic comparative factors included in this competitive analysis template are grouped into 6 sections:
- Business criteria. In this section, you will need to analyze and compare your company with your competitors regarding years of existence, location, the speed of expansion, capital, competent staff, revenue and investment policy.
- Products/Services. Your products and/or services are an important part of such an analysis. Here, you will analyze and compare regarding these factors: benefits, features, quality, performance, durability, work without defects, warranty…
- Marketing. A marketing section of this competitive analysis template will allow you to compare your company with competitors regarding reputation, image, prominence, brand value…
- Innovation. As you know, the innovation activities are important for your business, especially when you want to differentiate from your competitors. So, this section focuses on innovation strategy, the degree of innovation, number of innovation projects, and speed of innovation.
- Sales. When it comes to sales, this competitive analysis template will help you to analyze and compare your sales team, sales funnel sales channels, materials and other factors related to sales.
- Social media presence. The last section of this template is the social media presence. This is a totally new section compared with the previous version of the template. Here you will analyze and compare your company’s social media presence with a competitor’s.
The results of the analysis conducted with the help of this competitive analysis template you can use in your:
- Business plan,
- Marketing plan,
- Business model,
- Decision-making process and
- Improvement activities.
Download Your Competitive Analysis Template
You can download this template for free here.