Sofia Wager August 27, 2021 Business
A competitive environment always overshadows every company. Therefore, it is necessary to make an effort to monitor the competition map by using a competitive analysis template in order to make your company always ready to face the competitors.
Competitive analysis is a tool that has a role to detect the level of competition among companies. In this way, competitors` products and services will be easily identified. After that, the company will be able to determine each competitor`s strengths and weaknesses based on the results of the analysis, so that the market opportunities can be found and marketing strategies can be developed.
When the competitive market is analyzed successfully, the competitive roadmap can always be monitored on an ongoing basis. In addition, quickly identified market trends will increase the opportunity to outperform the competitors. Plus, with the right marketing campaigns and strategies, customer support will flow to your company.
Understanding every opportunity and creating solutions for market needs, as well as highlighting your unique value — based on accurate data will reduce the risks and threats of market competition. Competitive analysis is also useful in exploiting market gaps to build a more competitive brand.
The template for competitive analysis has a framework consisting of several competitive factors, as described below:
Conduct business research on selected competitors. After the research results can be identified correctly, including:
2. Competitors target consumers. Describe various information related to target consumers and marketing materials used by your business competitors, including:
3. Competitors marketing strategies. This section contains some details of the results of your analysis of the marketing strategies implemented by competitors.
4. Competitors weaknesses. Conduct a review of the reputation of competing companies. One common way is to read and study professional reviews. In addition, you can also find it on their official website and social media, which is in the form of comments and feedback from customers.
5. Evaluate your own business with the same parameters. Based on the data obtained from proper research and analysis of the competitors efforts, you must make a conclusion by comparing the information that has been collected to determine the advantages and disadvantages of your company.
The competitor analysis template is a working document that can be used as an instrument to help your business face competition. The content of this tool should be updated regularly, because accurate analysis will make it easier for you to detect threats, find opportunities, and manage strategic decisions.