How to Do a Competitor Analysis Template?

A competitor analysis template helps you systematically gather and analyze information about your competitors, allowing you to understand their strengths, weaknesses, and market positioning. Here's a step-by-step guide to creating a comprehensive template:

1. Define Your Scope

• Identify Your Target Competitors: Start by listing your direct and indirect competitors. Direct competitors offer similar products or services to your target audience, while indirect competitors might cater to the same needs but through different means.
• Establish Your Goals: Determine the key insights you want to gain from the analysis. This could include identifying market trends, understanding competitor strategies, or discovering opportunities for differentiation.

2. Structure Your Template

Organize your template into sections that cover key aspects of competitor analysis:

a) Company Overview:

• Company Name: Include the full name of the competitor.
• Website: Provide the competitor's website address for easy access.
• Mission Statement: Understand the competitor's core values and objectives.
• Company History: Briefly outline the competitor's journey and milestones.
• Target Audience: Identify the competitor's ideal customer base.

b) Product/Service Analysis:

• Product/Service Offering: List the competitor's key products or services.
• Pricing Strategy: Analyze the competitor's pricing structure and any promotions.
• Features and Benefits: Identify the key features and benefits offered by the competitor.
• Customer Reviews: Gather insights from customer feedback and reviews.

c) Marketing Analysis:

• Marketing Channels: Determine the channels used by the competitor, including online and offline methods.
• Content Marketing: Analyze the competitor's blog posts, articles, and other content.
• Social Media Presence: Evaluate the competitor's engagement and reach on social media platforms.
• Advertising Strategy: Identify the competitor's paid advertising efforts.

d) Sales and Distribution:

• Sales Channels: Understand how the competitor reaches its customers, including online stores, physical locations, and partnerships.
• Distribution Network: Analyze the competitor's supply chain and logistics.

e) Financial Analysis:

• Revenue and Profitability: If available, research the competitor's financial performance.
• Funding and Investments: Identify any significant funding rounds or investments.

3. Data Collection and Analysis

• Gather Information: Utilize online tools, industry reports, news articles, and social media to collect data.
• Compare and Contrast: Analyze the competitor's strengths and weaknesses compared to your own company.
• Identify Opportunities: Look for gaps in the market or areas where you can differentiate yourself.
• Formulate Strategies: Develop actionable plans based on the insights gained from the analysis.

4. Template Example

Here's a simplified example of a competitor analysis template:

Conclusion

A well-structured competitor analysis template helps you gain a deep understanding of your competitive landscape. By systematically gathering and analyzing information about your competitors, you can identify opportunities for growth, refine your strategies, and stay ahead in the market.