Competitive analysis template can help business and organizations to assess the strengths and weaknesses of their competitors. A professional sample competitive analysis will help management team to formulate a strategic plan in dealing with their competitors.
Competitive Analysis Format
Competitive analysis template need to have a overall assessment of their competitors. Before you begin your competitor analysis, you need to decide who your competitor is. In general, any business marketing a product similar to, or as a substitute for, your own product in the same geographic area is a direct competitor. Firms offering dissimilar or substitute products in relation to your product or service are considered indirect competitors.
Competition analysis need to target key competitors. Many markets may be saturated with many small players. If you are selling in a market with many competitors, your job of analyzing the competition becomes a little more difficult. Since it is unrealistic to collect and maintain information on dozens of competitors, you will be able to save yourself valuable time, without sacrificing the integrity of your competitive analysis, by using the old 80/20 rule. In fragmented markets with many competitors, it is most probable that 80% of the total market revenues are accounted for by 20% of the competition. It's the 20% you would examine most closely.
Competitive Analysis Template
In the process of creating your own sample competitive analysis, you need to consider the style, format and the key sections for the template. The key section you need to include: research findings, competition analysis and the competitive position of your company.
The first key section in competitive analysis template is the research findings. In the section, you need to describe how you conduct your research and the source of information. Professional marketing research, such as focus groups and questionnaires, can provide you with valuable information about your competition. You can also conduct your own research through various methods. You may be surprised that much of the information you need in order to profile your competitors is readily available to all business owners.
The second key section in competitive analysis example is the competition analysis. In the section, you will make comparison among the competitors for respective strengthens and weaknesses. You may divide your standard into different parts: human resources, financial, market shares, product and pricing etc.
The last key section in sample competitive analysis is competitive position of your company and the strategy. In the section, you will have a summary of your company's position in the market and industry and recommend suitable strategy.