Free competitive analysis template
When it comes to growing your business, being proactive is vital to staying ahead of the competition. Keeping an eye on the competitive landscape can help you identify potential opportunities, stay on top of industry trends, and ensure your product or service consistently exceeds expectations.
When conducting market research, ask the following questions—what services and products already exist? How much do your competitors charge? What is their social media strategy? How are their reviews? What will make potential customers choose you over others?
Benefits of conducting a competitive analysis:
- Know your competitive advantage and stand out.
- Discover gaps, opportunities, and market needs.
- Focus on the right target audience.
- Encourage innovation and creativity.
- Set your prices competitively.
- Improve your business performance.
In general, you should perform competitive analyses at least once every quarter. You can download and use our free and editable template whenever you’d like.
Competitive analysis template—how to use it:
- Write down your top 3 competitors’ names. For example, they could be a similar business in your local area or a popular online service.
- Fill out the table with the information you gathered during your market research. Here are some of the factors to consider—you can also add as many as you want to the template.
- Is it a new business or an experienced business?
- Where are they located?
- Do they have digital services?
- Are you familiar with their founders?
- Is there an opportunity for business collaboration?
- How do they price their products?
- Which marketing channels are they using?
- Choose which factors matter most for your business. Add them to the comparison table and see where you are on the scale. This is an excellent way to understand what your strengths and weaknesses are, where you can improve, and identify new opportunities.
To get started, use the template to sort out your competitors’ characteristics and conduct your competitive analysis.