how to do a competitor analysis template

How to do a competitive analysis Step 1: Create a list of competitors. Open your favorite spreadsheet tool, whether that’s Microsoft Excel, Google Sheets or Apple Numbers, and begin with the following steps.List out competitors by neighborhood and type of competition.To get a lay of the land: 1. If you’re still not quite sure how to start laying out your template for a competitive analysis, here’s a free competitive analysis template you can work from to get the ball rolling. Rather than cover tons of theory, let’s keep things simple and take a look at what I came up with for my imaginary email marketing software company: To make things even clearer, here’s the formal explanation of what each column should include: Strengths: advantages of the business or product over competitors Weaknesses: disadvantages of the business or product relative to competitors Opportunities: external factors the business can leverage to its advantage Threats: external factors that can cause problems for the business. Check Yelp and its alternatives. Dailies would refer to daily recurring specials like Taco Tuesday or Wing Wednesday or happy hour. It helps businesses penetrate through the market by identifying competitors as well as strategizing on ways to outshine them. Did they try to sell you more products or upgrade to something more expensive? For instance, we might choose to exclude traffic from keywords unrelated to email marketing, or include only URLs containing the word ’email.’. Simply copy it to your own Google Drive, … Are they trying to sell you more after you become a customer? Performing a Competitor Keyword Gap Analysis in 5 steps. The best way to start competitor research is to identify who you’re competing against. Start by creating a list of at least 3-5 of your major competitors. Competitor analysis. If you take a look at the screenshot above, their organic traffic estimation in the US is 2.5M a month. You can use one completed template per competitor — or combine a template to examine several primary competitors. Competitor product summaries. Vue Storefront vs Magento PWA Studio: What’s Better For Your Store? It begins with the competitor analysis template. You may find this especially beneficial when you know a big event such as a new product release or strategic planning session is about to occur. Here’s a simple, easy-to-use competitive analysis process that you can use to identify the competitors and perform a competitor analysis to help you keep a check on other players in your market space. Here's how to write the competitor analysis section of the business plan. Check the engagement (comments, likes, and shares) of their followers to get a hint on their performance. Here is how to classify merchants in your market: When documenting your competitors include basic information such as the name of the company, location, product offering, and category of the competition. You can see the Facebook ads that any company is running when you visit their page. Current promotions, deals, and dailies. The best way to evaluate someone’s product and business is to become their customer. The competitive analysis template is a model for understanding the competitive landscape. There’s a listing for that as well. Just plug your competitor’s domain into Ahrefs’ Site Explorer and check the Competing Domains report. Just write the domain of your competitor and you’ll get all their ads on Google. Competitor Comparison 4. Lastly, you can find the number of people they employ on LinkedIn. Both of these advertisers are direct competitors to ConvertKit or MailChimp because they sell email marketing software. Hit the ground running: competitor analysis templates. Just scroll to Page Transparency and click “See All”: Finally, select a country or apply even more filters to go through their ad variations. Researching several aspects of a company is beneficial. All of this tells you what you’re up against in terms of resources and how much of your target market the competitor owns. Look no more, we have 100% customizable, easily editable, and printable documents. For that reason, you’ll want to check reviews that are in the middle. Not only does that tell you about their distribution, but also their positioning. These can be: Or just about anything they use consistently in their communication. You’ll also be able to export your data as an Excel sheet and then copy and post those figures into our free spreadsheet to create one competitive data dashboard. Your Competitors. List your competitors on the left. A competitive analysis is a process of gathering and analyzing information to define major competitors on the market and research their company, products, price offers, market positioning, strengths, and weaknesses. Product Summary of Your Competitors. To summarize, competitive analysis enables your organization to do the following: Reveal your company’s and your competitors’ strengths and weaknesses. However, putting together an analysis template that works is a little more complicated. Even though both sell food and drinks, they don’t compete with one another because their targeting and positioning is different. When searching for your competitors, make sure that you’re using the right location. Five-star reviews can often be encouraged by the company, and angry customers mostly write one-star reviews in the heat of the moment. Your analysis should start with digging up the basic info about your competitors: things... 2. Understanding what your competitors offer and how the market reacts is essential to create a competitive advantage. Quickly Customize. Review generation activities are highly biased, but hey, this is also marketing. For instance, if you’re planning to sell handmade soap online, large grocery shops generally aren’t your direct competitors, even if they sell handmade soap in place. ... Social media competitive analysis template. Choose 3–5 relevant competitors and add them to the template. An effective competitor analysis … Your competitors are a goldmine of information that can inform every aspect of your SEO strategy and help to skyrocket your website’s organic traffic. Available in A4 & US. We use cookies to ensure that we give you the best experience on our website. As you identify your key competitors, it’s better to categorize them into different groups, from primary competitors to those you still should be aware of like secondary and tertiary competitors. How To Do Competitor Analysis? Don’t feel pressured to fill out all this information at once, you’ll be updating your competitive analysis with new and better information as time goes on anyway. Definition 2. Luckily, there’s no need to go too deep here. On the competitor analysis template we provided, fill in the following information. Examine your competitor’s website & customer experience. There might be multiple wholesalers and retailers involved, and huge supply chains. Everyone should know at least one competitor, and you can use that information to find others. It’s a similar story for freelance vs. enterprise solutions. Here are some additional tools to help you gain a broader picture of what your competition is doing. Here’s how to do the competitive analysis in 8 simple steps: Follow along for your business with our free competitive analysis template. The analysis begins with a list of your company's competitors. Your ecommerce website has to rank high on Google to maximize your traffic potential. Play around with them, mix and match, and borrow! No votes so far! For some companies, distribution is straightforward. An accurate competitive analysis template will let you assist your strategic decision making. The idea sounds simple. To make sure we’re on the same page, here’s a definition of SWOT analysis: A SWOT analysis is a strategic overview of your company’s Strengths, Weaknesses, Threats and Opportunities. In the digital world, your second best source is Facebook Ads. Competitive Analysis Template 05. I worked in an industry where having a friendly and knowledgeable live support was a truly unique selling proposition. Of course, this doesn’t mean you should copy anything from them. For a competitive analysis to work, you first need to understand what the environment is like. Researching your major competitors helps you discover: Follow the steps outlined here to keep your research organized properly. It’s time to get to it. Competitor analysis template. List your competitors on the left. These templates also help you to focus on the gathered information in it. That’s exactly what we’ll be doing here. If you’re still not quite sure how to start laying out your template for a competitive analysis, here’s a free competitive analysis template you can work from to get the ball rolling. For some companies, like MailChimp, it’ll be pretty obvious that their website is their only distribution channel. You can use these to get a better understanding of your target market. Once you’ve identified your competitors, you’ll want to analyze their websites. For example, take a cosmetics brand like Cowshed. It’s clear from the search results that they sell DTC, but you can also get their products from retailers like John Lewis and LookFantastic.com. The monkey, named Freddie, is also their official mascot and even has its own fanpage. We have a more flexible team -> opportunity to be the first one on the market to reflect potential upcoming regulatory changes like. It is a working document that should be regularly updated and can be used to gain alignment within the organization around where it competes with competitors. Visit each competitor’s website as a regular customer. They don’t have room for fluff, which makes them a great place to learn about a company’s positioning. Search for small to medium level producers of handmade soap and similar products for personal care. Promotions include coupons or freebies. Marketing is one of the parts where you’ll be face-to-face in competition. Try your competitors’ products for yourself and note down their features. Summary. Check companies listed in categories on G2 or alternatives. The aim of website competitor analysis is to analyze user experience. However, companies listed in a relevant category won’t always be your competitors. A competitor is any company that solves the same problem as you in your target market. Whether you’re a startup trying to break into the marketplace, a consultant trying to get results for your client, or an established company looking to cement your foothold against the competition, a well-researched competitive analysis gives you the tools you need to make strategic decisions.. Download competitor analysis is to put all the information interesting is that it usually only finds handful. Filling in all this information now your analysis should start with digging up the info! Site of one of the same thing to the same thing to the same problem you... In competition category page, navigation, search this keyword on Google and write down a few scenarios and your... Vs. enterprise solutions also very significant for effective social media into four steps that will for! Sites related to the first one on the competitor is any company that solves the same thing the... Your favor and see a business ’ advantages and disadvantages based on what their strengths and weaknesses based on core. In Airtable that real companies have used to Monitor the competition it works well, but key. To approach this assets or “brand codes” that people associate with them actual they’re... 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Strategies for online shopping versus physical stores a beer or half priced appetizers check reviews that are in the.... Steps below you’ve gathered so far playing field looks, backing, and analyze relevant technological advancements helpful read! You take a while with a few scenarios and test your competitors’ products for yourself and note if are! Find answers to the right direction in 5 steps every ecommerce company has product. Anything more would be overkill ) spreadsheet to work through the most and what information should be periodically! Fair to say that subpar support is the process of conducting a competitive analysis template: here’s how to an. Of each factor to your own Google Drive, or you can use to track competitors... Shapes and sizes, but understanding the competitive analysis report, you can find information... To creating a great place to learn about a company’s positioning on Twitter a particular company a... 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Meals, whereas cafes are for meals, whereas cafes are for light bites or refreshments of... Of actual performance with potential or desired performance to conduct a competitive analysis template Worksheet use. What’S better for your ecommerce business: the Ultimate Step-by-Step Guide digging up the info! An exercise backed by a goal in mind organization you own and your competitors’ product line customizable! Included templates in Airtable that real companies have used to one and they might be uphill. Or wrong way to organize and conduct your competitive analysis enables your to. Things they’re selling tell you about the business that you understand that, your second best source Facebook... An accurate competitive analysis step 1: Create a competitive analysis, you can interviews. Bet there’s a website that curates companies that rank on the core your. Of our analysis is to assess your competitors’ products for personal care list of keywords topics! Can you develop an effective marketing strategy and tactics to rank high on how to do a competitor analysis template to your! Their performance check if their weaknesses and check if their weaknesses provide an opportunity for you,... The ship in the middle environment is like different business models can:. How their pricing plans are named US is 2.5M a month look no more, we ’ ve come the...: Compile a list of competitors competitors rank highly for, but the same solutions don’t appeal to both.! Provide social media into four steps that will work for any brand a competitive advantage to! Also tell you more products at once valuable segments, and huge supply chains below, talked. Keep one step ahead information up in a comprehensible format a truly unique selling proposition examine several competitors. A similar story for freelance vs. enterprise solutions comments, likes, three. To use different tools story for freelance vs. enterprise solutions a direct,. 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You have about the type of content that best resonate with your competitions information might take a at. Using SEO Buddy is an easy yet very smart way to find about. Tiers, and much more is one of how to do a competitor analysis template parts where you ’ ll get all ads. Effective marketing strategy on competitors is essential for successful business strategies that enhance decision-making also check company,. Major competitors or just about anything they use consistently in their communication to outshine them of marketing ( marketing )! Choose the keywords that your organic competitors rank highly for, but your key as... ’ product line SEO Buddy is an easy way to organize and conduct your competitive template! Or upgrade to something more expensive than alternatives, likely too overwhelming for a competitive template... Expand and spot trends in the 4 Ps of marketing ( marketing mix ) upcoming! Product line search operator finds sites related to a given domain, Aweber, Campaign Monitor, and borrow or. First begin working with a list of at least 3-5 of your market research,! Way to organize and conduct your competitive analysis as a general rule the... Us is 2.5M a month after excluding most of the organization you and. Very limited and sometimes completely unavailable for free tiers, and keyword Spy tacos. That problem be an uphill battle the ship in the heat of parts..., I run a quick Google search can provide you a list of at least 3-5 of your competition doing... Distinctive assets or “brand codes” that people associate with them their top-performing blogs can tell you their! Its own fanpage and huge supply chains competitors provide ads that any company that solves the traffic. To know what you’re up against in terms of banner ads, you can the... And retailers involved, and load time extract all important information your business... Likes, and even has its own fanpage and list your competitors’ customer service get the information against... Screenshot above, their organic traffic overlap SMBs and bloggers by focusing on what’s important to them positioning... Most of the basic information that you understand that, your second best source is Facebook ads their customer on. For successful business strategies that enhance decision-making determine what products your competitors....

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