Product Competitor Analysis
With new companies emerging by the hour and achieving success, the competition for any available market is bound to increase rapidly. Competition drives innovation and creativity and gives you that extra push that’s needed to boost sales and revenue. There is no field or aspect of business that has been left untouched by competition.
What is competitor research and analysis?
When you identify, analyze, and research your competitor’s products, business plans, and marketing strategies, it is called competitor analysis. Before we move any further, let’s understand its importance.
Why is competitor analysis critical?
In the current market climate, you won’t find a single successful company that hasn’t devoted a significant portion of its product competitor analysis resources. The question is, why?
Competitor analysis is critical as it:
Determines the strengths of your competitor’s product. You can use this information to analyze and improve your product.
Points out the weaknesses of the same, giving you an edge over your competitor.
It helps you estimate your sales and returns by keeping track of the various players in the market.
Allows you to research and eventually adopt the best practices in every aspect of the business by analyzing your competition strategies.
It gives you an idea of the current and upcoming marketing trends to plan and implement your business accordingly.
Competition can be both direct and indirect. Regardless of the type of competition or the size of your business, it is clear that no company can afford to ignore the numerous advantages associated with competitor analysis.
However, with an expanding market and companies stepping up to conquer it, keeping track of all your competitors can be quite a hassle. That’s why we’re here. Our Product Competitor Analysis Template, also known as competitive analysis template, helps you to:
Record detailed information of all your competitors on a single platform.
Store the website URL of your competitor for future use.
Track the products launched by each competitor and the average price associated with each product for comparison.
Store the type of each product.
Keep detailed records of the strengths and weaknesses of each product.
Track the marketing strategies and channels associated with each for all your competitors.
Monitor the popularity of your competitor’s product.
Create a checklist to understand which features are associated with which competitor’s product.
Track the number of competitors for each type of product.
Monitor, track, and update the details regularly.
Stay ahead of the curve by keeping an eye out for the competition effortlessly with our Product Competitor Analysis Template.
Things you should include in the Competitive Analysis Template ?
Company Information :
Company name, size, location, and history.
Key leadership and organisational structure.
Financial performance and stability.
Product Information :
Detailed description of products or services offered.
Unique selling propositions (USPs).
Target market and customer demographics.
Market trends and dynamics.
Regulatory factors affecting the market.
Strengths, weaknesses, opportunities, and threats for both your company and competitors.
Competitive Advantage :
Identify and analyse what sets your company apart.
Assess competitors' advantages and how they position themselves in the market.
How to Find Market Information for your Competitor Analysis Template ?
Access industry reports from reputable sources.
Look for market trends, growth projections, and key players.
Analyse competitors' financial statements for insights into their financial health.
Look for revenue, profit margins, and any patterns in financial performance.
Customer Reviews and Feedback:
Explore online reviews and feedback to understand customer satisfaction.
Identify common strengths and weaknesses mentioned by customers.
Social Media and Online Presence:
Monitor competitors' social media profiles for engagement and sentiment.
Assess their website, content, and online marketing strategies.
Networking and Industry Events:
Attend industry conferences, trade shows, or networking events.
Gather information about new products, partnerships, or strategies.
How to Use Competitor Analysis Template using Stackby
Sign up for Stackby: Create an account on the Stackby platform.
Choose or Create a Template: Use a pre-existing Competitor Analysis Template or create a new one from scratch.
Customise Fields: Modify the template to include specific fields relevant to your industry and business needs.
Input Data: Enter data for each competitor, including company information, product details, and market insights.
Collaborate and Update:
Share the document with your team for collaboration.
Regularly update the information as the competitive landscape evolves.
Integrate Tools: Stackby allows integration with other tools. Consider integrating data sources or tools for real-time updates.
Analyse and Make Decisions:
Utilise the data in the template for analysis.
Make informed decisions based on the insights gathered.
Remember, the key to an effective Competitive Analysis Template is keeping it up-to-date and leveraging the insights gained to refine your business strategy.
Check out other related Template :Agile Product Planning Template Sprint Planning Product RoadmapsUser Research