This is true not just for life but also for business. With new companies emerging and achieving success, the competition for the available market is bound to increase rapidly. Competition drives innovation and creativity and gives you that extra push you need to boost your 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?
- 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 rapidly increasing companies, 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, you can easily:
- 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.