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?
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: