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.
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.
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:
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:
Stay ahead of the curve by keeping an eye out for the competition effortlessly with our Product Competitor Analysis Template.