Competitive Analysis Template

What is a Competitive Analysis Template?

In today's cutthroat business environment, your business may have several competitors who are offering the same products or services like yours. Your competitors are trying to win the loyalty of the same customer base. Therefore, to ensure that your business does not lose potential customers to your competition, it becomes imperative to stay ahead of them. It is for this reason that you need to perform a competitive analysis.

The AllAnswered Competitive Analysis template helps you perform a detailed analysis of your competition. It ensures that you are not missing out on the key differentiating factors that your competition is doing. The template makes it easier for you to understand what differentiates your business from that of your competitors.

Why Use a Competitive Analysis Template?

Using the competitive analysis template, you ensure that everyone on your team understands what the competition is doing differently and what your business needs to do to gain more market share.

The template makes it easier for you to run a SWOT analysis and clearly list out the strengths, weaknesses, opportunities, and threats between you and your competition. It allows your business to make appropriate strategic decisions to overcome your competitors' strengths and take advantage of their weaknesses.

Moreover, the template allows you to compare the features of your products with those of your competition side-by-side. This comparison provides your product development team with a clear understanding of the things they need to focus on.

Additionally, you can also share the template with other people on the team to ensure that everyone is on the same page.

How to Use a Competitive Analysis Template?

The competitive analysis template helps you make a comprehensive comparison between you and your competitors. You can also use it to list the market segmentation of your business, including details about the target market and the percentage of market share that you and your competition have in the industry.

Include your marketing strategies in the template to ensure that everyone on your team knows what they can do better to beat the competition and gain more market share. Moreover, you can also include references to the website of your competition or any other useful information for your team members.