in this guide, we’ll outline the steps for a competitive analysis and explain how you can use this marketing strategy to improve your business. the purpose of this type of analysis is to get a competitive advantage in the market and improve your business strategy. the next step in your analysis involves a comparison of your product to your competitors’ products. competitive intelligence will make up a significant part of your competitor analysis framework, but once you’ve gathered your information, you can turn the focus back to your company.
the last step in your competitive analysis is to understand where you stand in the market landscape. you decide to conduct a market analysis for your business. you won’t know what conclusions you can draw from your competitive analysis until you do the work and see the results. using competitive analysis can boost your marketing strategy and allow you to capture your target audience faster. once you do your competitive analysis, you can use the templates below to put your plan into action.
most of them are either freemium or have a free trial available, so all that you’ll need to invest into the analysis is your own time. depending on the stage you’re at with your business, you can also add in a column for your own product to quickly see how it compares to competitors. a google search for the name of your competitor combined with the words “revenue,” “customers,” etc. how much time did it take each of your competitors to get to the revenue figures they have today? let’s get down to the core of your competitors’ business – their product and its key features. one substitute metric you could use is share of voice – the volume of mentions your competitors get on social media and the web compared to each other. on top of that, it can also serve as a benchmark when you analyze the sentiment behind the mentions of your own brand and product.
you’ll see a list of terms they rank for, along with the search volume for each term in your country of choice. launch the tool and create a project for one of your competitors. enter the url of a competitor’s website and navigate to the search section – it will show you if your competitors have any search ads running, and, if they do, what their target keywords are. if content is part of your competitors’ strategy, it’s important that you analyze their blog and what they tend to write about. the best thing to do is try and book a demo (or a call) with every company yourself, taking careful note of every step. if that’s true in your case, make sure to highlight the quality of your customer service on your website. remember: the idea of a competitive analysis isn’t to steal what they’re doing, it is to understand where your business falls in the market and find new opportunities to make your product stand out.
show where you fit in the competitive landscape; use a competitor analysis template a competitive analysis – also known as a competitor analysis – is a process of evaluating what your current and potential competitors are up to. summary. competitive analysis involves identifying your direct and indirect competitors using research to reveal their strengths and weaknesses, what is competitive analysis explain with examples, competitive analysis example pdf, competitive analysis example pdf, competitor analysis framework, competitor analysis framework mckinsey.
to make your analysis truly useful, it’s important to: pick the right competitors to analyze; know which aspects of your competitors’ business are worth when comparing your brand, you should only focus on your direct competitors. this is something many brands get wrong. let’s use an example: this template makes it easy to visualize your competitors in a single view. it is the perfect way to position the key players in the market and how they relate, competitor analysis template excel, competitor analysis pdf. how do you write a competitive overview? what is competitor analysis example? what is an example of a competitor? how do you write a competitor analysis template? the following are examples of things that are commonly included in a competitor analysis.brand awareness. the percentage of your target market that are familiar with the competitor’s brand. costs. products. customer experience. capabilities. financials. organizational culture. intellectual property.
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