Competitive Analysis Templates
In this fast rushing world where everyone wishes to be at the top, you must prove yourself. Knowing about your company does not work here. You must be aware about your rivals or the competitors. Usually, when a business is in its starting stage or a business introduces a new product or service, it analyzes the market and the economy in depth. By doing so, the company might be able to sell its products and might get profits. But, this will be for short term. Reason being that the company did not pay attention to what its competitors are offering. This small mistake and carelessness may lead to large impact on the business as a whole. Thus, Competitive Analysis comes into picture. Below mentioned are some Competitive Analysis guidelines which can help you to get long term gains.
Using Competitive Analysis Templates
There are many models which can help in analyzing your competitors. But before knowing your rivals, you must know in depth about your own business including the services, products, timeline, growth potential and unique features. Once you know this, now it is time to know what your competitors are offering. A Competitive Analysis helps you to know your surroundings. This also helps you in understanding the market conditions better.
The first step towards this is to know what are the similar products or services offered by your competitor. Compare the features and specifications of the two. Also, try to understand the target audience. Sometimes, businesses just come up with new products or services but they do not target the right audience. Hence, tapping the right customers is a must.
Competitive Analysis – Market Practices
Further, you must know the market they are trying to capture. This will help in understanding the market and will also help in expanding the customer base. Next comes the price. It is the most important factor in the Competitive Analysis. Usually, the trend is – as soon as a company comes out with a new product, the competitors also come out with a similar product. Then comes the pricing rivalry. Strategic pricing and dynamic pricing are the two keys that can help in Competitive Analysis. If you reduce the price, the competitor will further reduce.
Porter’s five forces, BCG matrix are the two main methods used while analyzing the market as whole. An in depth analysis of economy as well as market is very important. The competitor’s marketing strategy, promotion scheme and target area must be known.
Ensure that while doing Competitive Analysis, you do not do unethical stuff. Insider trading or any such related thing must not be done at any cost. A Competitive Analysis can be done by referring the income statements, balance sheet, promotions, advertisements etc. All these kind of information are available and accessible on the company website.
Free Competitive Analysis Templates
If you follow the above guidelines, an effective Competitive Analysis can be done. There are many tools available but it is up to you, what you wish to choose. Rely only on the ones which are used by marketing experts.
Here are previews and download links for these Competitive Analysis Templates.
