Learn how to conduct in-depth competitive analysis and position your business for success + free template

A thorough high-level competitive analysis is critical for business success.

A competitive analysis evaluates how well your business and its products or services are performing compared to other companies selling similar products or services in your market. It allows you to understand your competitors' strengths and weaknesses in comparison to your own, identify market gaps and aids in identifying ways to improve your business strategy.

Conducting a thorough high-level competitive analysis is essential to business success.

This template will help you define and analyse your competitors successfully to improve your business success.

What it Includes: A Comprehensive Guide to Competitive Analysis
1. Definition of a Competitive Analysis: Begin by understanding the essence of a competitive analysis. Explore how this strategic evaluation process involves assessing the strengths and weaknesses of your competitors to gain a comprehensive view of your industry landscape.

2. Importance of Conducting a Competitive Analysis: Delve into the significance of competitive analysis in shaping business strategies. Understand how insights gained from analyzing competitors can inform decision-making, identify market opportunities, and contribute to the development of a competitive advantage.

3. When Should You Do a Competitive Analysis: Explore the optimal timing for conducting a competitive analysis. Learn to identify key milestones, business events, or changes in the market that signal the need for a comprehensive evaluation of your competitive landscape.

4. How Not to Use a Competitive Analysis: Understand the pitfalls to avoid when leveraging competitive analysis. Learn about common misconceptions and how to steer clear of misusing the insights gathered from competitor assessments.

5. Common Mistakes Businesses Make: Uncover the prevalent mistakes that businesses often make in the process of competitor analysis. Gain insights into avoiding pitfalls, ensuring a more accurate and actionable assessment of your competitive environment.

6. How to Carry Out Competitor Analysis: Delve into the step-by-step process of conducting a competitor analysis. From identifying competitors to evaluating their strategies, understand the key components of a comprehensive analysis that guides strategic decision-making.

7. Editable Template: Access an editable template designed to facilitate your competitive analysis. This template serves as a practical tool to organize and document your findings, ensuring that your analysis is systematic and actionable.