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7 Competitive Analysis Templates to Improve Your Performance & Get Ahead

7 Competitive Analysis Templates to Improve Your Performance & Get Ahead

Are you ready to get ahead of the competition? To dominate your market, you need a plan. The right competitive analysis template can help you identify crucial gaps between yourself and competitors so that you can focus on areas where improvement is needed.

A comprehensive review of the relevant market will let you understand what your competitive edge looks like, enabling you to make informed decisions about pricing, customer service initiatives, promotional activities, and more.

In this blog post, we share seven competitive analysis templates that help take your performance up a notch!

What Is Competitive Analysis & Why It’s Important?

In today's fast-paced business world, understanding what your competitors are doing is crucial to the success of your company. That's where competitive analysis comes in. This process involves identifying your direct and indirect competitors, analyzing their strengths and weaknesses, and determining how you can differentiate yourself from them.

By staying on top of your competitors' actions, you can make strategic decisions that position your company for success. Competitive analysis can help you identify potential threats to your business, identify new marketing trends, and make smarter business decisions.

Don't overlook this critical step in building and expanding your business. Start embracing competitive analysis today.

Understanding Your Competitors’ Strategies & Tactics

To effectively compete in the market, it's imperative to understand not only who your competitors are but also their strategies and tactics. It includes their marketing initiatives, pricing models, customer service approach, and product or service offerings. Understanding these factors can help you identify their targeted customer base, their unique value propositions, and the key drivers behind their success.

Keep a close eye on your competitors' branding and promotional activities. Are they frequently launching sales or special offers? What kind of language and aesthetics do they use in their marketing communications?

Understanding these strategies and tactics doesn’t mean copying them. Instead, use this information to find opportunities to differentiate and position your company uniquely. Remember, the goal is not to be a mirror image of your competition but to surpass them by offering something they don't.

Image Source: QuickBooks

Overview of Different Competitive Analysis Templates

Conducting a thorough competitive analysis is essential to help businesses gain a competitive edge and identify areas for improvement. However, it can be challenging to know where to begin.

That's where competitive analysis templates come in handy. These templates provide a structured and organized way to evaluate your competition, allowing you to identify gaps in the market, explore new opportunities, and gain insights into your industry.

But with so many different templates available, it can be overwhelming to know which one to choose. From SWOT analysis to Porter's Five Forces, each template has its unique strengths and weaknesses.

So, it's essential to consider your specific needs and goals before choosing the right competitive analysis template for your business. Read on to learn about the seven most prominent analysis temples you can use for your business:

1. Basic Marketing Competitive Analysis

A basic marketing competitive analysis is an easy-to-understand and effective tool, usually starting with identifying your direct and indirect competitors. Once you've listed them out, delve into their marketing strategies, including their advertising channels, social media presence, SEO strategies, and content marketing tactics. Monitor how they interact with their customers online and evaluate the effectiveness of their campaigns.

Take note of their product pricing, promotions, and how they position themselves in the market. Do they portray themselves as a budget-friendly option or a luxury brand?

Also, consider their brand messaging. What tone do they use? What emotions do they aim to evoke in their audience? Understanding the answers to these questions can help you see how your competitors are attempting to influence their customer perceptions and the market at large.

Remember, the aim of a basic marketing competitive analysis is not to imitate your competitors but to understand their marketing approach, learn from their successes and failures, and leverage these insights to develop a competitive marketing strategy for your own business.

2. SWOT Competitive Analysis

A SWOT competitive analysis is another indispensable tool in the marketer's arsenal, offering a clear, concise way to analyze your business and its competition. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

  • Strengths involve identifying what your company does well, unique resources you can leverage and factors that separate you from your competitors. It could include superior customer service, a strong brand reputation, or patented technology.
  • Weaknesses are areas where your business could improve, or where you're at a disadvantage compared to your competitors. It could be a weak online presence, a limited product range, or higher prices.
  • Opportunities are external factors in your environment that could provide an advantage, such as a growing demand for your product or service, shifts in market trends, or the introduction of new technologies.
  • Threats include external factors that could harm your business, including increased competition, a saturated market, or changes in regulations.

Image Source: CFI

Creating a SWOT analysis matrix helps visualize these elements and can inform strategic decisions. By understanding your company's strengths and weaknesses and the opportunities and threats in the marketplace, you can create strategies to capitalize on opportunities, leverage your strengths, improve weaknesses, and mitigate threats.

3. Keyword Competitive Analysis

Keyword competitive analysis is a powerful tool used in search engine optimization (SEO) that helps you understand which keywords your competitors are ranking for and how you compare. This approach involves identifying the keywords driving traffic to your competitors' websites, and then comparing those keywords with your keyword strategy.

To conduct a keyword competitive analysis, start by identifying your main competitors. Then, utilize SEO tools to discover the keywords they rank for. Consider both short-tail and long-tail keywords, their search volumes, and ranking difficulties.

Take note of your competitors' high-performing keywords. Are there any that your business isn't currently targeting? Are they using keywords related to features or services that you also offer? Such keywords could provide opportunities for your business to gain visibility in search engine results, driving more traffic to your site.

Also, look at the content your competitors are creating around these keywords. Analyzing their content can provide insights into their SEO strategy and reveal gaps that your content could fill, offering value to your audience and boosting your rankings.

Remember, the goal of a keyword competitive analysis is not to copy your competitors' keyword strategies but to gain valuable insights that will help you refine your SEO strategy and gain a competitive edge.

4. 7P Competitive Analysis

The 7P competitive analysis is a comprehensive tool used in marketing to evaluate the strategies of your competitors. The seven Ps stand for Product, Price, Place, Promotion, People, Process, and Physical Evidence.

  • Product refers to the goods or services offered by your competitors. What features, benefits, and unique selling propositions do their products have? How does their product quality compare to yours?
  • Price involves analyzing your competitors' pricing strategies. Are they positioned as a cost leader or a premium brand? How often do they offer discounts or promotions?
  • Place is about understanding where and how your competitors sell their products. Do they have a physical presence, operate online, or use a combination of both? Which distribution channels do they use?
  • Promotion involves examining your competitors' marketing and advertising strategies. What channels do they use for promotion social media, email marketing, TV ads? What is their message, and how effectively is it reaching their target audience?
  • People are the employees who interact with the customers. What level of service do they provide? How knowledgeable and skilled are they in handling customer inquiries?
  • The process involves examining the procedures, mechanisms, and flow of activities by which a service is delivered. It includes order processing, delivery, and service quality.
  • Physical Evidence refers to tangible elements that customers come in contact with, which influence their perception of the brand. It includes the appearance of their stores or website, uniforms, invoices, and packaging.

Performing a 7P analysis of your competitors can provide a detailed picture of their operations and marketing strategies. This valuable information can help you identify gaps in your strategy, discover new opportunities, and make better-informed decisions to stand out from your competition. Remember, the objective of a 7P competitive analysis is not to copy your competitors but to learn from their strategies and improve upon your own.

5. Social Media Competitive Analysis

Social media competitive analysis is an invaluable method for examining your competitors' social media strategies. It can provide insights into their presence on various platforms, the type of content they post, their posting frequency, and their engagement metrics, such as likes, shares, and comments.

To conduct a social media competitive analysis, start by identifying the social media platforms your competitors are active on. Examine their content strategy - what type of content are they publishing? Is it mostly promotional, educational, entertaining, or a mix? Observe their posting frequency and timing. Are they posting regularly and consistently?

Next, analyze their audience engagement. How many likes, comments, and shares do their posts typically receive? This can give you a sense of how their audience responds to their content and the level of their social media engagement.

Additionally, look into their follower count and growth rate. Are their followers increasing steadily or have they hit a plateau? This can give you an idea of their social media growth strategy.

Finally, assess their overall brand voice and aesthetics on social media. Is their messaging coherent across all platforms? Do they use specific colors, fonts, or themes in their visuals?

These insights can help you understand what strategies work for your competitors and inspire your social media marketing strategy. However, the goal is not to replicate your competitors' strategies but to learn from them and develop a unique social media strategy that aligns with your brand and resonates with your audience.

6. PEST Competitive Analysis

A PEST competitive analysis is another essential tool that offers a broader view of the business environment. PEST stands for Political, Economic, Social, and Technological factors, and analyzing these can provide a thorough understanding of the macro-environmental factors your business and competitors operate within.

  • Political factors involve government policies, regulations, tax laws, and political stability that can impact your industry. It's vital to understand how these factors influence your competitors' strategies and how they may affect your business.
  • Economic factors include economic growth, inflation rate, exchange rates, and overall economic health. These factors can affect purchasing power and demand in your industry, key elements to consider when studying your competition.
  • Social factors involve the societal and cultural aspects that can affect the demand for your product or service. It includes population growth rate, customer attitudes, and lifestyle trends.
  • Technological factors involve technological advancements that could influence your industry. These can include new technologies, automation, research and development activities, and the rate of technological change.

Image Source: Talkwalker

By conducting a PEST analysis, you can gain a better understanding of the broader landscape in which your competitors operate, and how these macro-environmental factors may affect their strategies and your industry as a whole. Remember, the goal of a PEST competitive analysis is not to emulate your competitors, but to gain valuable insights that will help you navigate your business environment more effectively.

7. Porter's Five Forces Competitive Analysis

Porter's Five Forces is a comprehensive tool used in strategic analysis to understand the competitive dynamics in your industry. It identifies five forces that determine the competitive intensity and attractiveness of an industry.

  • Threat of New Entrants: This examines how easy it is for potential competitors to enter your industry. Factors that influence this include entry barriers, startup costs, and regulatory restrictions. A high threat of new entrants implies more competition.
  • Bargaining Power of Suppliers: This analyzes the strength of your suppliers. If there are few suppliers or if they provide a unique resource, they have more power to dictate prices and terms.
  • Bargaining Power of Buyers: This assesses the influence of your customers on your business. If there are few buyers, or your product is not differentiated, buyers have more power to negotiate prices and terms.
  • Threat of Substitute Products: This looks at the possibility of your customers finding a different way of doing what your product does. The more viable substitute products or services, the greater the threat.
  • Competitive Rivalry: This considers the intensity of competition among existing firms in your industry. Factors influencing this include industry growth rate, product differentiation, and the level of fixed costs.

Conducting Porter's Five Forces analysis helps you understand the underlying forces that affect industry competition. By understanding these forces, you can develop strategies to enhance your competitive position. As with all competitive analyses, the aim is not to duplicate competitor strategies but to use these insights to distinguish your business and provide superior value to your customers.

The white label analytics software by DashClicks can be an essential tool for businesses to streamline their competitive analysis. The app provides real-time analytics and insights that can help businesses monitor their performance and compare it against their competitors.

The software can help with keyword competitive analysis by providing keyword rankings and suggesting potential keywords to target. For social media competitive analysis, the app can track engagement metrics and provide comprehensive reports on your social media performance.

Additionally, the white label reporting software can offer valuable insights into your product and pricing strategy by tracking conversions and sales data. Overall, the software can help businesses track their performance across multiple parameters, providing actionable insights that can inform their competitive strategy.

Remember, the goal is not to mimic your competitors but to use these insights to carve your unique path in your industry.

Wrapping Up!

Competitive analysis is critical for understanding your competitors and setting yourself apart in the market. Going through the process and applying the templates discussed here can give you an in-depth look at your competitors’ strategies and products, putting you on the path to staying one step ahead.

Ask yourself: How does my product stack up against my competitors? Where am I vulnerable? What does my competitor offer that I don’t? Use these questions as a jumping-off point to get started with competitive analysis. Ultimately, this could be the difference between success or failure for your business.

Take the time to go through each template mentioned in this article, and if possible hire an expert to help you understand more complex aspects of competitive analysis. When all is said and done, make sure you’re taking advantage of every opportunity available to differentiate your product from competitors in meaningful ways - as it stands today, there has never been a better time than now for companies large and small to succeed.

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Unlimited Users

All Apps

All Features

White-Labeled

Active Community

Mobile App

Live Support

100+ Tutorials

Unlimited Sub-Accounts

Unlimited Users

All Apps

All Features

White-Labeled

Active Community

Mobile App

Live Support

100+ Tutorials