By using an uncomplicated competitive analysis template, you can effortlessly address the following queries:
- Which other companies are in direct competition with you?
- How does your product or service measure up against theirs?
- What sets your product or service apart from the rest?
- What are your competitors doing exceptionally well that you can gain knowledge from?
The benefits of the Competitive Analysis template
The use of a Competitive Analysis template will provide you with insights that can influence your product, marketing, sales strategies, and even the business strategy for future growth.
By conducting an analysis of competitors, you can gain knowledge about the market trends and understand what works and what doesn't work for your customers or potential customers. This will help you identify areas of opportunity for your company's growth.
When utilizing FigJam's Competitive Analysis template, everything will be displayed in one shared space where you can conveniently make notes, add stickies, and invite your team to collaborate in real-time or asynchronously.
How to use the Competitive Analysis template
Competitive Analysis examples vary in their applications, and it may be beneficial to conduct one for each specific use case. For example, you could carry out an analysis for your digital marketing strategy, website, in-person events, and more.
It is advisable to tailor the Competitive Analysis template according to the use case at hand. However, certain common elements will be present across all analyses:
Step 1: Begin by providing your company information.
It may be helpful to include some high-level information about your company, such as your mission, values, value proposition, and also provide an overview of your primary competitors. The listed competitors will typically be direct competitors who offer a similar product or service.
Step 2: Elaborate on your product/service information.
This may include different price points for your primary offerings and the channels you use to acquire new customers. If you possess this knowledge about your competitors, it can also be listed here.
Step 3: Collect information about the market.
This could involve gathering details about your market share percentage (along with those of your listed competitors), examining their social media and web presence, and assessing how your company is positioned in the market.
Step 4: Conduct a SWOT analysis.
Assess your strengths, weaknesses, opportunities, and threats in comparison to the competitors you have identified.
Step 5: Establish your competitive advantage.
Using all the data gathered from the previous steps, it is now possible to define your competitive advantage. Identify areas that set you apart from the competition and determine how best to capitalize on them.
