How to Do a Competitive Analysis in 2021[Template Included] (2022)

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Almost any product you can think of is already being sold by someone else.

That’s both good and bad news. The good thing is that competition is a strong proxy for consumer demand. And where there’s demand, there’s potential for growth and on-going profits. Otherwise, we wouldn’t have the Pepsi versus Coca-Cola debate.

Now, the wrinkle is that you’ll have to share the same customers and playing field (sales channels, marketing tools, etc.) with another online store. How do you stand out? What can you do to sway consumer decisions without being too different?

A well-executed competitor analysis can provide you the insight you need.

What is a Competitive Analysis?

Every market has more than one company pitching similar products or services to the same category of buyers. A competitive analysis helps to identify the main market players, determine what strategies they use to succeed and identify resources your company could use to dominate the market.

In economics, there are two primary theories around businesses attaining a competitive advantage:

The Market-Based View (MBV) strategic framework states that a company’s performance is solely determined by the structure and competitive dynamics of the industry.

Coming out of that is the Porter’s five forces model, which shows five main forces that add competitive pressure to your industry. Analyzing these forces will give you a better understanding of the target markets and prepare for launch.

Barriers to entry: High entry barriers mean lower inter-industry competition, but can also be a sign of a monopoly. An industry that’s hard to break into will likely have several established players, holding a large market share.

  • Example in ecommerce: online furniture sales. The market is challenging to penetrate due to shipping costs. Big-chain players such as Ikea, West Elm, Wayfair hold the grounds. But it still has room for more entrants as DTC retailer Burrow proved.

Supplier power: Top suppliers (merchants) can control prices, reduce the quality of products, and set benchmarks for other participants.

  • Example in ecommerce: Amazon popularized the concept of “free shipping” and “next-day delivery”, effectively forcing other players to follow suit.

Buyer power: Vice versa, powerful buyer demographics can impact the markets by demanding better product quality, driving down prices or forcing the industry players to compete with one another.

  • Example in ecommerce: Sustainability has become a major issue among consumers. Some are boycotting companies using palm oil in foods. Or rally against cosmetic brands using synthetic fragrances. Such buyer groups spend money with brands that better align with their values. And prompt wider changes in the industry.

Threat of substitution. Some products are at risk of becoming redundant or substituted with cheaper, more sustainable or trendier alternatives.

  • Example in ecommerce: In 2016, Apple removed the headphone jack from new iPhone models, effectively launching the market for wireless headphones (that they also happened to produce). This impacted headphone sellers, who previously targeted iPhone owners.

The second popular theory of competition is the Resource-Based View (RBV) strategic framework. This paradigm focuses more on analyzing how internal resources may contribute to the company’s competitive advantage.

When doing competitor research using RBV, your goal is to determine how each company uses its resources to secure/improve its market position.

The two types of resources RBV analyzes are:

  • Tangible assets — all physical assets the company has such as equipment, capital, brick-and-mortar locations, ecommerce website, mobile application, etc. Physical assets provide a lower competitive advantage since any competitor can buy identical assets.
  • Intangible assets — all types of intellectual property, brand positioning, customer experience, work culture and other intangible assets the business has developed over the years. Intangible resources are harder (if not impossible) to replicate. Thus, they provide a long-term competitive advantage.

Further, RBV breaks down the resources by types:

Heterogeneous resources — every business possesses a different set of skills, capabilities and core competencies. Even companies in the same niche start with a different mix of resources. Consequently, this allows businesses to differ from each other by pursuing competitive strategies based on their strengths. Per RBV, heterogeneous resources help businesses attain a competitive advantage even if they are selling similar products.

Here’s a quick competition analysis example to illustrate the point:

(Video) How to Conduct a Competitive Analysis for Your Business (Plus a Free Template)

Apple, Sony and SkullCandy sell headphones. But each company uses its tangible and intangible assets differently to secure a market share. Apple has strong brand equity and focuses on building long-term relationships with each customer through upselling different gadgets. Sony leverages its vast distribution network and economies of scale to sell an array of cheap and higher-end products across markets. SkullCandy is a niche player, focused on selling “statement” and limited edition accessories to music fans.

How to Do a Competitive Analysis in 2021[Template Included] (1)

Immobile resources — certain business resources cannot be easily transferred to another company in the short-term perspective. For example, you cannot “copy” Skullcandy’s brand and ecommerce experience and “paste” it on your store to get the same results.

Most of the intangible business resources are immobile — internal knowledge, product development process, branding, etc.

Therefore, you should evaluate how your intangible immobile resources can be leveraged to outperform the competition, rather than simply trying to copy what others are doing.

To sum up, competition analysis is a multi-facet process, aimed at exploring:

  • Who are the main movers and shakers on the market
  • What external and internal forces shape the competitive landscape
  • What types of resources different players have
  • How they use their assets to stand out
  • Where are the gaps in competitors’ capabilities
  • Which resources you have (or need) to fill in those gaps.

Why is a Competitive Analysis Important for Ecommerce

In 2020 the global ecommerce retail sales grew by 27.6% and reached $4.2 trillion, though the total worldwide retail sales dropped by 3%.

Much of the ecommerce market growth was driven by a pandemic-prompted shift to online shopping among consumers, who prioritized brick-and-mortar sales before that. The above also prompted a lot of retailers to launch (or expand) their online presence.

At the same time, some retailers were forced to declare bankruptcy, too.

How to Do a Competitive Analysis in 2021[Template Included] (2)

Source: Digital Commerce

Many ecommerce-first businesses, though, have seen a major spike in sales. During the 2020 holiday season, businesses selling on Amazon surpassed $4.8 billion in worldwide sales from Black Friday through Cyber Monday, an increase of over 60% from last year.

Here’s what that data tells us. The retail market underwent a major reshuffle with a good fraction of profits shifting online. It’s not yet certain how long-lasting this shift will be. But the market forecast so far states that the ecommerce market will decelerate compared to 2020 and only grow by 14.3% in 2021.

Thus, knowing how to conduct competitor analysis becomes crucial for understanding how to effectively enter a growing but turbulent and increasingly competitive market:

  • Crystalize your market positioning in terms of value proposition and differentiators
  • Estimate the entry barrier into the target market/niche
  • Identify baseline consumer expectations, set by others
  • Find market gaps and opportunities for improvement
  • Uncover potential risks and weaknesses in your marketing plans

How to Do a Competitor Analysis in 9 Steps

The goal of a competitor analysis is to equip you with insights to inform your product development and marketing decisions.

To dig out those “hidden-in-plain-sight” knowledge nuggets, complete the next nine steps.

1. Identify your competitors.

To conquer a mountain, you’ll first need to decide which mountain you are going to climb.

Hiking up a 1650’ hill with marked pathways isn’t the same as trekking up the Kilimanjaro. You’ll need different types of preparation, gear and guidance.

To estimate the difficulty of your “climb,” you’ll need to analyze three types of competitors:

Direct competition is an ecommerce business providing similar products to the same target market (both geographically and demographically) at a similar price point. Think

Xbox vs Sony PlayStation.

Direct competition is the first contender you should analyze for your own brand. Why? Because doing so helps fulfill two purposes:

(Video) How To Conduct a Competitive Analysis (Guide)

  • Evaluate product viability — this type of good is probably in demand if someone else sells it.
  • Estimate entry barriers — direct competition sets the bar for entering a market. For example, a competitor’s product costs $10, you won’t be able to charge $25 for it, unless you add another twist to it.

Here’s how to identify direct competition:

  1. Analyze search engine results (SERPs) for similar product queries
  2. Look at market share statistics using Statista or a similar source
  3. See who’s sourcing products from the same suppliers/wholesalers as you plan to use
  4. Note brands your target buyers use or mention the most during interviews

Direct competitors are easy to notice, but it can be easy to miss indirect competitors.

Indirect competition is an online seller offering products that differ in some way, but could also satisfy the same customer demand.

However, indirect competitor research may be interesting for more established ecommerce brands, evaluating new product ideas and/or new markets.

For example, if a skincare brand would want to launch a new CBD product line, they should analyze what other CBD businesses are doing to identify which intangible assets they could leverage to compete with them.

Finally, there’s replacement competition — a business with the potential to replace your product with something different altogether. Such “disruptive” brands try to bite into the existing profits of more established competitors by offering a better product or experience. A couple of examples you’ll recognize:

  • Uber replaced standard taxis.
  • Airbnb eroded the hotel market.

Choosing to go the “replacement” route may be challenging, especially if you are up against bigger competitors. You also risk investing in your own product that no one else needs if you fail to validate your product viability.

However, the higher risks are offset by higher rewards. Bumping a large competitor, especially one holding a monopoly on the market, can generate rapid growth for your own business.

2. Perform a competitor SWOT analysis.

This is a great tool to visualize how you stack up against other businesses. Once you’ve lined up several direct competitors, analyze their business from the perspective of Strengths, Weaknesses, Opportunities and Threats. Your analysis should cover the following areas:

  • Brand positioning
  • Ecommerce website
  • Customer experience
  • Sales strategy
  • Pricing strategy
  • Marketing strategy
  • Content strategy
  • Shipping strategy
  • Discounts/Promo strategy

To get answers for each section, ask the following questions:

  • In which areas does this brand excel?
  • Can you identify any intangible assets (e.g., memorable branding) that give them an advantage?
  • Which processes or experiences need improvements (i.e., in terms of online shopping experience)?
  • What areas do they neglect/miss (e.g., do they invest enough in search engine optimization to get organic traffic)?
  • What can your company do better, based on your resources (e.g., can you come up with better messaging for or new types of content for your website)?
  • Can this competitor substitute you? Can they threaten you in another way (e.g., by offering faster shipping)?

Contrast the competitors’ weaknesses against your strengths. Pay attention to the opportunities they are missing. Is there any way you could capitalize on them?

Strengths and threats, on the contrary, will help you better gauge the overall market conditions and entry barrier —and prepare you to conquer it.

3. Examine your competitors’ websites and customer experiences.

Customer experience is one of the decisive factors in ecommerce. 59% of US consumers will abandon a brand after several bad experiences, 17% will tolerate only one “strike.”

Treat competitor research as an opportunity to close the gaps on your ecommerce website design roadmap.

To effectively assess your competitors’ UX and CX, use this 5-step UX research framework developed by Erin Sanders from the Research Learning Spiral:

  • Set the objectives: What knowledge do I need to obtain? At the very basics, you should analyze the competitor’s navigation, product catalog, product listing, checkout experience, shipping policy, on-site marketing tools (such as discounts, coupons, upsells, etc.)
  • Create research hypotheses: Using your earlier knowledge about the competitor’s strengths or weaknesses, create a set of assumptions about their customers. For example: does competitor’s content help shoppers decide on the product?
  • Select your research methods: These will depend on your resources. Use both quantitative (benchmarks, user testing data, performance metrics, etc) and qualitative methods (surveys, focus group interviews, customer reviews, etc) for evaluating their UX/CX.
  • Conduct the evaluation: Get as much data as you can during the set research timeframe.
  • Synthesize the findings. Use the obtained information to fill in the knowledge gaps, challenge or confirm your hypotheses and evaluate alternative design opportunities.

4. Determine your competitors’ market positioning.

Competitive positioning is your core “differentiator” from others. This information is easy to uncover when you evaluate indirect competition — their solution will be somewhat different than yours.

That difference stands for their unique value proposition — a factor that attracts new customers to them. Every brand needs one if they gear up for success.

To map which position competitive brands hold on the market, do the following:

  1. Identify the primary group of customer needs that you plan to address.
  2. Choose a geographic region you want to study.
  3. Decide if you want to track the entire market for a product or only a specific segment.
  4. Select a price range you want to analyze (cheap/low-end products, mid-market, luxury).
  5. Identify what primary benefit the customer receives at different price point.
  6. Organize competitors by product price and its level of primary benefit on the map.

How to Do a Competitive Analysis in 2021[Template Included] (3)

Source: Alexa

5. Look at your competitors’ pricing and current offers.

Perceptual mapping helps identify how different competitors price their products and where you could fit in. This data gives you some baseline figures on how much people are willing to pay for different types of goods (from different brands).

Yet, it’s not just objective factors such as quality or feature range that impact consumers’ price sensitivity.

(Video) Competitive Analysis Framework & Template

For example:

  • 43% of all consumers are ready to pay more for greater convenience such as faster shipping or low-hassle delivery.
  • 71% are ready to pay a premium for brands that provide full product traceability.

As you analyze the competitors’ prices, pay attention to such “add-ons”. Try to determine how they tie in extra value to their prices to avoid competing on dollar value alone.

6. Learn about the technology your competitors are using.

Technology may seem like a tangible asset any brand could acquire. But we often forget that technology is an enabler, so it’s less about the technology than how it’s being used.

Indeed, competing businesses can rely on the same ecommerce platform but configure and extend it to create a unique brand experience (intangible asset).

Thus, when doing your analysis pay attention to the following:

  • What type of ecommerce solution does the company use — open source, SaaS or headless commerce?
  • Do they rely on any custom extensions/plugins?
  • What types of supporting systems do they use — e.g., payment processors, email marketing service providers, 3PL integrations, etc?
  • Are they using any innovative technologies such as AI, chatbots, AR or VR to deliver an immersive shopping experience?
  • Is there any way you can offer a better online shopping experience by choosing another technology stack or implementing custom integrations?

An easy way to learn about the competitor’s tech stack is to analyze their website with BuiltWith.

7. Ensure you are being competitive with shipping.

Shipping is a determinant purchase driver for most consumers, according to Baymard Institute, shipping costs are one of the top reasons for cart abandonment.

Determine what your competition is charging for:

  • Same/next day delivery
  • 2-day shipping
  • Standard shipping
  • International shipping

Then analyze different logistics providers to estimate if you can offer similar rates. Typically, ecommerce brands can negotiate bulk discounts for shipping/long-term contracts.

Alternatively, you can mark up the prices to offset some of the shopping costs for bulkier items.

Lastly, if you have brick-and-mortar operations, consider BOPIS or curbside pickups. Both can help reduce fulfillment costs.

8. Review social media feedback and performance.

Social networks are a goldmine for the voice of customer (VOC) data you can leverage for product development and brand positioning.

Here’s how to conduct a competitor analysis using social media:

Twitter:

  1. Analyze how the company responds to support queries.
  2. Check how they respond to product questions.
  3. Browse mentions and hashtags to evaluate overall conversations.

Facebook:

  1. Read the latest reviews. These could help identify weaknesses you could improve upon.
  2. Use the Pages to Watch feature to monitor how similar pages engage with their audiences.
  3. You can also see what other brands your fans like by typing “pages liked by people who like [your page name]” in the Graph Search box.

Instagram:

  1. Check the competitor aesthetics and content calendar. What types of visuals do they use? Are they leveraging new Instagram features such as Reels or Shoppable posts?
  2. Estimate their engagement levels per post. Is it authentic? What are their comments to like ratio?
  3. Are they partnering with influencers? Who are they working with? Why?

Reddit:

  1. Popular brands with a cult following have dedicated subreddits to street interactions with their community. Check these out to get a better sense of the audience preferences, needs and missed opportunities.
  2. General subreddits (e.g., covering skincare or gaming) also have active and brutally honest discussions around different brands. Look for those threads to understand what fuels the competitor’s customer sentiment and drives purchasing decisions.

If you have the budget, invest in social listening and/or sentiment analysis tools. Some good options are Brandwatch (premium), Social Searcher (free) and Critical Mention (premium).

9. Use tools and methods for staying aware of competitors.

The above sounds like a lot, right?

To keep your competitor research structured and easy to re-visit in the future, use the following competitive analysis frameworks:

  • Porter’s five forces model.
  • Resource-Based View (RBV) framework
  • SWOT template
  • Perceptual mapping template

Also, to have an always up-to-date competitive intelligence monitor their:

  • Social media: using Pages to Watch features or by adding them to your social media analytics tool.
  • Search engine results (SERPs). Tools such as Ahrefs and Semrush are great for analyzing which keywords your competition ranks for and how they acquire backlinks to their website.
  • Online coverage. You can set Google alerts for their brand name to learn when they get mentioned by the media/influencers and in what context.
  • Traffic volume and sources. SimilarWeb provides free website traffic analytics, plus an overview of the main referrals.

Free Template: Competitor Analysis

Finally, if you want to keep a neatly organized list of competitors for hot-key references, we made a simple competitor analysis template.

(Video) How to Conduct a Competitive Analysis

It’s a good starting point for ecommerce brands who want to have a bird-eye view of direct competition:

[Basic Competitive Analysis Template]

Here’s what to include in a competitive analysis template:

  1. Mission statement (positioning statement)
  2. Main offering (flagship product(s))
  3. Primary sales channels
  4. Strengths
  5. Weaknesses
  6. Competition category.

The above data is a solid baseline for performing a deeper level of competition analysis for individual companies using the steps, mentioned above.

You can then add an extra category like key findings where you summarize the extra points of your research and link up to supplementary materials.

Wrapping Up

Competitor analysis not only helps you learn about others, but also identify areas where your brand can excel. You have a set of intangible assets that is the basis of your differentiators. Personal expertise, market knowledge, domain expertise, marketing and branding skills all count! Keep those above when comparing yourself against the competition.

To get the best outcomes from your competition research, select a host of baselines (parameters) for comparison such as:

  • Pricing
  • Distribution channels
  • Product range
  • Product features/qualities
  • Online shopping experience
  • Shipping
  • Innovative tech features

Capture these insights in your template and then analyze where you can do as good or better than the others!

Competitor Analysis FAQs

1. What is in a competitive analysis?

Competition analysis aims at identifying your brand’s main competitors and determining the best ways to surpass them. The purpose of competition analysis is to help you determine why your target audience chooses their brand and what type of unique value proposition could prompt them to buy from you instead.

2. Is SWOT a competitive analysis?

SWOT is one of the tools for performing competitive analysis. By using the SWOT framework, you can identify your competitor’s weak areas and missed opportunities to capitalize on them. Also, SWOTs help you estimate other brand’s strengths and potential operational risks.

3. What happens if I don’t do a competitor analysis?

If you skip competitor analysis several things may go wrong. First, you may underestimate the entry barrier to your primary target market and respectively — the startup capital you’ll need. Secondly, you risk launching a product that has no/low demand due to poor market fit, high pricing or no strong differentiators.

4. Does competitor analysis take a long time?

Depends on your target market size and the depth of the analysis you can partake. A preliminary competitor analysis, covering the direct competition, can be done in a couple of hours. However, if you plan to use more advanced research tools such as focus groups or customer interviews, plan a longer timeline — up to a month.

5. Do a competitor analysis even if I sell niche products?

Yes, you better do. When selling niche products, you risk aiming for a market that is too small to turn in a good profit, for example. Or pick a niche with irregular demand or low consumer spending power. Even small businesses can majorly benefit from competitive research.

6. What is the first step in a competitive analysis?

The first step of the competitive analysis is identifying your key direct competitors. A direct competitor is a business selling the same product to a target audience you are eying. Knowing their market positioning, pricing, marketing and sales strategy will help you work out a set of differentiators to carve out your position on the market.

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FAQs

How do you write a competitive analysis template? ›

How to use the competitive analysis template
  1. Complete your competitor profile. ...
  2. Discover your competitive advantage. ...
  3. Compare your target markets and market share. ...
  4. Compare your product offerings. ...
  5. Dig into your marketing strategies. ...
  6. Conduct a SWOT analysis.

How do you do a detailed competitive analysis? ›

6 Steps to Performing a Competitive Analysis
  1. Identify competitors. Make smart decisions. ...
  2. Analyze competitors' online presence. Subscribe to our newsletter, Midnight Oil. ...
  3. Check online reviews. ...
  4. Talk to competitors' customers. ...
  5. Identify their strengths and weaknesses. ...
  6. Use research tools.
5 Apr 2021

What are some examples of competitive analysis? ›

14 Examples of Competitor Analysis
  • Brand Awareness. The percentage of your target market that are familiar with the competitor's brand. ...
  • Costs. Estimating the costs of a competitor's products from financial statements. ...
  • Products. ...
  • Customer Experience. ...
  • Capabilities. ...
  • Financials. ...
  • Organizational Culture. ...
  • Intellectual Property.
25 Mar 2017

What is competitive analysis explain with examples? ›

A competitor analysis, also referred to as a competitive analysis, is the process of identifying competitors in your industry and researching their different marketing strategies. You can use this information as a point of comparison to identify your company's strengths and weaknesses relative to each competitor.

Which is correct step of competition analysis? ›

1) Identify current and future competitors in the market

The best way to identify current and future competitors is to analyze your target products. Supposing you are currently selling hair oil. You need to know how many branded and unbranded players are there in the market.

How long does it take to complete a competitive analysis? ›

But a good general rule is six to seven weeks to analyze one competitor, and seven to eight weeks to analyze multiple companies.

Which of the following tool we use for competitor analysis? ›

Ahrefs. Ahrefs is a great SEO and keyword research tool. You can use it to see what your competitors are ranking for, how much organic traffic they're getting, and understand what content of theirs is performing the best. You can also compare domains to see content gaps and track specific keywords over time.

What two items should be included in a study of competition? ›

To conduct a competitive analysis, you need to answer four questions:
  • Where do my target market customers shop for similar items?
  • Is there room for my product in its market?
  • What competitive advantage does my product hold?
  • How should my product be positioned within the market?

What is a competitive analysis grid? ›

Definition (1): A competitive analysis grid is a tool for organizing the information a firm collects about its competitors to see how it stacks up against its competitors provides ideas for markets to pursue, and, perhaps most importantly, identifies its primary sources of competitive advantage.

How do you gather data about your competitors? ›

How to Get Competitive Data + 10 Free Sources You Can Use
  1. Crunchbase. Crunchbase is the go-to resource for an overview of financial data. ...
  2. Owler. Owler is a great place to start for acquiring competitive data. ...
  3. Google Alerts. ...
  4. SEMrush. ...
  5. Visualping. ...
  6. Sprout Social. ...
  7. MOAT. ...
  8. SurveyMonkey.
17 Feb 2021

Is SWOT a competitive analysis? ›

What Is SWOT Analysis? SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential.

Which is the best description of competitive product analysis? ›

Competitive product analysis is the process of evaluating your competitors' products to find their strengths, weaknesses, and current position in the market. It lets you analyze the current demand for your product and helps you plan appropriate strategies to outperform your competitors.

How do you write a competitor in a business plan example? ›

How to write your competitive analysis
  • Define your business use. For the competition section of your business plan, first, settle on which of these two business uses applies to your situation: ...
  • Establish your competitive position. ...
  • Establish regular competitive review channels.

What are the 5 competitive strategies? ›

Here are five types of competitive strategy and an example for each:
  • Cost leadership. ...
  • Product differentiation. ...
  • Customer relationship management (CRM) ...
  • Cost focus. ...
  • Commitment to customers strategy.
16 Nov 2021

What is Digital competitive analysis? ›

A digital competitive analysis will look at your website's accessibility, your digital content, your search engine visibility, your social media presence and your company's online reviews. It will also look at your ability to track and analyze the data that's out there.

Why is a competitive analysis important? ›

The purpose of a competitor analysis is to understand your competitors' strengths and weaknesses in comparison to your own and to find a gap in the market. A competitor analysis is important because: It will help you recognise how you can enhance your own business strategy.

What is a competitive analysis report? ›

A competitive analysis report outlines the strengths and weaknesses of your competitors compared to those of your own business. Typically, a competitive analysis report will contain: A description of your business's target market. Details about the features of your product compared to your competitors' products.

What is a competition Matrix? ›

A competitive matrix is a visual resource that enables you and your colleagues to better understand your company's position within the market—that is, to better understand how your company stacks up against the competition from a specific perspective.

How do you calculate competitive strength assessment? ›

Competitive Strength - YouTube

How often should you do a competitor analysis? ›

If you go the annual route, you might not be as aware of your competition. If you go the monthly route, you might not be giving your efforts enough time to see how they stack up to your competitors'. That's why going back to the drawing board every three months is optimal.

What factors should you consider in identifying your competitors? ›

How to Identify Direct Competitors
  • Market Research. Take a look at the market for your product and evaluate which other companies are selling a product that would compete with yours. ...
  • Solicit Customer Feedback. ...
  • Check Online Communities on Social Media or Community Forums.
22 Feb 2018

How do you create a competition map? ›

How to create a competition map
  1. Pick your competitors. Choose up to five of your direct competitors, or those selling similar products, to include in your competition map. ...
  2. Choose an area of business to review. ...
  3. Identify your attributes. ...
  4. Find areas of improvement. ...
  5. Make a list. ...
  6. Brainstorm solutions for filling the gap.
3 May 2021

How do you measure competitors performance? ›

Competitor Research: 7 Key Metrics to Measure (with Tools)
  1. Monitor Competitors' Rankings.
  2. Monitor Competitors' Social Media Mentions.
  3. Monitor Competitors' Backlinks.
  4. Monitor Competitors' On-Page Changes.
  5. Monitor Competitors' Unhappy Clients.
  6. Monitor Their Customers' Questions.
  7. Monitor Competitors' PPC Advertising.
30 Sept 2021

Which website helps us in getting competitive insights? ›

SEMrush shows you the search engine results pages (SERPs) and keywords and it's updated in real-time. With your real-time keyword and competitive insights, you can create content that'll interest your readers. This type of marketing plan helps you hit the target market.

What is the best SEO tool for competitor site analysis? ›

TL;DR:
  • SE Ranking – Best SEO competitor analysis tool for most users. ...
  • Semrush – Best for SEO professionals, larger teams, and enterprise customers. ...
  • BuzzSumo – Best SEO competitor research tool to assist with content marketing & influencer research. ...
  • Brand24 – Best for real-time monitoring of competitors.
22 Sept 2022

What are the four 4 stages involved in monitoring competitors? ›

These are the four key steps to learn from your competitors and take a few shortcuts.
...
Let's get down to business.
  • Figure out which competitors you'll analyze. ...
  • Choose what you want to monitor. ...
  • Choose the tools you'll use. ...
  • Pull the trigger.
6 Oct 2016

How do I become an Outsmart competitor? ›

11 ways to outsmart, not outspend your competition
  1. Know thyself. Understand who you are and what you stand for as a brand. ...
  2. Know your audience. ...
  3. Don't be everything to everyone. ...
  4. Stay focused. ...
  5. Put your people to work. ...
  6. Create evangelists, not just customers. ...
  7. Get involved. ...
  8. Choose wisely.

What are the major competitors weakness? ›

Lack of cash, low margins, poor growth, high cost of operations or distributions, over- dependence on one market, overdependence on one account, strength in falling sectors, short-term orientation, high employee attrition, low retention, predictability, product or service obsolescence/weakness, high market share, low ...

How do you fill in the competitive matrix? ›

Across the first row, left to right, list the categories or strategic areas you wish to compare (see below image). Evaluate the strengths and weaknesses (SWOT analysis) of each competitor on these parameters. Arrange your closest competitors next to you. Fill in your own company's information last.

What is the purpose of a three circles competitive analysis? ›

The 3 Circles are overlapping circles, representing your Customers' Needs, your Competitors Offerings and Your Company Offerings. Each of the areas of the overlapping circles represents a different element of how your customers experience your products and services, as well as your competitors'.

What is competitive positioning example? ›

Competitive Position Example

Samsung competes in the smartphone market to become the number one smartphone company. It uses different strategies to achieve that position. As per the recent market trends, Samsung is on the top position in the smartphone market along with its competitors.

What are the 5 parts of a business plan? ›

Business Plan Checklist: 5 Key Components to Include
  • Executive Summary. The executive summary is the most important part of the business plan. ...
  • Company Summary. The company summary is the next critical component of any well-formulated business plan. ...
  • Market Analysis. ...
  • Management Team. ...
  • Revenue Projections.
29 Mar 2018

What is a competitor analysis table? ›

It's a competitive analysis framework that lists your company's strengths, weaknesses, opportunities, and threats and is helpful in shaping your overall marketing strategy as well. SWOT leans into your competitors' strengths and compares them to your business to define areas of improvement.

How do you write a competitor matrix? ›

How to create a competitive matrix
  1. List the features of your brand. In the left column of your competitive matrix, you can list factors you use to target customers, such as: ...
  2. List the competitors of your brand. ...
  3. Rank your brand against your competitors.

What is a competition analysis in a business plan? ›

A competitive analysis is a type of market research that identifies your competitors, their strengths and weaknesses, the strategies they are using to compete with you, and what makes your business unique.

How do I map my competitors? ›

How to create a competition map
  1. Pick your competitors. Choose up to five of your direct competitors, or those selling similar products, to include in your competition map. ...
  2. Choose an area of business to review. ...
  3. Identify your attributes. ...
  4. Find areas of improvement. ...
  5. Make a list. ...
  6. Brainstorm solutions for filling the gap.
3 May 2021

How do you write a competitor in a business plan example? ›

How to write your competitive analysis
  • Define your business use. For the competition section of your business plan, first, settle on which of these two business uses applies to your situation: ...
  • Establish your competitive position. ...
  • Establish regular competitive review channels.

Is there a SWOT analysis template in Excel? ›

When composing a list-based SWOT analysis that lists weaknesses, strengths, threats, and opportunities, There are ten best swot analysis templates in excel options available. These ten best swot analysis templates in excel are very easy to download and easy to use.

Does Word have a SWOT analysis template? ›

SWOT Analysis Diagrams in Microsoft Word

Although Microsoft Word is not primarily a diagramming tool, it can be used to create SWOT diagrams. These are text-based charts, so building a SWOT analysis template in Word is easy. There are advantages and disadvantages of using Word for SWOT analysis.

Is SWOT a competitive analysis? ›

What Is SWOT Analysis? SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential.

How many competitors should you plot on your competitive matrix? ›

You can add any number of competitors to the chart to create a wider pool of software for comparison. As you can see, comparison charts make it easy to see differences and similarities between two or more competitors. You can also use a comparison chart to organize information beyond product features.

What is competitive positioning example? ›

Competitive Position Example

Samsung competes in the smartphone market to become the number one smartphone company. It uses different strategies to achieve that position. As per the recent market trends, Samsung is on the top position in the smartphone market along with its competitors.

Which of the following tool we use for competitor analysis? ›

Ahrefs. Ahrefs is a great SEO and keyword research tool. You can use it to see what your competitors are ranking for, how much organic traffic they're getting, and understand what content of theirs is performing the best. You can also compare domains to see content gaps and track specific keywords over time.

What are the 5 components of a business plan? ›

Main Components of a Business Plan
  • Executive summary. This is your five-minute elevator pitch. ...
  • Business description and structure. This is where you explain why you're in business and what you're selling. ...
  • Market research and strategies. ...
  • Management and personnel. ...
  • Financial documents.

How do you write a competitive advantage in a business plan? ›

These three steps will help you realize what sets you apart from the rest:
  1. Identify your competitors. Start by making a list of your direct and indirect competitors. ...
  2. Find their strengths and weaknesses. Identify what your competitors are doing right. ...
  3. Figure out your “special ingredient”
23 Oct 2017

Videos

1. How to do a Competitor Analysis on Instagram | 3 Tools and Templates
(Alle Ceambur)
2. Competitor Analysis Framework: The 5 Step Guide You MUST Follow
(TK Kader)
3. Competitor Analysis Framework: The 5-Step Guide You MUST Follow
(Sleeknote)
4. Pricing Positioning - Industry Competitor Analysis Template Slide
(Tim Demoures)
5. Competitive Analysis Powerpoint Presentation Slides
(SlideTeam PPT Designs)
6. Free Social Media Competitor Analysis tools in 2021| Social Media Competitive Analysis Template|
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