Free Competitor Analysis Tool
Competitor analysis (or competitive analysis) is research used to review information about your competitors and compare this information to your own company.
The idea is to analyze where your strengths and weaknesses are in relation to those of your competitors and find opportunities to build competitive advantage.
Below is a short instructional video on how to use our Competitor Analysis Tool.
Why Should You Conduct A Competitor Analysis?
It’s important to know what your competitors are doing, so you understand either what is required to be the best (#1), or what you can do differently to make yourself stand out (differentiation). It's also vital that you keep your finger on the pulse in terms of market changes and consumer trends.
Things in business are always changing; that’s why it's so important to stay in the loop by regularly conducting a competitor analysis.
Importance of Competitor Analysis
When conducting your competitor analysis, we suggest you use a structured template to capture the essential details of your competitors so that you can gain better insights into the marketing landscape of your industry. This will help you make informed decisions as to how you can improve your marketing strategy.
More importantly, the data you acquire from your competitive analysis will help you focus on key areas that will improve your sales and create value to the bottom line.
How to Use The Competitor Analysis Template
Using the competitor analysis tool is simple and easy. It's designed in such a way that non marketing people can quickly conduct a competitor analysis.
Simply identify your key competitors, review the most important key factors for your business or industry. Then objectively rate how your competitors perform for each factor.
The tool will automatically produce an overall score at the bottom for each competitor, and an overall graph on the right side of the page.
To maximize the use of this tool, analysis where your companies most significant improvements can be made, then get to work creating a strategy (with timeframes) on how and when you will make these improvements.
To get started, download Strategy State's free Competitor Analysis Tool to find out where your company can make improvements to beat the competition.
This free business tool works great when developing a business after it has been fully evaluated using Strategy State’s Business Evaluation Tool.
Click below to download your free business tool: