How do you write a competitive analysis?
1. Download a template
Once you’ve confirmed a list of rival firms to investigate, your next step is to download a competitive analysis template.
We would heartily recommend any of the templates above, but there are plenty on the market — plus some ready-made ones in Excel or Google Sheets.
Why use a template? It’s important to follow a clear, preset structure during your project planning. This will help you to remain focused on your determined strategy once the research begins.
You also won’t need to waste half a day’s work building your own worksheet. Instead, your time can be spent interpreting the dataset to make important decisions about your business.
2. Gather your research
Next, fill the template with the information you dig up. Key fields to focus on include:
- Product offering — are they premium or low-cost? Are they unique to the market?
- Pricing — including shipping costs and special offers
- Sales tactics and channels — including social media pages and sales process
- Marketing — including recent advertising campaigns and audience engagement
3. Use SWOT analysis
The final stage to writing a competitor analysis is SWOT analysis. This means using the above information to locate each company’s Strengths, Weaknesses, Opportunities, and Threats.
Then, once your dataset is complete, you can sit down and consider your own strengths and weaknesses. How do they compare?
Knowing what will, or does, set your business apart from the rest of the market — and where it falls short of expectations — is the ultimate goal of carrying out competitive analysis.