Create an action plan for completing your Competitive Analysis.
What is competitive analysis? Template, examples, and how-to Keyword gap analysis highlights keywords you dont currently have on your site that rank well for other competitors. But lets talk about the parts of a competitive analysis that every report should include. From the SEO perspective, there are two most important things about competition you should focus on: the keywords they rank for and the backlinks theyve got.
Free Competitive Analysis Template for PDF | Excel - HubSpot For some companies, youll be able to find estimates on Owler , but those will often be very rough.
The Beginner's Guide to the Competitive Matrix [Template] - HubSpot Blog After you download your template, it's time to create a list of your top competitors. Check out our competitor template selection for the very best in unique or custom, handmade pieces from our shops. And as with any market research, its critical that you speak with real people who use your product and your competitors products.
Competitive Analysis Template - Strategy Software Online Tools Next, jump to Link Intersection a module that shows you the domains that link to more than one of your competitors. Learn how to do a competitive analysis in this guide. Alternatively, you can use Facebooks Ad Library to search for your competitors ads. Of course, if you want to quickly capture competitive information, build product roadmaps, and define go-to-market strategies using a collaborative and web-based approach, you can try Aha!
Find a partner or join our award-winning program. }. Whats a team that wants to stay competitive to do? Competitor Template. Blue Ocean Strategy offers a nice way to think about the factors on the canvas in terms of applying them to your own product, called the Eliminate-Reduce-Raise-Create Grid. To look for job openings, check your competitors websites and job search sites like Glassdoor and Indeed. Here are a few quick guidelines for keeping important design elements consistent: The challenge with a competitive analysis report is that you collect heaps of background research, and you have to condense it into a brief report that your client will actually read. Do they offer monthly or annual plans? Lets say youre a marketing team at a beverage company. Rank Tracker will help you with the keywords. For backlink analysis, youll need SEO SpyGlass. Take note of the influencers or publishers they work with chances are they will be happy to work with you as well. Its a good idea to divide the features into groups of related ones to keep things organized.
How to Create Competitor Analysis for Your Client (With Templates Use this comprehensive template to stay informed about their competitors strengths, weaknesses, and strategies. On top of that, if you see platforms that appear to be heavily underused (but do look relevant), those may also be worth experimenting with. A competitive analysis template is a ready-to-use document, spreadsheet, slide deck, or task list that's designed to help you gather and analyze information about your competitors. By understanding the competitive landscape, teams make more informed decisions on marketing, product development, pricing, and customer engagement. How you design your competitive analysis report can have a significant impact on your business success. One type of competitive matrix you can do is a simple comparison of features. The following list includes some of the main methods for finding company information: Very few, if any, businesses can excel today without some social media presence. This way, you ensure your keyword strategy is organized and you keep track of all of your content creation efforts in one place for all your SWOT analysis. The best thing to do is try and book a demo (or a call) with every company yourself, taking careful note of every step. To give you an example, Im going to imagine Im launching a vacation rental website an alternative to AirBnB. Automate business processes across systems. device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Competitive analysis involves identifying your direct and indirect competitors using research to reveal their strengths and weaknesses in relation to your own. ClickUps Comparison Matrix Template enables teams to compare multiple competitors across various factors in a visually appealing matrix format for detailed SWOT analysis. A competitive analysis template is a document, spreadsheet, or project that helps you run routine competitive analyses. "acceptedAnswer": { Fill out your company information and competitor's information. Add to Favorites . Can you uncover a segment of the market that doesnt seem to be fully served by competitors plans? By understanding what customers think competitors do well, you can craft a value proposition for your own company that allows you to shine in the marketplace. If you take a look at the competitor analysis template below, you might notice that the designer has switched up the layout from page to page, but many of the other design elements are kept consistent. Little epiphanies like these Youve probably spotted the magnifying glass on Instagram before thats Instagrams Explore Page. And if youre a consultant competing for a project, a pre-designed template may just give you the edge you need to land that client. By staying up-to-date on competitors product launches, marketing campaigns, and customer feedback, adapting their strategies to stay ahead becomes that much easier. When youre conducting research for your competitive analysis, its going to be messy. You can combine this information into customer personas. If thats true in your case, make sure to highlight the quality of your customer service on your website. The overview and profile provide general information about your company and its competitors. Visit our Help Center for support. 2023. Maximize your resources and reduce overhead. Heres an example from the book: a Strategy Canvas for Southwest, one of the first low-cost airlines in the US, compared to the 2 categories that could be considered its competitors: air travel at the time and car travel. One substitute metric you could use is Share of Voice the volume of mentions your competitors get on social media and the web compared to each other. In this section, youll look at each brands Share of Voice, the sentiment behind their mentions, the key topics customers bring up when they talk about your competitors, and more. Does every competitor offer Customer Support for all customers, or does it start with a particular plan? Depending on the kind of competitors youve analyzed, youll likely see that most of them follow one or two distinct patterns: those will be the major categories youre competing with (though they may not be as different as cars and airplanes). From your research, recall the things your audience needs more and less of. BuzzSumo is a great (and free) tool to help you out. A Strategy Canvas is a chart that breaks down your competitors by various aspects of their businesses and products (the pricing and other aspects specific to your product category). You could also take things one step further and see if you can get an understanding of competitors corporate culture. Assessing competitors pricing pages is another crucial step in your analysis (if pricing isnt available on their website, try reaching out to their sales team). No design know-how required. Competitive analysis is valuable for businesses looking to get ahead in their industry and learn about their direct competitors. (If its both, what is the default option?) Your competitors job openings can also be found on their websites, LinkedIn, and job search sites like Glassdoor and Indeed. Using data and metrics, the analysis shows you your competitive landscape (including indirect competitors) and how your company stacks up.
Free Online Comparison Chart Maker: Design a Custom Comparison - Canva Are there any perks that come with the product: a freemium version, complementary free tools, or services? "@type": "FAQPage", For example, a software development team might track rival software updates to ensure their product is able to compete. I know, a lot of the points above were actually customer acquisition techniques; but this section is reserved for the ones that werent outlined before. 1. Market share is expressed as a percentage of the business that the company owns. Examining the current economic conditions, Researching relevant technological developments, Great resources for this section of your competitive analysis report are product rating sites like. Theyll give you an unbiased view of your company and your competitors. I also tend to add comments under each aspect with details or links that provide more info. I can sense you rolling your eyes at me, but hear me out.
Free Competitive Analysis Templates | Smartsheet Heres one example: those are the key topics for Loom, a screen recording app, from which you can learn a few useful things if you look closely. This ensures that you are taking a holistic view of your market and the competitors in it. Studying competitors enables them to identify best practices and innovative features. Above all, using a template guarantees that your primary efforts are put toward gathering and evaluating information, not into deciding what criteria to study and how to format notes. "@type": "Answer", Next, describe target markets, products and pricing, media strategies, and perform a SWOT analysis. Competitive analysis is a crucial tool for any business looking to stay ahead of the game. Did their CEO leave because things arent going well at the company? See how you can align global teams, build and scale business-driven solutions, and enable IT to manage risk and maintain compliance on the platform for dynamic work. The first step in gaining competitive intelligence would be to make a tiered list of your three or four top competitors. Feel free to skip certain parts if youre only interested in one aspect, or better yet, delegate some steps to respective teams if you can. Breaking down your product and your competitors products feature-by-feature will allow you to see what really sets everyone apart. You notice a trend toward low-sugar alternatives and develop new product lines just in time for the holiday season, staying ahead of the competition. Competitors technology is an important aspect to assess for tech companies. { Otherwise, competitive analysis is just an exercise. "mainEntity": [ You can conduct primary market research, with: When assembling your market research you may just want provide a high-level summary of the industry trends, like this competitor analysis example shows: Or you may want to dive into detail on the demographics of a particular consumer segment, like this: But if youre a consultant or advisor struggling to get buy-in from skeptical stakeholders, the report below would be ideal. Thats the only way to get an accurate picture of how your target customers rate the competition. With ClickUps Competitive Tracking Template, teams monitor competitors activities and progress over time. A clothing retailer, for example, might observe that a competitor offers personalized style recommendations through a style quiz and decides to implement a similar experience to enhance their customers experience. Its always a plus when your competitive analysis is visually appealing, though thats not necessarily a requirement. All Rights Reserved Smartsheet Inc. One by one, specify your competitors websites and take a look at how they compare. To measure these, youll need a social listening tool like Awario or Mention. Of course, you can further explore any topic by clicking on it to see all the mentions that contain the word/phrase. Build easy-to-navigate business apps in minutes. On top of that, looking at competitors job postings (yes, again) is a great way to see what kind of technology stack theyre using by analyzing the skills they require from candidates. Thats right. The free competitor analysis templates provided here are purpose-built for marketing teams. Understand how you can use the insights to improve your own business. In addition to specific product features, here are some attributes that you might include in a feature comparison matrix: The most common format for a features analysis is a simple matrix with you and your competitors along one side and all of the relevant features along the other. Find answers, learn best practices, or ask a question. This way, youll be able to see spikes in their volume of mentions, track what their customers are saying, and see how their (and your own) Share of Voice evolves over time. Do they have a free trial or a freemium version? With two statuses and one view, this analysis template helps you investigate your main competitors to learn more about their goods, sales, and marketing strategies as a way to gain market share. Knowing when, how much, and from whom your competitors received funding can also be important, particularly if you plan on raising capital yourself. Competitor analysis template. It helps you understand how challenging it could be to crack a market, what strategies could work, and how you can best position your brand. Dig through your competitors websites to see if they offer something complimentary with their product. Joe Weller Try ClickUps SEO Competitor Analysis Template out to improve your own SEO efforts and drive more organic traffic to your product website. Lets say, 40% of your mentions are positive, 20% are negative, and the rest are neutral. ClickUps Comparative Market Analysis Template is designed to compare the performance of various products, services, or strategies against predetermined criteria for the ultimate competitor analysis. might lead you to interviews or press releases where the companies share this information (because, well, everyone likes to brag). ClickUp Product Features Matrix Template, 9. Consider the brand story, and note which social media channels the site supports. A competitive market analysis, also known as "competitor research," is the process of comparing the different strategies of your competitors to find strengths, weaknesses, opportunities, and threats. A good competitive analysis template is clear, easy to use, and comprehensive. These cookies help us analyze how many people are using Venngage, where they come from and how they're using it. Rival IQ is a useful tool for this task, and they have a 14-day free trial available. It will give you a solid idea on how much funding you can expect to get.
Competitor Template - Etsy Etsy. Also, you can assess how well a competitor is achieving their goals based on their apparent positioning. without them you wouldnt be able to use Venngage. Jason Lemkin of SaaStr offers a simple formula you can use to calculate a competitors revenue estimate, provided you know how many people work there. Knowing your competitions strategies and tactics gives you an edge, no doubt. Thats the only way to get an accurate picture of.
Competitor Analysis Templates For Marketing Teams - Aha! Competitors strategy changes all the time. Visuals like charts and tables are a much better way to communicate a lot of research quickly and concisely, as seen in the market research summary below. It should include relevant categories and fields that allow you to collect and compare information about all of your competitors. Did that absurdly expensive ad campaign pay off? A detailed review helps uncover potential opportunities. The competitors you pick for the analysis determine the insights youll get at the end, and the decisions youll make, based in part on those insights. Competitive analysis puts a spotlight on the strengths and weaknesses of competing organizations as well as your own. 4.5 out of 5 stars (2) $ 2.51. Youll see a list of terms they rank for, along with the search volume for each term in your country of choice. Complete this template for your own company and then for your competitors. The feature comparison is arguably the most important part of the competitive analysis. You can check off or rate how you perform in each area: But these tables can get pretty long. This knowledge equips them with the information they need to come up with a strong plan of action. We've created an easy-to-use template you can use as you follow each step of our competitive research workflow. How much time did it take each of your competitors to get to the revenue figures they have today? Its also important to detail your direct and indirect competitors. Take the number of employees the company has listed on its LinkedIn profile and multiply that by $150,000 if well-funded ($200,000 if modestly funded). Heres a handy way to think about your competition thats based off of Myk Ponos classification: Its best to include at least one competitor from each category into your analysis to make it truly comprehensive. In the spreadsheet, I like to divide the factors into collapsable sections (yes, these do get pretty lengthy). What tools do you use to get your online marketing work done? Competitor analysis is the process of evaluating your competitors' companies, products, and marketing strategies. Develop (or validate) your Unique Value Proposition, Prioritize your product development by focusing on the aspects of competitors products customers value the most, Improve your product by capitalizing on competitors weaknesses customers complain about, Get benchmarks to measure your growth against, Uncover market segments that arent fully served by competitors, Create a new product category by identifying gaps between what your competitors offer and what the customers need.
Competitive Analysis Templates and Examples (2023) - Shopify By understanding the strengths and weaknesses of competitors, teams first have to identify areas of improvement to then be able to enhance the customer experience. And written summaries will only get you so far. They believe you should focus on your own market share. Additionally, a Comparative Market Analysis (CMA) template is helpful for tasks like determining a houses value using recently sold, comparable properties. To make your analysis truly useful, it's important to: Pick the right competitors to analyze Know which aspects of your competitors' business are worth analyzing Know where to look for the data Now that you know how to design a competitive analysis report, youre ready to get started: Midori spreads visual communication tricks and tips as an Information Designer at Venngage. Make note of each competitors unique strengths that are hard to emulate. Say, do they have an affordable plan for startups or small businesses? Note all of your competitors social media channels and web pages. Chances are youll also find a bunch of blogs and media platforms that generate substantial traffic to their sites. in a search engine of your choice (the quotes will make sure youre looking for an exact match, and all of the words in the query are taken into account). Its a critical question that a competitive analysis helps you answer clearly. For the analysis, youll need the same social media monitoring alerts for your competitors brand youve already created in Awario.
How to Do Market Research: A Guide and Template - HubSpot Blog Is there a phone number you can call? Competitor analysis helps teams understand their industry and target market better. You probably know what Im about to say. And thats what competitor analysis is for finding ways to serve the customer better. Here are some questions to kickstart your SWOT analysis: In your report, you could arrange your SWOT analysis in a simple list, but it can be helpful to use color-coded quadrants, like the competitor analysis example below. If content is part of your competitors strategy, its important that you analyze their blog and what they tend to write about. And you discovered all that at a glance! That consistency helps the report design feel cohesive while making it easier for readers to quickly skim for key pieces of information. Target audience information prepares you for when customers leave your competitors. A product development team could use this template to evaluate and compare prototype designs before selecting the final version. The template provides tips for explaining the purpose of an analysis to non-marketing team members and leaves room to discuss factors in the competitive landscape, environmental pressures, and much more. . What are the benefits of doing a competitive analysis? A management team, for example, could use this template to showcase the competitive landscape during a strategic planning meeting without spending hours in front of a computer creating a presentation from scratch. Your business will always have competition. [Free Templates] What is a competitive market analysis? Do your competitors have a referral strategy? Product canvas template Competitive matrix template Battle card template Customer journey map template Complete guide to competitive analysis Picture this: you just came up with the next disruptive, game changing, AI-powered e-commerce marketplace. Start with a competitor overview A strong report shows exactly what a company must out-compete to be successful. We dont want to distract ourselves from customers by obsessing over what competitors are doing or not doing.. It doesnt matter much what kind of product youre selling or how mature your business is. Even if you manage to dig something up, you always seem to be left with more questions than answers. Follow along: Keep track of all the data your analysis uncovers. A useful template should be adaptable to your specific industry and your target audience. Two-Feature Competitive Landscape Chart. A strong report shows exactly what a company must out-compete to be successful. } Heres a list of some of our best competitive analysis templates to start using today. Sorry, there were no results found for , { Competitive advantage boils down to why a customer likes them better. ClickUp Competitive Analysis Pricing Template, 4. Or, it may be enough just to summarize in words the features and benefits that set your apart from your competitors (which is a great way to end your report on a high note). Keep in mind that your actual product or service competitors may differ from your SEO competitors because of paid ads. It should include relevant categories and fields that allow you to collect and compare information about all of your competitors." The next step is analyzing what, when, and how your competitors are doing on social media. Whats holding us back? The level of detail you include in each section of your competitive analysis report will vary depending on the stage of your business growth and your goals. Bonus: Get a free, customizable competitive analysis template to easily size up the competition and identify opportunities for your brand to pull ahead. Download Competitive Analysis Report - WORD.
20+ SWOT Analysis Templates, Examples & Best Practices - Venngage } 1. Find your competitors. Are the users engaged? They may be set by us or by third party providers. Before your start, download this free social media competitor analysis template to keep track of your efforts. Lets get down to the core of your competitors business their product and its key features. But others are optional, and you get to choose whether we use them or not. A competitive analysis will allow you to think up effective strategies to battle your competition and establish yourself in your target market. Who doesnt love mutually beneficial relationships? The easiest way to plot this is a line chart, with each factor assigned a score depending on how well it is executed. To get an idea of your competitors ad strategy, SimilarWeb is a great (and free) starting point. An analysis of competitors helps you to better serve customers. Learn how the Smartsheet platform for dynamic work offers a robust set of capabilities to empower everyone to manage projects, automate workflows, and rapidly build solutions at scale. This section also includes the companys mission statement, slogan, tagline, and main value proposition. It can act like a short summary of the rest of your competitive analysis report for anyone who doesnt have time to dig into the details. Take note of authoritative platforms you come across and try reaching out to them to inquire about sponsored posts. Youll usually find bits of this information on competitors websites. On top of that, you can also turn to SimilarWeb to see what referral sources are bringing the most visits to your competitors websites. Competitor analysis is the process of evaluating your competitors companies, products, and marketing strategies. Typically, a competitive analysis report will contain: Whether youre a startup trying to break into the marketplace, a consultant trying to get results for your client, or an established company looking to cement your foothold against the competition, a well-researched competitive analysis gives you the tools you need to make strategic decisions.