A Competitor Analysis Template allows you to carry out a detailed analysis of your competitors, so you can compete with them effectively.
All instructions in brackets and italics – [like this] – are intended to assist you in completing the plan. To help you complete your template, you should refer to the accompanying ThinkBusiness.ie Marketing Plan Guide for additional information.
“Learn from your competitor’s strengths and try adopting them.”
The main objectives of a competitor analysis are to understand who your competitors are, what strategies they are using and have planned, how competitors might react to your company’s actions, and how to influence competitor behavior to your advantage.
Every business faces some sort of competition. The key is to understand the strengths and weaknesses of your competition, as it is critical to ensure your business survives and grows. Analysing potential competition is also vital because when new businesses enter the marketplace, it leaves existing small businesses at risk.
Using your analysis, learn from your competitor’s strengths and try adopting them, while also taking advantage of their weaknesses.
This template comprises of two main sections:
- Competitor profile: This is a detailed overview of who your competitor is, taking into account areas of interest such as:
- Summary profile, which includes their social media channels used, the location of the business, the company background, the number of employees, market share, customers and financial information
- Pricing, including refund policy, discounts, terms and conditions, and distribution, if relevant
- What marketing and communications strategies they use, including key messages, tagline and advertising
- What their strengths and weaknesses are
- Competitor analysis: This gives you the opportunity to compare your business with that of your competitor in terms of critical success factors (CSFs). You can identify CSFs for the market in which you operate, and then compare your business with that of your competitor in terms of these CSFs, using a scoring system.