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Competitive Analysis is the process of identifying your company’s competitors and evaluating their strategies in order to reveal their relative strengths and weaknesses and discover opportunities for how to position your company to achieve competitive advantage.
Description of Competitive Analysis
A Competitive Analysis informs your company’s strategy and is an integral part of the marketing plan. To conduct a competitive analysis, create a grid of all of your competitors, including direct competitors, indirect competitors, and potential new entrants to the market. Once you have the list completed, then identify the products and services each competitor sells, their profitability, financial resources, market share, growth and marketing strategies, strengths, weaknesses, and resulting implications for your business. What threats and opportunities come to the fore? The answer to this question is what you are driving toward. The Competitive Analysis should reveal where your business fits within the overall industry as well as how it compares against your direct competitors.
Praxie's Online Competitive Analysis Tools & Templates
When a strategy team is looking to develop a plan of action for addressing competitive challenges, it is important to develop a method for reviewing competitor activity in a streamlined way. The new online Competitive Analysis template is vital to developing a full understanding of your market. When conducting a Competitive Analysis, strategy teams should look at a variety of different inputs to build out their understanding of the competitive market. This means leveraging tools and templates that can work together and blend data seamlessly into a single competitive landscape view.
The Competitive Analysis template provides strategists with a framework for aggregating key metrics related to your competitor’s performance and blends that information with data on best-in-class benchmarks across your industry. When all of the data sources are combined, this information becomes increasingly important to strategists as they develop long term competitive goals and objectives. Get started with our Competitive Analysis template.
How to use it:
- List your company name and the names of your competitors across the top of the chart.
- Enter data to describe each dimension of competition.
- Edit the dimensions if desired before beginning your competitive analysis.
- Create an action plan for completing your Competitive Analysis.
Unlike most traditional Competitive Analysis techniques, Praxie’s online Competitive Analysis collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.