Competitive Analysis

Workflow template includes the following steps

This workflow template can be used as is or edited, added to and expanded upon. You can delete steps you don’t need or add steps specific to the operations of your company.

The Purpose of Competitive Analysis

Competitive analysis is a critical part of any company’s marketing plan. This process involves identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to your own product or service. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. The benefits of having a systematic competitive analysis process are numerous.

Firstly, it allows you to understand the landscape of your market. By identifying who your competitors are and what they’re offering, you can begin to understand where your product or service fits in. This can help you to identify gaps in the market that you can exploit, or areas where your competitors are currently outperforming you.

Secondly, competitive analysis can help to inform your marketing strategy. By understanding what messaging and tactics your competitors are using, you can begin to develop your own strategies that are designed to counteract theirs. This can help you to stand out in the marketplace and attract more customers.

Thirdly, competitive analysis can help you to identify potential threats to your business. By keeping an eye on what your competitors are doing, you can stay one step ahead and respond to any changes in the market before they become a problem.

Lastly, competitive analysis can help to drive innovation within your company. By constantly comparing your products and services to those of your competitors, you can identify areas where you can improve and innovate. This can help to keep your offerings fresh and relevant in the eyes of your customers.

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