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Competitor analysis template

This template will help you answer all the important questions about your competitors and understand where you stand in comparison.

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What is a competitor analysis?

Competitor analysis is a process where you identify your competitors and evaluate their strategies. This helps you understand their weaknesses and strengths, in order to make better decisions and identify needed improvements on your own product and company.

About this competitor analysis template

The competitor analysis document template is a tool to help product managers better understand and evaluate their competitive landscape. It includes sections for your competitor's business model, pricing, target market, products/services, distribution channels, revenue, number of employees, and strengths and weaknesses among others.

It also includes a section for your company/product, so that you can have a full overview of the landscape and compare your company against your competitors.

How to use the competitor analysis template

Identify your competitors: focus on the key competitors. The template has 4 columns, however, you can replicate them for as many competitors as you want.
Fill in the information for each competitor: this may require a little research from your side to understand your competitors’ business models or distribution channels. However, with the template, you will know where to start and what questions you need to find the answers to.
Analyze the data in the template: after filling in the information, you will have an overview of your competitive landscape. Take the time to analyze the data you gathered and identify the strengths and weaknesses of each competitor, then fill in that part of the template.
Make your plan: use the data and insights from the competitor analysis to develop strategies, identify gaps in the market, differentiate your product, and inform your development, marketing, and sales processes.
Update the template: make sure you keep your competitor analysis up-to-date with changes in the market or in the data of any competitor. Keeping it updated will help you stay informed and fine-tune your strategies.

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Benefits that come from using this template

Identify key competitors

Analyze strengths and weaknesses

Identify partnership opportunities

Make informed product decisions

FAQ about the competitor analysis template

How can this template help me?

The Competitor Analysis template is a tool to help you understand the competitive landscape in which you are operating. By using this template, you can identify gaps in the market that can help differentiate your product, find opportunities for collaboration/partnership, inform your development, marketing, and sales strategies, and make better decisions about your product or company.

How many competitors should I include?

The template is for about 4 competitors, but you can replicate the columns to add more. However, we advise you to focus on key competitors to keep your analysis focused.

How can I make sure the information I add about my competitors is accurate?

To ensure the accuracy of your competitor research, make sure you use credible sources such as industry reports, customer feedback, and reliable news outlets. You may also consider conducting surveys or focus groups with real customers to gain additional insights into how they view your competitors.

How often should my competitor analysis be updated?

To ensure that your strategies remain relevant and effective, it's recommended that you update your competitor analysis on a regular basis, such as every quarter or every six months. This will enable you to stay informed of any market changes and make necessary adjustments to your approach and strategies over time.

What should I write in the strengths and weaknesses section?

In the strengths section, you should identify what your competitors do well, like whether they have a unique feature or high-quality customer service.