Identify key competitors
Analyze strengths and weaknesses
Identify partnership opportunities
Make informed product decisions
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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.
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.
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.