Competitive Analysis Template and Detail of It to Know
Do you ever hear about competitive analysis? Well, it is a kind of analysis for the running of the business. As its name, a competitive analysis tells about the identification of the competition. Of course, knowing about a competitive analysis template can be something essential for you.
By knowing the detail of competitive analysis, of course, you as a business person will be able to know the detail of your competitor. The analysis will lead you to know their position, their strength, their weakness, and others and compare it to you.
The comparison with the competitor could be a way to find an alternative business strategy or new opportunities. Here, we will talk about some details of competitive analysis. For those who are curious about it, please take a seat and read the following writings below.
How to Make a Competitive Analysis?
Since competitive analysis is important and it has a nice role for the running of your business, knowing the ways to make this analysis is also important. Talking about the ways to make this kind of analysis, there are some points of it that you could follow in making it.
Some steps to do when you want to make a good competitive analysis are:
- Assemble lists of competitor
Since competitive analysis tells about the competition with the competitor, the first thing to do when you want to make a good competitive analysis is assembling the lists of competition. This step is quite important to find out the real competitors of your business.
Of course, in making this kind of list, there are some matters that you need to pay attention to. It will be better when you make lists of competitors that have the same or related product with your business. Then, try to complete the list with the detail information.
- Split them into two groups
The lists of competitors that you have should be divided into two groups. The two kinds of competitors to know are current competitors, which become the latest competitor of your business and the aspirational competitor as the brand that you want to compete with.
The dividing matter here is quite important to do. By dividing the competitors into two groups, of course, you could know the characteristic of the competitor and get the inspiration to find better strategies to compete.
- Document brand element
After dividing the competitors into two groups, the next step to make good competitive analysis is documenting the elements of the brand. This step is also used to know more about the detail of the brand. Here, you need to identify the element of the brand in detail.
- Articulate your own identity
The last matter to do in making good competitive analysis is articulating your own identity. Here, after the data of competition is complete, you could compare it with the detailed identity of your brand. By this comparison, you could find the detail field of competition to face.
Well, that is all about the competitive analysis that you need to know. It will be good for you to do some researches in order to find the appropriate competitive analysis template, so making this analysis will be easier to do.
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