FREE TEMPLATES
Best Competitor Research Template
Any good business move begins with getting to know your competition. A competitor analysis template structures this endeavor into an easy-to-read and concise format. Working from a template is effective and keeps your team's focus on the important insights. Let us see about using a competitor analysis template.
What Is a Competitor Analysis Template?
A competitor analysis template is a tool that enables you to collect and compare suitable information regarding your competitors. It assists you in viewing strengths and weaknesses, prices, products, and other significant factors. Conducting competitor research using a template makes it easy and organized. A good competitor analysis template helps you spot opportunities and threats in your market. It saves time by giving you a clear format to follow.
Benefits of Competitor Analysis Template
The competitor analysis template has various advantages, such as:
- It organizes competitor information clearly
- One can compare products, services, and strategies side by side easily.
- The template saves time as it gives you a pre-written plan for your research.
- It prevents omitting essential information when conducting the analysis.
- Makes it easier to identify market threats and opportunities.
- It promotes effective decision-making among the team members.
- Teams can work nicely because all members work from the same document.
What Should Be Included in a Competitor Analysis Template?
Any template for competitor analysis should have the following key elements for it to be useful and effective.
Key Elements of a Professional Competitor Analysis Template
- Competitor overview, including name, company info, date, and researcher.
- Market positioning and the pricing model.
- Strengths, weaknesses, opportunities, and threats analysis.
- Research insights on features, social media, SEO, and press coverage.
- Recommendations to improve our strategy.
How to Use this Competitor Analysis Template
This competitor research template is designed to be easy to follow and flexible for different projects. Just fill in each section with the relevant data about your competitors.
Steps to Use a Competitor Analysis Template
Step 1: Input the details about your competitors and general company information.
Step 2: Know their positions by describing their market position, strengths, and weaknesses.
Step 3: Prepare a full SWOT analysis for every competitor company.
Step 4: Add relevant insights from research about their features, web presence, and media visibility.
Step 5: Lastly, add the recommendations and end with a call to action points.
What’s Inside this Competitor Analysis Template
Our free competitor review template includes:
- Clear sections for each key element.
- Space to add recommendations and insights.
- Easy layout to compare multiple competitors side by side
This Customizable Competitor Analysis Template Layout Includes
- Section to add details like title, conducted by, date, and last updated.
- Introduction to give a brief understanding of the company.
- Competitor overview table has columns like market share, strengths, and weaknesses.
- SWOT(Strengths, Weaknesses, Opportunities, Threats) analysis section for each competitor.
- Key findings to understand each competitor better.
- Recommendations section to add what needs to be improved.
- Conclusion to conclude the competitor research report template.
Why You Need a Competitor Analysis Template
Conducting market research and competitor analysis without a system is painful. Key findings are lost, data seems to be disorganised, and the decision-making process is hard. That is where a competitor analysis template comes in handy. It provides a transparent and structured approach to monitoring market players, identifying strengths and weaknesses, and uncovering new prospects.
This template also makes sure that your whole team reviews competitor data in the same manner, cutting down confusion and saving time. It filters out trends in prices, marketing plans, product characteristics, and customer feedback. When introducing a new product, entering new territory, or fine-tuning your strategy, a clear, easy-to-use template keeps your research sharp and consistent.
How to Fill Out a Competitor Analysis Template
Open the competitive audit template and customize it for your project. Enter details about your competitors based on your research. Share it with your team for feedback and updates. Keep it updated to make the best decisions. Also, remember to keep the competitor analysis format simple and easy to read to prevent any miscommunication.
Who Can Use this Competitor Analysis Template
The competitor analysis template can be used by:
- Marketers
- Business owners
- Product managers
- Analysts and consultants
- Startup founders
FAQs
Q.1 How to do a competitor analysis?
To do a competitor analysis, know the competition products, prices, and market share, and then compare and analyze their strengths and weaknesses.
Q.2 How does a Competitor Matrix improve competitor research?
A competitive matrix template helps organize competitors' data visually, making it easier to compare and spot threats.
Q.3 What should be included in a Competitor Research Report Template?
A competitor research report template should include the competitor's information, market share, SWOT analysis, key findings, and recommendations.
Q.4 What is the purpose of doing Competitor Research?
Competitor research is done to understand the market, identify opportunities, and be aware of threats. It also helps to make informed decisions to improve the company's business.
