About the competitor analysis template
You cannot assume that your product is the best on the market — you need to plan for it to be. Competitive analysis allows you to gauge what the rest of the market is doing and set strategies to better address the needs of your customers.
You need an approach that makes it easy to highlight observations — without having to track your competitors' every move. This streamlined template helps you do just that. Use it to collect key information about your competitors: their mission statements, pricing models, top features, strengths, weaknesses, and differentiators.
Focus on gathering details that will help you answer: How do our products and services compare to the alternatives? And how can we better differentiate what we offer? Then, discuss opportunities as a team and use the insights you have gathered to provide unique value to your customers and deliver a product that truly delights them.
Best practices
Know who you are up against and create a strategy that sets you apart from the competition.
Focus your research Ideally you can explore all of the alternative solutions that are available to your customers — including direct and indirect competitors. Start with direct competitors, those who offer a similar type of product within the same market. Later, you can add indirect competitors, those who offer a different type of product that serves the same need.
Capture and organize information The template is built with columns for six areas: mission statements, pricing, top features, strengths, weaknesses, and differentiators. Of course, you can add columns to include other details (e.g., company size, revenue, website).
Give access Share what you have compiled with other groups, such as sales, marketing, and leadership. Discuss what you have learned and how you can make your own offering stand out against the alternatives. Schedule time to revisit and refresh your analysis on a regular basis.
