Competitor Research Template

brand competitor analysis grid

A competitor analysis should include your competitors' features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews. This article is for new and established small business owners who want to analyze their competition to improve their products or services.

How do you document competitor analysis?

  • Start with a competitor overview.
  • Conduct market research to uncover customer personas and industry trends.
  • Compare product features in a feature comparison matrix.
  • Summarize your strengths and weaknesses with a SWOT analysis.
  • How do you structure a competitor analysis?

  • Identify your competitors.
  • Perform a competitor SWOT analysis.
  • Examine your competitors' websites and customer experiences.
  • Determine your competitors' market positioning.
  • Look at your competitors' pricing and current offers.
  • Table of Contents

    What are the 3 types of competitors?

    There are three primary types of competition: direct, indirect, and replacement competitors. Direct competitors are the most recognizable variety of competitors, while the most difficult type to identify can be the replacement competitors. via

    How do you conduct market research?

  • Determine the purpose of your study. There are many reasons why businesses might conduct market research.
  • Look at your industry's outlook.
  • Pinpoint target customers.
  • Compare your competition.
  • Gather additional data.
  • Analyze your findings.
  • Put your analysis into action.
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    How do you market research a new product?

  • Know your market — and your competitors.
  • Target your customer.
  • Devise your Unique Value Proposition.
  • Determine your marketing strategy.
  • Test your product and overall approach.
  • Roll out your marketing campaign.
  • Monitor your product lifecycle.
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    What are the strengths and weaknesses of competitors?

    Product range

    If a competitor only sells one product, this may be seen as a weakness as the competitor will have limited market reach . In contrast, if a competitor has a large product range, this could be seen as a strength, as the competitor is likely to be able to target a wider range of customers. via

    How do you do competitor price analysis?

  • Step 1: Identify Your True Competitors.
  • Step 2: Categorize the Competition.
  • Step 3: Read Competitor Content.
  • Step 4: Analyze Competitor Prices.
  • Step 5: Compare Your Websites.
  • Step 6: List Out Value Propositions.
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    What are the main areas to include in producing a profile of a competitor Organisation?

    What a company profile should include

  • The basics of the company or firm itself.
  • Organizational information.
  • Governance, sustainability, diversity and other key intangibles.
  • Management and other key people.
  • Products and services.
  • Sales and marketing information.
  • Recent news.
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    What is a secondary competitor?

    Definition: Secondary competition is when two or more businesses offer a different high-end or low-end version of your product or service to a similar market. via

    What are the major steps in conducting a competitor analysis?

    How to Do a Competitive Analysis - 8 Simple Steps

  • Step 1 - Choose your Top Competitors.
  • Step 2 - Describe Each Competitor.
  • Step 3 - Describe Their Competitive Offering.
  • Step 4 - Summarize Their Online Presence.
  • Step 5 - List Their Strengths.
  • Step 6 - List Their Weaknesses.
  • Step 7 - Identify Your Opportunities.
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    How do I find my competitors?

  • Market Research. Take a look at the market for your product and evaluate which other companies are selling a product that would compete with yours.
  • Solicit Customer Feedback.
  • Check Online Communities on Social Media or Community Forums.
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    Why is a competitor analysis important?

    The purpose of a competitor analysis is to understand your competitors' strengths and weaknesses in comparison to your own and to find a gap in the market. A competitor analysis is important because: It will tell you how you can out-do your competitors in these areas to keep your customer attention. via

    What is differentiation strategy example?

    What is a differentiation strategy? As opposed to cost leadership, the differentiation strategy allows companies to take on an innovative approach for their products, and charge premium prices for it. For example, Starbucks goes beyond selling coffee by providing a unique coffee experience in their coffeehouses. via

    What is Apple's differentiation strategy?

    Apple differentiates its products by pricing them higher than its competitors implying that the products are better quality and incorporate the latest technology. The company also stimulates consumer interest by introducing hype before product launches through clever marketing and distribution strategies. via

    What companies use low cost strategy?

    A company pursuing a Cost Leadership strategy aims to establish a competitive advantage by achieving the lowest operational costs in their sector. Some cost leadership examples include McDonald's, Walmart, RyanAir, Primark and IKEA. via

    What is competitor example?

    The Types of Competitors

    Example: McDonald's and Burger King. Indirect competitors are the businesses that sell a product or service in the same category as you, but it's different enough to act as a substitute for your product or service. Example: McDonald's and Subway. Example: McDonald's and Stouffer's frozen meals. via

    Who is Google's competitor?

    via

    What are the 5 types of competition?

    There are 5 types of competitors: direct, potential, indirect, future, and replacement. via

    What are the 4 types of market research?

    Four common types of market research techniques include surveys, interviews, focus groups, and customer observation. via

    What are the 3 main types of market research?

    There are three types of objectives that can be deployed in marketing research: exploratory research, descriptive research, and causal research. via

    What are the 5 types of market research?

    While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you're willing to spend will determine which techniques you choose for your business. via

    What are the 2 main types of market research?

    Market research generally involves two different types of research: primary and secondary. Primary research is research you conduct yourself (or hire someone to do for you.) via

    What are the 3 gathering techniques?

    Under the main three basic groups of research methods (quantitative, qualitative and mixed), there are different tools that can be used to collect data. Interviews can be done either face-to-face or over the phone. Surveys/questionnaires can be paper or web based. via

    How can I get free market research reports?

  • Cori Contract Library. CORI is a digital library of contract information that contains over 690,000 contract items.
  • Free Patents Online (FPO)
  • Google Trends.
  • SEC Public Filings.
  • Statista.
  • Think with Google.
  • Thomas Net.
  • US Copyright Catalog.
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    How can competitiveness be a weakness?

    Being competitive also has its disadvantages such as people being labeled as conceited, self absorbed, too picky, full of themselves and not being flexible and sometimes passive aggressive. It is best to balance your competitive traits as well as learning from losing and knowing it is okay to lose. via

    What weakness should a company build upon in the future?

  • No one knows you.
  • You lack the resources to grow.
  • You're new to the industry.
  • High-priced, expert employees are out of your budget.
  • What you're offering to customers isn't exactly clear.
  • A specialized product means a high-price point.
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    Does competitiveness depend on quality?

    In the interdependent and competitive global economy one must find true competitive advantages based on features and capability rather than quality alone. via

    What are the 5 pricing strategies?

    Consider these five common strategies that many new businesses use to attract customers.

  • Price skimming. Skimming involves setting high prices when a product is introduced and then gradually lowering the price as more competitors enter the market.
  • Market penetration pricing.
  • Premium pricing.
  • Economy pricing.
  • Bundle pricing.
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    What are four types of pricing strategies?

    Apart from the four basic pricing strategies -- premium, skimming, economy or value and penetration -- there can be several other variations on these. via

    What is the cost based pricing?

    Cost-based pricing is the practice of setting prices based on the cost of the goods or services being sold. A profit percentage or fixed profit figure is added to the cost of an item, which results in the price at which it will be sold. via

    Images for Competitor Research Template

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    Brand competitor analysis grid

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    Competitor research template

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    Competitive analysis template 8 matrix chart good

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    Competitor analysis template business mentor

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    Competitive analysis report presentation slides

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    Competitive research analysis slide information

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    Competitor analysis marketing free template

    Brand differentiation happens when a product or service matches superior performance with an important customer benefit, according to Phillip Kotler and Kevin Lane Keller. For example, certain retailers are known for their "low prices," while others are known for "personalized service."

    There are three primary types of competition: direct, indirect, and replacement competitors. Direct competitors are the most recognizable variety of competitors, while the most difficult type to identify can be the replacement competitors.