A simple 6-step guide to competitor analysis. This template is for non-marketers, graduates, small business owners or entrepreneurs. Use this template to conduct basic competitor analysis to position your brand as more favourable.
Why is competitor analysis important?
Competitor analysis is the investigation of other businesses that offer the same or similar solution for your target market. It’s the process of analysing the strengths and weaknesses of these businesses and comparing them to your own. Competitor analysis allows you to gain important insight to help you position and grow your brand. It can also help to:
- grow your business
- make better products and design better services
- communicate clearly with your customers
- remain the top choice for your customers
- build your brand equity
- differentiate your brand as unique
- stay on top of market shifts
- pivot faster when the market and customer needs change
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