The best way to remain in your position if you are on top or to grow quickly is to keep an eye on your competitors. The best way to get information about important competitors is to perform a competitive analysis.
The information obtained from the competitive analysis can be used to anticipate the behavior of competitors, which will ultimately lead you to make good decisions in your business. The competitive analysis sheet enables you to see how your company rates against its competitors by considering all the aspects.
Know the strategies of your competitors…
The purpose of carrying out the competitive analysis is to know who your competitors are and what strategies they have planned for the future. It also shows how competitors react to their company’s actions. Competitive analysis is not an easy task; rather, you will have to check annual reports of competitors, press releases, patent applications, etc.
With the help of a competitive analysis sheet, you can define your competitors. Competitors are usually those companies that produce products similar to yours. Their products and services are a good substitute for your products, and their products can also influence the sales of your own company. Since the competitive analysis sheet enables you to define your competitors, the sheet is completely based on the performance of your competitors.
List the competitors…
On this sheet, your top competitors are listed. You can assign marks or ratings to each competitor according to their performance. There are different types of questions in the analysis sheet that have three options. You have to choose any one of them according to the competitor’s performance.
Comparison is for improvement…
Making a comparison with competitors is very useful, as it allows the company to make improvements to its policies to improve sales. There are some benefits to competitive analysis sheets.
- Competitive analysis sheets are used by the management of the company, which is responsible for making strategies for the company.
- The opportunities available in the market are also identified, which a company can avail of to improve itself.
- You can also take advantage of the weaknesses of your competitors and grow faster than them.
- The competitive analysis sheets enable you to make better decisions regarding your strategies, and they also ensure that you can create competitive advantages that can be sustained for longer.
- You can also forecast the conditions of the future, which will be helpful for you to make decisions regarding investments. You can also predict the future of the competitor so that you can adapt yourself to the changes that will be brought to the market due to the planned and changing strategies of the competitor.
Many sections in the competitive sheet cover different areas. The main sections are based on the profile of competitors, the marketing profile, the profile of products, the SWOT profile, etc.
Preview and Details of Template
Worksheet File Size: 473 KB
No. of pages = 3
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