How do you conduct a competitive analysis? A structured approach is crucial. Follow the following competitive analysis template. We explain each step in detail in the following paragraphs.
Identify your competitors.
Gather information about your competitors.
Establish a competitive matrix.
Conduct a SWOT analysis.
Overview of marketing channels.
Define your business strategy.
Identify your competitors 2.
The first step of competitor research is to research bulgaria mobile numbers list your competitors. Consider both direct and indirect competitors.
Direct competitors. These are companies that offer similar products or services in your sales area. An example of direct competitors are Domino's Pizza and New York Pizza located in the same city.
Indirect competitors. These are companies that sell different products or services, but address the same need. In other words, indirect competitors offer a substitute for your product or service. For example, an indirect competitor of Domino's Pizza is McDonalds. These fast food chains offer different meals, but compete against each other for people who want a quick bite.
A handy online tool for mapping your competition is the KVK Location Scan.
Gather information about your competitors 2.
Now that you have your competition mapped out, start gathering information about your competitors. Gather the following information:
What products and services are offered.
What are the prices of competing products and services.
What is the quality of these products and services.
What service is offered herewith.
What is the proposition of other companies.
What is the sales territory of your competitors.
What audience do other companies target.
Create a competitive matrix 3.
A competitive matrix provides a visual comparison of your own company against competitors on key points. In this way, you can compare your own positioning with that of your competitors.