Competitive Analysis Worksheet

Preparing a competitive analysis worksheet is considered one of the most crucial methods that enable companies to stay at the forefront of competition. Through the information it provides, competitive analysis helps identify the competitive advantage and uncover opportunities to better serve customers. It offers a comprehensive view of the market, target audience, and key competitors for emerging companies in the sector.

What is a Competitive Analysis Worksheet?

A competitive analysis worksheet is a tool used to systematically assess your competitors to understand the competitive landscape and gain key insights into strengths, weaknesses, strategies, pricing, and products. In this article, we will explore how to conduct a comprehensive competitive analysis using a detailed worksheet. This includes identifying primary competitors, evaluating the quality of their products, their marketing processes, key customer segments, and identifying potential opportunities to distinguish your business or project. Ultimately, the competitive analysis worksheet serves as a strategic roadmap for growth.

Importance of Competitive Analysis Worksheet

A competitive analysis worksheet helps you:

1. Accurately identify your competitors by recognizing companies offering similar products or services.
2. Evaluate their market positions. Assess their market size, market share, growth, and major partnerships or alliances they have established.
3. Analyze strategies and offers. Evaluate the pricing and features of their products and marketing messages and competitive advantages.
4. Identify strengths and weaknesses and look for opportunities to capitalize on their weaknesses.
5. Identify potential threats and opportunities. Comparison helps you figure out the best way to compete and gain a strategic competitive advantage and enables you to explore how to improve your project and product.

Key Components of a Competitive Analysis Worksheet

A competitive analysis worksheet should include the following 10 key elements:

1. Competitor identification: List your main competitors and companies offering similar products or services.
2. Evaluation of their products and services: Research and evaluate their products and services to identify strengths and weaknesses.
3. Market position assessment: Determine their market position, including annual revenue, employee count, customer base, targeted market share, and major partnerships or alliances they have established.
4. Target audience understanding: Understand the nature of their target audience.
5. Pricing strategies: Evaluate their pricing strategies and offerings to retain customers.
6. Marketing strategies: Analyze their marketing messages and channels.
7. Customer experience: Track customer opinions and feedback on their experience with your competitors and try to deduce their strengths and weaknesses.
8. Strength identification: Identify key strengths, such as competitive pricing, reputable brand name, innovative technology, or strategic partnerships.
9. Weakness identification: Recognize major weaknesses, like high costs, lack of customer support or limited product selection. Look for an opportunity to make use of such weaknesses.
10. Key advantages: Based on your analysis, determine ways to distinguish your business and gain a competitive advantage. Depend on your own strengths and on your competitors’ weaknesses to succeed.

[Click here to download a sample Competitive Analysis Worksheet.]

By completing the competitive analysis worksheet above, you'll gain a better understanding of your competitors, which will empower you to make strategic decisions to distinguish your products and services and improve your marketing messages and campaigns. Competitive intelligence is an ongoing process, so be sure to periodically repeat this analysis to identify new competitors and stay ahead in the market. We discussed competitive intelligence in one of our previous articles, emphasizing its continuous nature, so make sure to repeat this analysis regularly to identify new competitors and maintain a leading position.