Competitive Analysis Worksheet

I. Introduction

A. Importance of competitor analysis

- Understand the competitive landscape

- Identify gaps and opportunities

- Improve your own marketing strategy

 

B. Goals and objectives of the worksheet

- Provide a structured approach for analyzing competitors

- Guide users through the process

- Help business owners make informed decisions

 

II. Identifying Your Competitors

A. Primary competitors

1. Direct competitors

- Businesses offering similar products/services

- Targeting the same market segments

2. Indirect competitors

- Businesses offering substitute or complementary products/services

- Satisfy the same customer needs in a different way

B. Secondary competitors

1. Emerging players

- New entrants in the market

- Possess potential to disrupt the industry

2. Substitute products/services

- Alternative solutions for customers

- May not be direct competition but can impact your market share

 

III. Company and Product/Service Overview

A. Company profile

1. Size and location

- Number of employees, revenue, and locations

- Geographic presence and target markets

2. Market share

- Percentage of the market controlled by the competitor

B. Product/service offering

1. Features and benefits

- Unique selling propositions

- Customer value and satisfaction

2. Pricing strategy

- Price points and discounts

- How pricing compares to your offerings

 

IV. Marketing Strategy Analysis

A. Website and SEO

1. Website design and user experience

- Aesthetics, navigation, and mobile-friendliness

- Calls-to-action and conversion optimization

2. Keyword strategy and rankings

- Targeted keywords and search rankings

- Organic search visibility

B. Content marketing

1. Blogging and article strategy

- Frequency and quality of blog posts

- Topics covered and relevance to target audience

2. Lead magnets and resources

- Free resources offered for lead generation

- Types of content (e.g., ebooks, webinars, templates)

C. Social media presence

1. Platforms and engagement

- Active social media channels

- Level of engagement and follower growth

2. Content strategy and frequency

- Types of content posted

- Posting schedule and consistency

D. Advertising and promotion

1. Online advertising channels

- Google Ads, Facebook Ads, etc.

- Ad spend and targeting strategies

2. Offline advertising efforts

- Print, radio, TV, or outdoor advertising

- Local or national reach

E. Email marketing

1. List growth strategies

- Sign-up incentives and opt-in forms

- List segmentation and targeting

2. Email content and frequency

- Types of emails sent (e.g., newsletters, promotions)

- Sending frequency and open rates

 

V. Strengths and Weaknesses

A. Identifying competitor strengths

- Areas where competitors excel

- Lessons to learn from their successes

B. Identifying competitor weaknesses

- Areas where competitors fall short

- Opportunities for your business to outperform

 

VI. Opportunities and Threats

A. Uncovering market opportunities

- Underserved customer segments

- Product or service gaps to fill

B. Recognizing potential threats

- Market trends that could impact your business

- Possible changes in the competitive landscape

 

VII. Benchmarking and Setting Goals

A. Comparing your marketing efforts to competitors

- Assess how your marketing strategies align with or differ from competitors

- Identify areas for improvement or differentiation

B. Setting realistic marketing goals based on analysis

- Define specific, measurable, attainable, relevant, and time-bound (SMART) goals

- Prioritize goals based on the competitor analysis findings

 

VIII. Conclusion

A. Recap of key findings

- Summarize insights and observations from the competitor analysis

- Highlight the most significant findings

B. Next steps for implementing insights

- Develop a plan to address identified weaknesses and capitalize on opportunities

- Track progress and adjust marketing strategies as needed

 

IX. Worksheet Template

A. Competitor analysis table

- Organize and compare competitor information in a structured format

- Track key data points for easy reference and analysis

B. SWOT analysis grid

- Visualize strengths, weaknesses, opportunities, and threats for each competitor

- Identify patterns and trends across the competitive landscape

C. Goal-setting template

- Set and prioritize marketing goals based on competitor analysis findings

- Track progress and accomplishments over time