Whether you know your friend or not, you must know your competition. Digital Brains Tech highly believes in this phrase and recommends the same to our readers. Competitive analysis is the best way to gain comprehensive knowledge about your competitive brand. It helps to compare your business to your competitors based on a certain criterion. Not only your direct competitors but competitive analysis also helps to examine your indirect competitors as well. You can learn about your competitors’ content, sales, and pricing strategy and take your next move accordingly.
It brings to you a very strong position to compete with other businesses. To uncover your competitors’ strategies, use a competitor analysis template to gain a leading edge and surge ahead of the competition. A well-versed and proficient digital marketing company can assist you in the same.
A competitive analysis template is a high-level and organized outline that helps to derive valuable insight into your competition.
Here are the top 7 competitive analysis templates to stay ahead of your competition.
Keyword competitive analysis:
It helps to find the most realistic keywords to be targeted and do a careful analysis of the keywords you have been currently targeting. Filtering the important keywords from the pool of keywords will be a time and money saver. It helps to know what the audience is looking for; what questions they ask, what problems they struggle with, which goals they have and what things they talk about. Keyword volume isn’t everything. Digital marketing companies follow this analysis template to get faster and better results.
7P Competitive Analysis:
Apart from using the framework to better understand your own business, you can also use it for your competitors as well. With 7Ps, you can identify growth opportunities.
|Know your competitor’s Product|
Quality, features, design, technology, usefulness, variants, customer service, availability, branding, warranty, etc.
|Price||Payment methods, cost, discounts, financing options, etc.|
|Place||Channels of selling, wholesale, retail, direct sales, peer-to-peer, multi-channel, internet|
|Promotion||Advertising, user trails, social branding, SEO, social, PR, PPC, etc.|
|People||Management, culture, employees, customer service, organizational structure|
|Process||How are services consumed?|
|Physical Evidence||Facilities, symbols|
SWOT Competitive Analysis
Strengths: Your strengths over your competitors. It is important to know your strengths to make them really your strengths.
Weaknesses: It includes your weak areas as compared to your competitors.
Your strengths and weaknesses can be your company culture, reputation, customer list, staff, partnerships, intellectual property, and geography.
Opportunities: The untouched space by you and your competitor.
Threats: The factors where your competitors can gain an advantage and hinder your business growth.
Your opportunities and threats can include regulation, suppliers, economy, trends, market size, financing, and weather.
Basic Marketing Competitive Analysis:
You must analyse your competitors’ tagline, target market, persona, top organic keywords, overall brand voice, and social presence. Knowing which channels they use, and their main marketing channels will inspire ideas for you.
PEST Competitive Analysis:
It is one of the challenging aspects to cover as you have to research from various relevant sources to collect reliable data such as government reports, market research, media, industry publications, surveys etc. The external factors are evolving and constantly changing in disruptive ways such as Political, Economic, Social and Technological.
– Political factors can include tax laws, trade restrictions, and government regulations. If your competitor is from a country having high import tariffs then exporting products to other countries might be a great challenge for them.
– Interest rates, economic growth, inflation and other economic factors have a great impact. For example, low inflation can lead to increased prices without any fear of customer loss.
– Social trends, demographics, and lifestyles can impact the demand for the respective product or service. If there is a demand for environmental consciousness, then you or your competitors can see an increase in eco-friendly products.
– Investment in R&D may come up with innovative and new products, if you miss on them, you may lag behind your competition.
With this competitive analysis template, you can compare your challenges to those of your competitors and transform your competitors’ challenges into opportunities for your business. You have to be flexible and agile in responding to the changing customer needs and external environment.
Social Media Competitive Analysis:
Compare your social media marketing strategy with the brands you are competing with. It will help you find the key differences like your brand voice, quality of hashtags and reach among the audience. You can make a template regarding their tone of voice, types of posts they upload, frequency of posting, follower count, engagement, and hashtags. Also, analyse which platforms they mostly use and what’s their favoured platform.
Porter’s 5 Forces Competitive Analysis:
Threat of New Entry:
If you have little protection for your key technologies, then your rivals can weaken your position and enter your market. So, you should have specialist knowledge, economies of scale, barriers to entry, time & cost of entry to maintain your position in the market.
When the number of buyers is more than the number of service providers then it is easy for them to switch to cheaper and new competitors. The attraction here is to judge how to price your services or products to attract customers.
When competitive rivalry is minimal then you have tremendous healthy profits and competitor power. To maintain a competitive rivalry, you can get help from an effective digital marketing company and make the process simpler for you.
The fewer the suppliers, the stronger the market position. It will impact your profitability.
Threat of Substitution:
Not only the identical products and services, but you need to focus on different ones that meet the same needs of the customers.
Utilize these templates and examples to foster your business growth. If you need any kind of assistance, you can ask Digital Brains Tech for the steps to guide you for digital marketing tactics to make your say in the market.
Keep learning, and keep growing!