Competitive Analysis Templates

Help to learn the marketing strategies, tactics, pricing, and distribution of the resources among your competitors.
Editable Competitive Analysis

About the Competitive Analysis Template

In this capitalist era, growing competition in the market is a major driving force for businessmen. However, this competition may demotivate you by highlighting your weaknesses in the market. To tackle this problem, professionals and business owners make competitive analyses. Through competitive analysis, you can learn the marketing strategies, tactics, pricing, and distribution of the resources among your competitors.
This article will use EdrawMind as a powerful tool to create precise competitive analysis. You can also learn about multiple competitive analysis templates distinguished by their uses and applications.

Free Competitive Analysis Templates

To make a competitive analysis, you can explore its different and various templates. Each template has its unique use that can help you to learn about your strengths and weaknesses proficiently. This section will address the commonly used competitive analysis templates that can help you in various aspects.
1. Editable Competitive Analysis
An editable competitive analysis template can help you in writing the details of your competitors easily. You can add the financial resources, business models, strategies, and generated products of your competitors in an organized manner. It will assist you in learning the strengths and weaknesses of your competitors effectively. Thus, you can make benefit by targeting the weaknesses of your competitors through this competitive analysis template.
2. Social Media Competitive Analysis
Social media is a new reality in this age as people can earn revenue from this platform efficiently. If you are running a social media campaign and want to analyze the ongoing activities of your competitors, this template will help you. In the social media competitive analysis template, you can compare the promotional posts, followers, and engagements of your competitors easily.
Moreover, you can check the number of followers lost or gained by your competitors in a specific period. Thus, it can help you to improve your social media campaigns and activities efficiently.
3. Product Competitive Analysis
If you have launched a product in the market, you must compare its progress and growth with your competitors. In the product competitive analysis template, you can compare the product quality and pricing with your competitors. Furthermore, you can add important elements such as reputation, positioning, and promotion of the competitor's products in this template. It will help you enhance your product quality and reach by learning the tactics used by competitors.
4. Marketing Competitive Analysis
To enhance your marketing strategies, you can utilize the marketing competitive analysis template. By using this template, you can compare the trends in different areas of marketing smoothly. You can also learn about the applied strategies and innovative skills used by your competitors that are helping them to reach the target audience. By analyzing and comparing these essential marketing factors, you can expand your reach effortlessly.

About Competitive Analysis

The competitive analysis acts as a comparison and analysis of your competitors by looking at their applied techniques, strategies, and average outcomes. By drawing a competitive analysis, you can learn the ongoing trends in the market, which can help you in the future. Moreover, you can recognize the potential opportunities in the market by knowing about the weaknesses of your competitors.
Competitive analysis does not only involve the comparison of your competitor's strategies, but it also comprises a major insight into their work. After knowing how to give tougher competition to your potential competitors, you can increase the chances of your success in the market or industry.

Benefits of Competitive Analysis

The competitive analysis brings numerous advantages that can benefit your company or organization in various aspects. To learn about the potential advantages of competitive analysis, read the below factors.
    • Evokes Innovation
As the competition grows in the market, many similar products and services become available. If you are creating a similar product or service that is already available in your competitor’s company, it can prove to be a significant drawback for you. By making a competitive analysis, you can identify the similarity in the market quickly. This will eventually help you make your unique selling point to bring innovation to the market.
    • Helps in Evaluation
By drawing an accurate comparison, you can evaluate the effectiveness of your marketing strategies. It will help you to compare the outcomes of your company with your competitors in a structured way. It will also help you to explore the weaknesses of your work which can ultimately help you in the final evaluation.
    • Bridges the Gap
Competitive analysis not only helps in evaluation but also bridges the gap efficiently. By knowing the weaknesses and strengths of your competitors, you can improvise your business model, tactics, and hiring process. Through these modifications, you can ensure constant improvement in your organization.
    • Discover Market Trends
If you don't follow the market trends, you won't be able to engage the targeted audience in the longer run. Through competitive analysis, you can discover the market trends in detail, which can help you to cope with your current goals. To achieve success and determined goals, you must know the market trends that can only be learned through competitive analysis.

How to Make a Competitive Analysis

Are you eager to know how to make a competitive analysis? This section will offer you detailed instructions to draw a competitive analysis.
Step 1: Add Your Company’s Credentials
To begin, you must add all the necessary information about your company or organization. Without knowing the authentic details about your own company, you won’t be able to create a perfect competitive analysis. Add your key objectives, goals, and vision to begin with a clear direction. Moreover, list down all of your competitors in the market along with their necessary information.
Step 2: Add Details of Your Product or Service
Now draw a comparison between your product or service with the market's competitors. You can compare the product quality, targeted audience, current activities, business models, and marketing tactics. Make sure to analyze and write the minute details of your and your competitor's product to proceed.
Step 3: Research About Your Market
Now, look at the marketing position and reputation of your competitors to conduct more research. You can compare the social media campaigns, web presence, and communication platforms. You can also add the marketing shares of your competitors to explore the finance-related factors precisely.
Step 4: Conduct a SWOT Analysis
SWOT analysis is a major key point in competitive analysis as it can bring a huge impact. Draw a comparison of the strengths, weaknesses, future opportunities, and expected threats of your discovered competitors. By doing so, you can create an evaluative outline between you and the competitors easily.
Step 5: Make Your Competitive Benefit
After learning and discovering the strengths and weaknesses, identify your competitive benefit. Analyze the unique offerings of your product so that you can stand out among your competitors. The main goal should be to bring constant improvisation to ensure the accomplishment of your goals.

How to Make a Competitive Analysis in Word

EdrawMind is an efficient tool through which you can create a competitive analysis. If you want to continue creating and editing your competitive analysis in Word, you can use the Export option in EdrawMind. Through this option, you can quickly export the competitive analysis from EdrawMind to Word for further modifications.
edit action plan in ms word

Key Takeaways

If you want to design an accurate competitive analysis or mind maps, EdrawMind is the most suitable option. This software has tons of features through which you can create a competitive analysis in a secure and friendly environment. You can add modifications and enhance the visual quality of your competitive analysis through EdrawMind easily. It also offers numerous competitive analysis templates that can be used according to your need. To download and use this software smoothly, you can take help from this EdrawMind brief video.