How Competitive Analysis Benefits You
How to Complete a Competitor Analysis Report (Part I)
The following is the first of a series of 6 articles aimed at guiding you through conducting a complete competitor analysis report. In this article, you’ll learn about the different parts that make up a thorough competitor analysis and how it can help you grow your business. You may follow along by downloading the complimentary competitor analysis template.
When you created your business plan, you most likely did a competitive analysis. But how long ago was that? Ideally, you should perform competitor research regularly so you can properly identify new entrants to your market.
It’s also beneficial to update parts of your analysis monthly, especially noting the competition’s SEO rankings and content strategy. Furthermore, there are certain details you should aim to monitor daily such as promotions.
You may find that competitive analysis is most useful when planning your product roadmap or marketing strategy as it can provide key industry insights that can help you increase your market share.
A complete competitor analysis includes:
Executive Summary | How a Competitor Analysis Benefits You
The first page of your competitor analysis report is actually the final step. However, it’s important to keep your end goal in mind as you complete the analysis. Once, you’ve performed your research and analyzed the content, you’ll need to evaluate your key learnings from each section to develop your competitive advantage. In your Executive Summary, you’ll highlight the key takeaways from your analysis. The Executive Summary should focus on areas of opportunity for your company to leverage and points of weaknesses to improve.
Next, create specific action points for your company based off each observation. We recommend you use your findings to formulate an effective marketing strategy in which you can compete with your competition and grow your business. Finally, implement the necessary adjustments to your marketing strategy, including or product roadmap to align your company’s strategy (including SEO strategy, content strategy, web performance and promotion strategy) with your findings.
To help you conduct your research and complete your own competitor analysis report, remember to download our free competitive analysis template and then continue to Step 1 in our instructional guide, Corporate Competitor Analysis.
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