Tracking Your Competitors
Competition is created by similar businesses in the same industry, providing the same basic service or product, fighting to win the loyalty of the same customer base. Performing a competitor analysis is when you track different factors of your rival businesses to learn from both their strengths and weaknesses.
The information gained from the analysis ultimately strengthens your organization. You have more insight into what tools, resources, and operational factors are bringing in and keeping customers.
What are the pricing margins for successful companies in your industry? What type of location has proven most successful in your industry? Will expansion hurt or help your business? Use this template to answer these questions. Input the location, sales, organizational structure, pricing and marketing strategies, suppliers, distribution channels, etc. of your competitors on this easy to follow document.
Then, examine and discover what works best in your industry to attract customers, increase revenue, and generate a profit. This template is a cost effective tool to track your major competition and avoid losing money on marketing tools, procedures, or operational strategies that have proven ineffective.
Always Know Your Competition
When individuals start a business they perform a competitor analysis to track the competition. Does it end there? No. The competition you have on day one may not be the same competitors that you have on your first year anniversary. Business is constantly changing. This template makes it easy to quickly update your competitor analysis information and make decisions on what needs to change in your business.
When a rival organization goes out of business, you can use the information on your completed template to compare it to other similar companies on your list and possibly narrow down the biggest impact on the sudden downfall. Your analysis becomes a powerful benchmarking technique without a powerful price.