This helps you identify alternative ways prospective customers can solve their problems.
It is also a great way to evaluate other vendors' strategies so you can assess their strengths and weaknesses.
To help you generate this list, think of what your customers would buy if they didn't buy your product or service.
Across the top of the paper, list the main features and characteristics of each product or service.
A competitive analysis is a critical part of your company marketing plan.
With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.This gives you important insights into how other companies are trying to provide value to your target buyers.Your competitive analysis should answer these core questions: Product and marketing teams use these findings to inform their strategic plans and determine what will make their product a success.Include such things as target market, price, size, method of distribution, and extent of customer service for a product.For a service, list prospective buyers, where the service is available, price, website, toll-free phone number, and other features that are relevant.Cloud-based competitor templates are available in Aha! A competitor analysis is an important part of your business plan.Once you have defined the vision for your product and the customer problem you are solving, it is essential to understand the other companies in your market. It also allows you to set strategies that address the needs of your prospective customers better than your competitors can.Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer's dollar.For each competitor or strategic group, list their product or service, its profitability, growth pattern, marketing objectives and assumptions, current and past strategies, organizational and cost structure, strengths and weaknesses, and size (in sales) of the competitor's business.Surpass your competition by using these carefully selected templates to see where your product fits in the market.This template makes it easy to visualize your competitors in a single view.