Competitor Analysis
Competitor Analysis
Do you have a great idea to address a current problem, but aren’t sure how your solution is different from existing companies in your industry? Conducting a competitive analysis will highlight the strengths/niche of your business compared to your competitors!
As you gather information to complete the competitive analysis matrix below, you’ll create a tool to compare the strengths and weaknesses of your competitors against your own. This information will help you determine the feasibility of your idea, ways to improve your idea, and your competitive advantage.
Use this template as a starting point and add factors to a larger spreadsheet as you see fit.
If you’re pitching your idea, think about including a chart or table for your competition slide! This will allow you to clearly display your competitive advantages in comparison to your competitors. It can make for a compelling visual.
Instructions: Fill in the blanks to compare up to three of your top direct competitors (who offer the same or similar products/services to your customers) and up to three of your top indirect competitors (who offer products/services different than your own, but could still satisfy the need of your customers).
When choosing competitors to compare, consider those who have the most market share (amount of sales in a given period of time). Add or remove spaces in the first column to consider other relevant factors based on your industry.
