Our competitor analysis template is a valuable tool that helps companies analyze and understand the competitive landscape in their industry. It is also a vital component in any business plan. Once the vision and the mission of a product or a service have been established, it becomes mandatory to get to know other companies operating in the same market.
What is a competitor analysis?
A competitor analysis will reveal critical insights into an industry’s competitive landscape. Conducting this type of analysis will allow you to evaluate other businesses activating in the same field, so you can quickly pinpoint their weaknesses or strengths. This way, you can identify the strategies they use to provide value to the target buyers. Once this phase is completed, it will be easier to find alternative strategies you can use to attract additional prospective customers.
Why should you do competitor analysis?
Competitor analysis helps identify a competitor’s strengths and weaknesses, comparing them to the business of reference so that key departments in the company can refine their strategy and curb competition.
On the side, by using our competitor analysis template, you will learn new things such as:
- How your current and future customers rate competitors?
- How to develop strategies that are effective for your market?
- What are the advantages your company brings over your competitors?
- What exactly do customers need?
- How to expand in a new market?
Benefits of using the competitor analysis template with Moqups
You can build your competitor analysis template while working in real-time with team members from all over the world. There’s no need to be in the same office to complete this project. Moqups provides a ready-to-use template you can easily edit to match your needs and brings you one step closer to the successful completion of your project.
Moqups is an online real-time collaboration platform and, as such, it offers its users key features that support and facilitate online communication. When editing this template, you will be able to add comments, callouts, sticky notes, or annotations to share and analyze new ideas with other team members.