Who is the Target Audience for this article?
There is a big difference between how you should address the tasks of conducting a competitor analysis. If you are a larger corporation, then you have access to much more resources and data than smaller or medium-sized businesses have not.
This analysis is designed for business owners who manage smaller or medium sizes businesses. Who knows that doing a competitor analysis is most likely a great idea that could help you see where you can get the next competitive advantage.
You just need to know how to do so, and you are probably also looking for tools or templates that make that job as easy as possible.
If this is you, them, this article should be what you are looking for. We will combine knowledge on what a competitor analysis is with practical tips on how to create one fast. You even get to download a free PowerPoint and Excel sheet that lets you do your own analysis without starting from scratch.
We will start by letting you know what competitor analysis is and why it is a great idea to make one for your business. Then we will go through the four elements of our competitor analysis framework.
By the end of this article, you will know how to make your own analysis and
know-how; the findings in the tool can help you detect signals from your
competitors that can affect your options for running your business in the best possible way.