What is competitive analysis? Template, examples, and how-to

A competitive analysis is a systematic approach to identifying and assessing competitors to gain a strategic advantage in the market. This guide outlines the steps involved in conducting a competitive analysis, including creating a shortlist of competitors, performing a deep dive into each competitor's company profile, ideal customer profile, product information, market approach, and conducting a SWOT analysis. The process is designed to provide a comprehensive understanding of the competitive landscape and inform strategic decisions about product positioning, pricing, and marketing strategies. Additionally, the guide introduces tools like the competitive matrix and battle cards to visualize competitive dynamics and aid in strategic planning. It also suggests alternative frameworks such as the Five Forces model and customer journey mapping for a deeper market understanding, while offering free customizable templates to facilitate the analysis process.