As a potential entrepreneur who is about to join the fray over shares in the market, a competitive analysis is something you should not start without. Just like boxing’s tale of the tape, this gives a comprehensive overview of the competition you are joining. It informs you of your products’ odds in sales and provides you a forecast of what is to come for your business. It is a competitive environment you are entering, and it is imperative that you go there prepared.
It may sound complicated, but you can make a competitive analysis report on standard analysis if you have an average writer and a meticulous researcher. These steps can help you.
Do competitive research. If you hope to challenge their hold on the market, then you should know what you are up against. First, make a list of all possible competitors and size up their capabilities. This should tell you how much investment they have made and how much they can still do, such as their potential market expansions.
Find out what these competitors offer by a careful study of their products. Take note of their features and the reasons why they attract customers. On the other hand, identify their downsides so that you will know what to avoid and to capitalize on your competitor’s weaknesses.
Study competitive management. Explore how your competitors develop strategies in marketing their products. They have been in the field for quite a while now, so they certainly have ones that have been proven successful.
Set up interviews with as many customers of your competitors as you can. Find out what they like and dislike about the products they are patronizing. The customer analysis you will come out with after gathering the data from the interviews will teach your how to appreciate customer satisfaction.
Make the same investigations on yourself. Doing research on your competitors is necessary, but you do need to know how you stand at the same time. In competitive business, it is not enough that others have what it takes to lose. It is also important that you have what it takes to win.
Write your report. When all the investigations and studies have been done, you can now start writing your report. Make sure that your writing is factual, updated, and comprehensive. A fearless forecast may be necessary, but your well-balanced presentation of the facts may be enough to show the possible score in the competition.
The daunting part in preparing a competitive analysis is the research. Beyond that, other matters such as creating a template, example, sample, report, matrix, etc. will not require much but your time and writing skills.