This document is a comprehensive template for conducting a competitive analysis, which is an essential step for any startup aiming to succeed in the market. The document is divided into various sections, including company information, product and pricing, audience, and marketing, each of which is aimed at providing a detailed and holistic view of a startup's competitive landscape.
The company information section covers critical aspects such as the type of competitor, annual turnover, market share, date founded, number of employees, number of customers, and number of locations, among others. By gathering this information, a startup can better understand its competitors' strengths and weaknesses and identify areas that require improvement.
The product and pricing section focuses on analyzing the pricing strategies of the startup and its competitors. It compares the price range, lowest price, highest price, discounts, seasonal sales, postage, trials, and free versions of the products. Additionally, this section analyzes the features and advertising strategies of the products and compares the date launched to identify any potential gaps in the market.
The audience section identifies the target audience of the startup and its competitors. It outlines the interests, age, gender split, sentiment, estimated reach, tone of voice, reading level, and types of imagery used in the marketing campaigns. By gathering this information, a startup can better understand its audience's needs and preferences and tailor its products and marketing strategies accordingly.
The marketing section delves into the marketing strategies of the startup and its competitors. It analyzes the website strength, website metrics, traffic sources, market share, traffic journey, and social media engagement of the startup and its competitors. By analyzing this information, a startup can identify the most effective marketing strategies and optimize its marketing campaigns accordingly.
Overall, this competitive analysis template provides a comprehensive view of a startup's competitive landscape, enabling the startup to make informed business decisions, stay ahead of the competition, and ultimately increase its chances of success in the market.