Conducting Market Competitive Analysis is vital for companies who aim at establishing their own niche in the global market. Therefore, it is necessary for companies to understand their customer’s preferences and wants. For this, they need to conduct thorough market research. By using market competitive analysis templates companies are able to define their target market. For market analysis to be successful, there are various tips and examples that companies can use.
What exactly is market research? Market research is the method of studying consumer behavior, tastes, and preferences so as to establish new markets where products and services can be sold. This involves companies conducting extensive market research and then understanding individual consumer requirements and purchasing patterns. In addition to this, companies also need to take into account the competition as well.
Benefits of Market Competitive Analysis
A market competitive analysis helps you to determine your competitor’s strengths, weaknesses, and position in the market and provides you the opportunities to grow your business. By doing a market competitive analysis you will be able to:
- Easily identify new market trends and new marketing strategies, campaigns, and the support of the customer.
- Shows your competitors your strengths, weaknesses, threats, and opportunities so you can easily create a strategy to overcome your own weaknesses.
- Provides you with a clear view of the market opportunities so you can easily highlight your unique value in the market.
- Build the name of your brand in the market by providing the details of the gaps available in the market.
Free Market Competitive Analysis Templates
In this post, we have posted our own created 05 free competitive analysis templates in MS Word Format. These templates are created by seeing the need of the users. To capture your share in the market and to know the position of your products, it is necessary to perform a market competitive analysis. An analysis will help you to determine your position and the position of your competitors in the market. With its help of it, you will easily determine what changes you have to do to compete with your competitors. That’s why we have created these templates that you can easily grab and customize according to your need.
Here is the download link for this Market Competitive Analysis Template 01 in MS Word Format.
The download link for this Market Competitive Analysis Template 02 in MS Word Format is below.
Please click on the download button below to start downloading this Market Competitive Analysis Template 03.
To download this Market Competitive Analysis Template 04, click on the button below.
Please click on the button below to download this Market Competitive Analysis Template 05.
Importance of Competitive Analysis
Companies need to be aware of current market trends. They should analyze if there is any possibility of adopting new products or services. They should study the spending patterns of customers as well as how competitors are marketing their products. These findings can be used for improving current strategies.
Conducting analysis on trends enables companies to discover the trends that affect their customers and the marketplace. A few examples include changing consumer preferences and buying habits, technological advancements, and price elasticity. Companies should be able to identify these trends. For instance, there are known gender differences in the way that they prefer to shop. Some women buy things in big malls while men go to smaller stores. Knowing about the trends can help product manufacturers and retailers to provide products that are more attractive to women.
The demand for specific products or services also differs among age groups. Some consumers enjoy buying technology-oriented items while others may prefer to spend their money on non-tech items. Studying the trends can inform marketers about which products or services are more likely to be bought by target age groups. If the market is composed of different age groups, it becomes easier to target specific groups for promotions. Age group-specific marketing can be a highly lucrative practice.
Reasons for Conducting a Market Competitive Analysis
Competitive analysis is often conducted for several reasons. Companies need to respond quickly to new market entrants. Such activity helps them reduce their R&D costs. Competitive research can also show the current state of the industry so that a company can better compete with other firms. It can also show the gap between competitors and the company’s potential to improve its market position. Competitive research is quite expensive. This is why some companies conduct market studies in-house. They often outsource the task to other firms.
Outsourcing the competitive research task allows companies to save money. Sometimes the whole process may take up to 15 months. When a company conducts the research in-house, the time taken increases if not longer. The results are also less reliable as the quality of the report depends on the research conducted.
In order to understand the competitive landscape thoroughly, it is imperative to analyze all relevant aspects. Some of the common aspects examined include pricing, advertising, public relations, branding, competition, and licensing. All aspects affect the competitive landscape. These aspects can be studied with the help of market surveys.
