Determine your competitor position in the market and make plans accordingly using product competitive analysis template. Evaluation your organization past performance, determining weaknesses and strengths is smart action made by managers and this is basic process behind competitor analysis as well.
Your competitive analysis process ensure, all the stakeholders are aware of the current position of products and services offered from your company. Furthermore, investment and others better decision making is possible. Make better business decisions and ensure your success in 2018!
According to Wikipedia, “Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.”
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Competitive analysis is a complete process and multiple factors are considered while doing it. Starting a process from scratch is difficult, therefore a free, yet high-quality product competitive analysis template is available here for downloading. Asses position of your product now and in the upcoming years using this excel sheet.
Components of Product Competitive Analysis Template Excel
Below is the main components of template is discussed. You can now use the template easily, even if you are new to excel. Go ahead and learn about it in more detail:
This template is fully customizable therefore you can use it in the same format or make changes according to your organization needs and requirements. Start by entering your company name and logo on the top of template. This is to make it worthy for the meetings and discussions as well.
Give a proper heading to your template like, “product feature competitive analysis” or “excel worksheet competitive analysis template”.
Product feature, categories and leaders
Product feature category 1 leader- start hitting the product features of this category in this column. Go down and fill the most important features of this product. This to make effective comparison with the competitor’s products features.
Product feature category 2 leader & product feature category 3 leader- fill the features for both of products in specific category here. Not only you are able to make comparison with your competitor, in fact you have a room for improving your products quality as well.
Product- this column of the template is allocated for the purpose of allowing you to enter the product name. The features mentioned in the column 1 now start adding the products in this column.
Enter the “leader” for the products for which your product holds the best features among rest.
Column 3 & column 4
Competitor 1 & 2
It is time to enter the name of the top competitors in the heading. Now start adding the features of the product in the column 3 & 4.
Column 4, 6 & 7
Now fill these columns in the same way like the previous ones. At the end you are able to make comparison of your product with top 5 competitors in the market.
Now download product competitive analysis template excel, and complete your marketing strategy. If you want more template like competitive strategy, product sales/purchase analysis, than comment us.