Analysis Of Competitors In Business Plan

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Here is an easy way to categorize sellers in your industry: As you conduct your research, keep things organized in a spreadsheet or database.

To start, track the basics; name of store, location, mission statement (if they have one), product offering, strengths and weaknesses of their business, and category of competition.

That’s the only way to get an accurate picture of how your target customers rate the competition.

In your report, you could arrange your SWOT analysis in a simple list, but it can be helpful to use color-coded quadrants, like the competitor analysis example below.

Starting with a pre-designed competitor analysis template, like the one below, takes almost all of the design work out of the mix so you can focus on the content (while still impressing your stakeholders).

If you take a look at the competitor analysis template below, you might notice that the designer has switched up the layout from page to page, but many of the other design elements are kept consistent.

Note how each quadrant is paired with an icon: After summarizing your strengths, weaknesses, opportunities, and threats, it’s time to look at the bigger picture.

It’s time to figure out where every major competitor currently fits into the competitive landscape.

Your ultimate goal at this stage should be to cast a wide net and get a comprehensive view of the competitive landscape.

As you find competitors, you’ll want to categorize them into various levels, from direct competitors to businesses that don’t currently compete with you, but could easy pivot.

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