Businessplan Online

Competitive Analysis

Analyzing competitors is an essential part of your business plan. In this section, you describe your main competitors, including their names, a brief description, their market positioning, and their ranking among your competitors. It is also important to highlight the relationship between their offerings and your own products, as well as the target audiences they serve and the methods they use to reach those audiences. Below is an expansion of these elements:

Identify the competitors active in your market and provide a brief description of their company and activities. Also mention the strengths and weaknesses you have identified during your competitive analysis. These may include aspects such as product quality, pricing, customer service, distribution channels, or brand reputation.

You may also compare your competitors’ offerings to your own: Provide an overview of the products and services offered by your competitors and compare them to your own. Identify similarities and differences, and highlight how your products are different. This could relate to unique features, quality, pricing, or other factors relevant to your target audience.

You may also describe your competitors’ target audiences and their approach: Analyze the audiences served by your competitors and explain how they approach them. This could include marketing strategies, communication channels, customer relationships, or specific segmentation criteria. Emphasize how your target audience compares to theirs and what opportunities or challenges this presents.

Positioning of the competitors: Discuss how your competitors are positioned in the market and how they present themselves. This includes elements like brand image, values, unique selling points, or their reputation. Compare their positioning with your own and identify overlapping or distinguishing elements. This helps you understand how to differentiate and strengthen your position in the market.

Analyzing competitors offers valuable insights for shaping your own strategy and enhancing your competitive advantage. By mapping out key competitors, their offerings, audiences, and positioning, you can make targeted strategic decisions to stand out and succeed in the market.