How to Conduct Your Competitive Analysis

A competitor analysis is a comprehensive study and analysis of a company's competitors. Factors that are studied include company-specific details, their target customer, product-specific details, and their positioning in the market. A competitor analysis can be conducted on established competitors as well as new or future competitors.

Business owners and marketers in particular use competitor analyses to study their competitor's strengths and weaknesses. It is useful for identifying opportunities to exploit, as well as understand why competitors are successful in a certain area and how you can learn from their strengths.

How to make a competitive analysis diagram easily? Using EdrawMax to create your own competitive analysis diagram.

Step 1: Open EdrawMax desktop software or EdrawMax web-based application.

Step 2: Navigate to [New]>[Analysis Canvas]>[Business Analysis]

Step 3: Select one competitive analysis template to edit on it or click the [+] sign to start from scratch. Also, you can use massive competitive analysis symbols and elements from libraries in left menu to customize your competitive analysis diagram.

Step 4: Once finished your creation, you can export the file in multiple formats, including Graphics, PDF, editable MS Office file, SVG and Visio vsdx file.

Step 5: Besides, you can share your diagram with others via social media and web page. Or publish your diagram in EdrawMax template gallery to show your work with others.

Example1: Spotify Competitive Analysis Canva

Here is an example of an analysis conducted for competitors of Spotify. While there are a good deal of music streaming platforms that fit into this category, this example focuses on Deezer. It includes a variety of information that Spotify executives will find to be useful, including Deezer’s business model, financial information, size, and products/services.

Example2: Competitors Competitive Analysis Canva

Here is an example of an analysis conducted on competitors of a Photo & Video company. By understanding what your competition is like, you can get a better idea of what your own company’s chances of establishing itself in the market is like, and how much investment needs to be made in order to reach a competitive level.

In addition, understanding what your competition’s strategy is like will help inform your own strategy when it comes to branding.

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According to this article, there are mainly four parts to illustrate what is competitive analysis, to tell you how to create competitive analysis diagrams, to show you some competitive analysis examples, and to tell you how to conduct competitive analysis. A competitive analysis can help businessmen understand why their competitors are successful.

EdrawMax is an easiest all-in-one diagramming tool, you can create competitive analysis diagrams and any other type diagrams with ease! With substantial competitive analysis symbols and cliparts, conducting competitive analysis could be as simple as possible. Also, it supports to export your work in multiple formats and share your work with others. Get started to conduct your competitive analysis now!