A competitor SWOT analysis allows the management of your business to have an idea about the position of the company within the marketplace. Through this document, it will be easier to point out the action plans that the business can do for it to be at par or even better when compared to its direct competition.
As a part of the framework of competitor analysis, a SWOT analysis worksheet helps the business become more thorough when looking into the factors that can drive the market shares of your business and its competition. Hence, having a competitor SWOT analysis can give you a higher potential of creating sound and effective business-related decisions.
We have come up with a list of different kinds of competitor SWOT analysis examples. Download any of these examples and browse through its content for you to be guided when it is already your turn to create your business’s competitor SWOT analysis.
A SWOT analysis is a business tool that is commonly used for internal functions. However, what you need to know is that a SWOT analysis can also be used to identify the strengths and weaknesses of your competition. With the help of this document, you can be more aware of the factors that contribute to the successes and failures of your business’s and your competitors’s performance. You may also see how to prepare SWOT analysis for business.
Listed below are some of the reasons why your business needs a competitor SWOT analysis.
1. A competitor SWOT analysis can help you get your desired return of investments, or even better.
The continuous analysis of your competitor’s strengths and weaknesses as well as the threats and opportunities that they are facing can help you identify the trends when it comes to their activities in the long run. This will be very helpful when it comes to the development of countermeasures that will allow you to still retain your current audience while getting the attention of your prospective customers. You may also like why every business needs a good SWOT analysis.
2. A competitor SWOT analysis will guide your business when it comes to proper market positioning. It is essential for you to be aware of what your competitors can offer so that you can properly identify the market position where your business can fit accordingly. This can help you present your business as an alternative or even a greater option which can widen both your market reach and market hold. You may also check out manager SWOT analysis examples.
3. A competitor SWOT analysis can give your business the power to immerse in an effective decision-making process. The ability to know how your competitor maneuvers in the marketplace can make your business take a step ahead. With helpful details about how your competitors face challenges and grab opportunities, you can create programs and activities that can make your business more relevant. You might be interested in how to use SWOT analysis to build market research plan.
Timing plays a vital role when it comes to incorporating the results of your competitor SWOT analysis with the action plans that you will implement.
4. A competitor SWOT analysis can also help your business assess its internal operations.
If you already know the points of comparison between you and your competition, it will be faster for you to get the idea of which competitive advantage to use and which weaknesses to develop. You can measure the strengths of your business in a different manner already as you are also considering external factors and elements. This is a great way for you to have a clear view of the overall market movement and condition. You may also see personal SWOT analysis in PDF.
5. A competitor SWOT analysis can give you the ability to prioritize your business and corporate actions. With the help of this document, you can list down all the threats that your business can get from your competitors.
Since you are already knowledgeable of what they can do and what they can offer at a given time frame, then you can already specify the severity of each threats coming from them as well as the opportunities that you can have when looking into their weaknesses. You may also like hotel SWOT analysis examples.
6. A competitor SWOT analysis, like your own business SWOT analysis, can also directly present the weaknesses of your management and operations. Using a competitor SWOT analysis can give the answers that you need about the lackluster performance of your product launch, the drivers that make your target audience choose your competitor, and the reasons why other businesses are more trusted by a bigger chunk of the market place.
Through this, you can already create action plans and strategies that can help you make your business relevant and more profitable.
Being able to understand the competition’s strengths can make your business successfully come up with ideas, programs, and plans that can be used to attract more individuals or even groups within the marketplace. When identifying the strengths of your competitors through the usage of a detailed SWOT analysis, here are some of the main points that you should look into:
1. Be aware of the reasons why customers, clients, and/or consumers tend to acquire the services of the competition or practice their purchasing power for the products that your competitors offer. Allow the objective comparison of the strengths of the competitor together with your strengths to exist so you can see the differences with how you execute activities and offer products and/or services. You may also see HR SWOT analysis examples.
2. Have an idea about the pricing strategy of the competition and compare it to yours. Low pricing does not always mean that more people will choose the product as factors like quality, product content, and overall product presentation also matter. You may also like hospital SWOT analysis examples.
With this, you have to know how the pricing strategy of your competition relate to target customers and tactics when it comes to product or service pricing affect the profitability and sales of the competition.
3. Assess the current condition of the relationship of your competitors with the customers. You need to have an idea about the offers, special treatments, and customer service quality that they provide which your company cannot or is still not giving. With this, you can understand the reason why your competitor can sell their offers better than yours. You may also check out critical analysis examples.
4. Know the operational strengths of your competitors. Are the employees of the competition well-trained? Do they have a good work flow? Are they following a particular operational standard that allows them to stand out within the market? Answering these questions can help you identify the reasons why your competitor is the business of choice. You might be interested in impact analysis examples.
5. Evaluate the market share of your competitors. Are they dominant players in the marketplace? The percentage of the people who support your competitors and the people that choose your business must be compared. With this, you can see the gap that must be filled so you can also be at the level where your competitors are at within the marketplace or in particular market segments. You may also see competitive analysis examples.
Just like a personal SWOT analysis, your competitor SWOT analysis must be comprehensive and multifaceted while still providing precise, direct, and relevant information. Aside from the strengths of your competitors, you also have to be aware of their weaknesses. Your business can capitalize on these weaknesses when it comes to developing programs that your competitors can have a hard time copying, replicating, or developing a version of.
Here are some of the possible weaknesses that your competitors may have that you can study or research about when creating a competitor SWOT analysis:
1. Look into the market share of your competition and see the trends of their relevance within the marketplace. Be specific when it comes to listing the duration in which their market share is either falling or stable. These can be the time frames in which you can maximize your marketing, advertising, promotional, and branding activities. You may also see company analysis examples.
2. Develop a measure where you can identify the quality of the products and/or services of your competition. Evaluate the entire offer so you can look for weak areas or loopholes that you can address when offering your own products and/or services. You may also like industry analysis examples.
3. Identify the touch points that your competitors use when it comes to customer communication and interaction. Know the digital processes, technological advancement, and electronic data sharing that your competitors resort to so you can see the lapses with how they relay their message to their target audience. You may also check out organizational analysis examples.
4. Be aware of how your competitors position their businesses within the marketplace.
Are they market followers who just copy trends? Are they industry leaders that dictate what is in trend? Or are they the challengers who always like to put up products and/or services that can be directly compared to the competitions’? The movement and characteristics of your competitors must be reviewed accordingly so you can have an idea on how you can use their weaknesses for the betterment of your business. You might be interested in market analysis examples.
From hotel SWOT analysis for competitive advantage up to medical competitor SWOT analysis, there are various competitor SWOT analysis that can be done depending on the industry where your business belongs or the corporate practices that you execute on a daily basis for your operations. Some of the tips that you can refer to and look into when developing and using a competitor SWOT analysis include the following:
1. Create a competitor profile so you can already have an idea about the entity that you will be evaluating. This can present a ground work in which the competitor SWOT analysis will be based from. You can have additional details that can make your findings more elaborate with the help of surveys, customers questionnaires, and market researches. You may also see factor analysis examples & samples.
2. Do not forget to determine the opportunities that your business can get from having a competitor SWOT analysis at hand. These opportunities are actually the results of the lapses, weaknesses, and mistakes of your competition. This is the reason why you always have to be on the lookout for what is happening within the marketplace. You may also like customer analysis examples.
As an example, if a new product launch of the competition fails due to the poor quality of its offers, then you can use it as a window for you to present the quality, benefits, and advantages of your products.
3. It will be best if you will use the point of view of customers at certain areas of the competitor SWOT analysis. Though you also have to consider the operational and management side of the transaction, you should also understand the reasons why customers react or behave the way they do. You may also check out project analysis examples.
The relevance of your offers to the activities of the target customers are essential, which is why you have to be aware on how your competitors get the attention and trust of your desired market.
Refresh your marketing strategies, tactics, and business action plans. Create a competitor SWOT analysis that can help you focus on one of the major external factors that can affect your business operations and the business of your company or establishment in the market. You might be interested in free analysis examples.
Use our downloadable examples as your references and begin the development of an outstanding competitor SWOT analysis.