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Purpose
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The purpose of the competitor analysis tool is to identify where threats and opportunities are. You need to know your competition to know what leads are seeing when they are gaining awareness and are considering your product or service. Additionally, once complete, you'll see your business plotted against competitors on a chart and it's a really nice tool to align teams with where you are and where you want to go. This helps identify potential market disruption by reguarly reviewing to ensure you keep innovative.
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Instructions
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Review the heading at the top and determine if any need edits.
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If you want to edit the drop down menus, go to data validation, choose list and update the list of items you see.
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To update the chart, it's a scatter chart. There are fields at the bottom to change. Some have formulas, don't edit the formulas, follow the guidelines for min and max. If you're unsure, type a value in and see what it does to the chart to test first.
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The goal of the chart is to place yourself against competitors so yes, grady your own business unbiased. In the example, I used overall quality and value. You could name this anything and score 1 to 10. Bonus points if you have a method to it, but it can be subjective based on findings. I suggest using ChatGPT to assist. 10 should be the highest score.
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I recommend capping this at 10 competitors to keep it manageable. This is an exercise you should do periodically.
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If you're not sure who your competitors are, use the choosing competitors notes tab.
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Additionally, I like to go through products and include screenshots of onboarding, emails, etc. to assign a visual to the product so if you link to the website it's helpful but add tabs if you want to snapshot anything memorable.
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