{"id":8492,"date":"2019-01-02T20:38:09","date_gmt":"2019-01-02T20:38:09","guid":{"rendered":"https:\/\/www.growthink.com\/?page_id=8492"},"modified":"2025-09-18T09:47:53","modified_gmt":"2025-09-18T09:47:53","slug":"business-planning-competition-good","status":"publish","type":"page","link":"https:\/\/www.growthink.com\/businessplan\/help-center\/business-planning-competition-good","title":{"rendered":"How to Write a Competitive Analysis for a Business Plan + Example"},"content":{"rendered":"<style>\nul>li {\n        padding-bottom: 20px;\n    }\nol>li {\n        padding-bottom: 20px;\n    }\n<\/style>\n<style>\n.btn-right {\n  background-color: #294961;\n  border: none;\n  color: white;\n  padding: 10px 20px;\n  text-align: center;\n  text-decoration: none;\n  display: inline-block;\n  font-size: 17px;\npadding:16px 31px;\n  border-radius: 8px;\n  margin: 14px 2px;\n  cursor: pointer;\n}<\/p>\n<p>.btn-right:hover {\n      background-color: #005900;\n      color: white;\n}\n@media only screen and (max-width: 480px){\n    .btn-right{\n      max-width:600px !important;\n      width:100% !important;\npadding:8px;\nfont-size:11px;\n    }\n<\/style>\n<p data-pm-slice=\"1 1 []\">If you are <a href=\"https:\/\/www.growthink.com\/how-to-write-a-business-plan\" rel=\"noopener noreferrer\">writing a business plan<\/a>, hopefully by this point you\u2019ve <a href=\"https:\/\/www.growthink.com\/businessplan\/help-center\/how-to-do-market-research-for-your-business\" rel=\"noopener noreferrer\">conducted thorough market research<\/a> to identify industry trends and the target audience for your business. Now it\u2019s time to conduct a competitive analysis. This section is included in virtually every <a href=\"https:\/\/www.growthink.com\/products\/business-plan-template\" rel=\"noopener noreferrer\">simple business plan template<\/a>, and the information you include will depend on several factors such as how many competitors there are, what they offer, and how large they are in comparison to your company.<\/p>\n<p align=\"center\"><button class=\"btn-right\" onclick=\" window.open('https:\/\/businessplantemplate.growthink.com\/plan\/?utm_source=business-planning-competition-good&#038;utm_medium=growthink&#038;utm_campaign=seo','_blank')\">Download our Ultimate Business Plan Template here\u2014><\/button><\/p>\n<h2><strong>What is a Competitive Analysis?<\/strong><\/h2>\n<p>A competitive analysis is a type of market research that identifies your competitors, their strengths and weaknesses, the business strategies they are using to compete with you, and what makes your business unique. Before writing this section it\u2019s important to have all the information you collected during your market research phase. This may include market data such as revenue figures, cost trends, and the size of the industry.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Why Do You Need a Competitive Analysis?<\/strong><\/h2>\n<p>In this section of your business plan, you need to provide an overview of your business competitors.<\/p>\n<p>This is important since readers want to know 1) you understand your competitive environment, and 2) have competitive advantages that will allow your own business to succeed.<\/p>\n<p>If you are planning to raise capital, the investor will require a business plan that includes the competitive analysis section. When entrepreneurs tell investors they have no competition, it often raises a red flag. This is because if there\u2019s no competition, it signals that a market does not exist. Sometimes competition is indirect. For instance, when washing machines were invented, while there were no direct competitors (other washing machine brands), there was indirect competition (consumers manually washing their clothing).<\/p>\n<p>This section will also come in handy if your company is considering increasing prices or adding new products and services. You can use the information you find to determine how well-positioned your business is to perform in the competitive landscape.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>How To Conduct a Thorough Competitive Analysis<\/strong><\/h2>\n<p>A comprehensive competitive analysis involves the following three steps:<\/p>\n<ol>\n<li><a href=\"#identifyyourcompetition\" rel=\"noopener noreferrer\">Identify Your Competition<\/a><\/li>\n<li><a href=\"#selectappropriatecompetitors\" rel=\"noopener noreferrer\">Select the Appropriate Competitors to Analyze<\/a><\/li>\n<li><a href=\"#determinecompetitiveadvantage\" rel=\"noopener noreferrer\">Determine Your Competitive Advantage<\/a><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h3 id=\"identifyyourcompetition\" style=\"padding-top: 130px;  margin-top: -130px;\"><strong>1. Identify Your Competition<\/strong><\/h3>\n<p>To start, you must align your definition of competition with that of investors. Investors define competition as to any service or product that a customer can use to fulfill the same need(s) as the company fulfills. This includes companies that offer similar products, substitute products, and other customer options (such as performing the service or building the product themselves). Under this broad definition, any business plan that claims there are no competitors greatly undermines the credibility of the management team.<\/p>\n<p>When identifying competitors, companies often find themselves in a difficult position. On one hand, you may want to show that the business is unique (even under the investors\u2019 broad definition) and list few or no competitors. However, this has a negative connotation. If no or few companies are in a market space, it implies that there may not be a large enough base of potential customers to support the company\u2019s products and\/or services.<br \/>\n<center><\/p>\n<div class=\"relatedpost\" style=\" width:85%; background-color: #e6e6ff ;  padding-bottom:0px\">\n<p id=\u201ccta\u201d><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\" fill=\"currentColor\" class=\"bi bi-exclamation-circle-fill\" viewBox=\"0 0 16 16\">\n  <path d=\"M16 8A8 8 0 1 1 0 8a8 8 0 0 1 16 0zM8 4a.905.905 0 0 0-.9.995l.35 3.507a.552.552 0 0 0 1.1 0l.35-3.507A.905.905 0 0 0 8 4zm.002 6a1 1 0 1 0 0 2 1 1 0 0 0 0-2z\"\/>\n<\/svg>   <b>Finish Your Business Plan Today!<\/b><\/p>\n<p>If you\u2019d like to quickly and easily complete your business plan, download <a href=\"https:\/\/businessplantemplate.growthink.com\/plan\/?utm_source=business-planning-competition-good&#038;utm_medium=growthink&#038;utm_campaign=seo\" target=\"_blank\" re=\"nofollow\">Growthink\u2019s Ultimate Business Plan Template<\/a> and complete your plan and financial model in hours.<\/div>\n<p><\/center><\/p>\n<h3 id=\"selectappropriatecompetitors\" style=\"padding-top: 15px;\"><strong>2. Select the Appropriate Competitors to Analyze<\/strong><\/h3>\n<p>Once your competition has been identified, you want to consider selecting the most appropriate competitors to analyze. Investors will expect that not all competitors are \u201capples-to-apples\u201d (i.e., they do not offer identical products or services) and therefore will understand if you choose only companies that are closest in nature. So, you must detail both direct and, when applicable, indirect competitors.<\/p>\n<h4><strong>Direct Competitors<\/strong><\/h4>\n<p>Direct competitors are companies that fill the same customer need you do with the same or a similar solution. They serve the same potential customers with similar products and services. For example, direct competitors of a pizza shop would be other local pizza shops. <\/p>\n<p>If you sell your products or services online, your direct competitors would also include companies whose website ranks in the top 5 positions for the same target keyword on Google. For example, if you are a home-based <a href=\"https:\/\/www.growthink.com\/businessplan\/help-center\/candle-making-business-plan\" rel=\"noopener noreferrer\">candle-making company<\/a>, you would consider direct competitors to be other candle makers that offer similar products at similar prices. Online competitors would also include companies who rank for the following keywords: \u201chomemade candles\u201d, \u201chandmade candles\u201d, or \u201ccustom candles.\u201d<\/p>\n<p>Detail your direct competitors. What products\/services do they offer? At what price points?<\/p>\n<h4><strong>Indirect Competitors<\/strong><\/h4>\n<p>Indirect competitors are those that serve the same target market with different products and services or a different target market with similar products and services. They fill the same customer need you do with a different solution. For example, a supermarket that sells frozen pizzas would be an indirect competitor to a pizza shop.<\/p>\n<p>In some cases, you can identify indirect competitors by looking at alternative channels of distribution. For example, a small business selling a product online may compete with a big-box retailer that sells similar products at a lower price.<\/p>\n<p>Detail your indirect competitors. What products\/services do they offer? At what price points? Use the same 9-point checklist mentioned above for direct competitors.<\/p>\n<h4><strong>Analyze Competitors<\/strong><\/h4>\n<p>After selecting the appropriate competitors, you must conduct primary and secondary research on them to learn more about how they are conducting their business and what drives customers to purchase from them. Here are some methods you can use to learn more about your competitors:<\/p>\n<h5><strong>Primary Market Research Methods<\/strong><\/h5>\n<ul>\n<li><strong>Customer Interviews:<\/strong> Directly ask customers about their preferences, needs, and perceptions of your competitors.<\/li>\n<li><strong>Surveys:<\/strong> Gather quantitative data on customer satisfaction, brand awareness, and perceived value.<\/li>\n<li><strong>Focus Groups:<\/strong> Facilitate discussions among a group of customers to gain insights into their decision-making processes.<\/li>\n<li><strong>Mystery Shopping:<\/strong> Conduct undercover shopping experiences to assess competitor&#8217;s customer service, product quality, and pricing.<\/li>\n<\/ul>\n<h5><strong>Secondary Market Research Methods<\/strong><\/h5>\n<ul>\n<li><strong>Industry Reports:<\/strong> Analyze reports from market research firms to identify market trends, challenges, and opportunities.<\/li>\n<li><strong>Business Websites:<\/strong> Gather information on products, services, pricing, marketing strategies, and customer reviews.<\/li>\n<li><strong>Social Media Monitoring:<\/strong> Track competitor&#8217;s social media activity to gauge brand perception and customer engagement.<\/li>\n<li><strong>News Articles and Press Releases:<\/strong> Stay updated on competitor&#8217;s recent news, acquisitions, and strategic partnerships.<\/li>\n<li><strong>Financial Reports:<\/strong> Analyze competitor&#8217;s financial performance to assess their strengths and weaknesses.<\/li>\n<\/ul>\n<p>With these primary and secondary research methods, you can gain a comprehensive understanding of your competitive landscape and develop effective strategies to differentiate your business.<\/p>\n<p>For each of your primary competitors, <a href=\"https:\/\/www.growthink.com\/how-to-create-a-swot-analysis\" rel=\"noopener noreferrer\">perform a SWOT Analysis<\/a> and create a competitive matrix to identify their strengths and weaknesses, market presence, compare product features, and more, and identify opportunities where your business can succeed. <\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.growthink.com\/wp-content\/uploads\/SWOT-Analysis-Template-300x300.png\" alt=\"SWOT Analysis Template\" \/><\/p>\n<p>For each of your main competitors, you should research the following information:<\/p>\n<ol>\n<li>Competitor Name<\/li>\n<li>Competitor Overview (company history; how long have they been operating)<\/li>\n<li>Product and\/or Service Offerings<\/li>\n<li>Pricing Strategy<\/li>\n<li>Revenue Streams<\/li>\n<li>Estimated Market Share<\/li>\n<li>Location(s)<\/li>\n<li>Target Customers (Service and Market Segment)<\/li>\n<li>Sales and Marketing Tactics<\/li>\n<li>Customer Reviews<\/li>\n<\/ol>\n<p>By understanding what your competitors offer and how customers perceive them, you can determine your company\u2019s competitive advantage against each competitor.<\/p>\n<p>&nbsp;<\/p>\n<h3 id=\"determinecompetitiveadvantage\" style=\"padding-top: 130px;  margin-top: -130px;\"><strong>3. Determine Your Competitive Advantage<\/strong><\/h3>\n<p>In this part of your competitive analysis, you need to detail the reasons your business is in a competitive position to outperform both direct and indirect competitors, and how the company\u2019s business model creates barriers to entry. \u201cBarriers to entry\u201d are reasons why it would be difficult for new companies to enter into or compete in the same market.<\/p>\n<p>For instance, you may have a patent that provides value to your customers and makes them less likely to switch suppliers, which protects your business from potential competitors. Or, you may have more resources than the competition and thus be able to provide superior customer service.<\/p>\n<p>Below is a list of areas in which you might have competitive edge or advantage. Review each and expand upon the relevant ones:<\/p>\n<ul>\n<li><strong>Size of the Company<\/strong> \u2013 Large companies have more resources and can usually offer lower prices than smaller businesses. This is a significant barrier to entry, as starting a small business and competing with a larger company may be difficult.<\/li>\n<li><strong>Product or Service Differentiation<\/strong> \u2013 If your product or service is unique in some way, this will make it less likely that customers will switch to a competitor.<\/li>\n<li><strong>Experience &amp; Expertise<\/strong> \u2013 Experience and knowledge are valuable attributes that can help differentiate you from the competition.<\/li>\n<li><strong>Location <\/strong>\u2013 If you are located in an area where there is high demand for your product or service, this can be a barrier to entry because competitors will not want to open new locations.<\/li>\n<li><strong>Patents &amp; Copyrights<\/strong> \u2013 Protecting intellectual property can prevent others from entering the same market and competing with your company.<\/li>\n<li><strong>Brand Recognition<\/strong> \u2013 Customers are loyal to brands they have come to trust, which protects the company from new competitors.<\/li>\n<li><strong>Customer Service<\/strong> \u2013 Providing excellent customer service can help you retain customers and prevent them from switching suppliers.<\/li>\n<li><strong>Lowest Cost Offerings <\/strong>\u2013 If you can offer a lower price than your competitors, this makes it more difficult for them to compete with you.<\/li>\n<li><strong>Technology<\/strong> \u2013 New technology that enables you to provide a better product or service than your competitors can be an advantage.<\/li>\n<li><strong>Strategic Partnerships &amp; Alliances <\/strong>\u2013 Collaborating with a company that your customers want to work with can help keep them from switching.<\/li>\n<li><strong>Human Resources<\/strong> \u2013 If you have a highly skilled and talented workforce, it can be difficult for competitors to find and employ the same skills.<\/li>\n<li><strong>Operational Systems<\/strong> \u2013 Strong operational systems that lead to greater efficiencies can protect your business from the competition.<\/li>\n<li><strong>Marketing Strategy<\/strong> \u2013 Investing in strong marketing strategies can make your business difficult to compete with.<\/li>\n<\/ul>\n<p>For instance, you could say that your [enter any of the bullets from above] is better than your competitors because [insert reason].<\/p>\n<p>&nbsp;<\/p>\n<div class=\"greyBG\" style=\"margin-bottom: 15px;\">???? The <a href=\"https:\/\/www.growthink.com\/businessplan\/help-center\/business-model-canvas-template\" rel=\"noopener noreferrer\">business model canvas<\/a> is a tool that can be used to map out your company\u2019s core competencies and capabilities (e.g., technology, brand recognition) and where they align to create value for your customers. By doing so, you can visualize how your company is in a better market positioning than the competition to deliver this value.<\/div>\n<p>&nbsp;<\/p>\n<h2>Competitive Analysis Example<\/h2>\n<h3><strong>The Bend Brew Shop: Competitive Analysis<\/strong><\/h3>\n<p><strong>The Bend Brew Shop<\/strong> is a new specialty coffee shop and brewery in Bend, Oregon. We offer a unique blend of high-quality coffee, craft beer, and a welcoming atmosphere. Our goal is to become a beloved local hangout, known for its exceptional beverages and friendly service.<\/p>\n<div class=\"samplesection\" style=\"margin-bottom: 15px;\">\nGiven Bend&#8217;s thriving coffee and craft beer scene, there are several direct and indirect competitors.<\/p>\n<h4><strong>Direct Competitors:<\/strong><\/h4>\n<ul>\n<li><strong>Thump Coffee Roasters:<\/strong> A local roaster known for its dark roasts and strong coffee.<\/li>\n<li><strong>Deschutes Brewery Public House:<\/strong> A popular brewery and restaurant offering a wide range of beers and food.<\/li>\n<li><strong>Boneyard Beer Pub:<\/strong> A local brewery with a strong following, particularly among beer enthusiasts.<\/li>\n<\/ul>\n<h4><strong>Indirect Competitors:<\/strong><\/h4>\n<ul>\n<li><strong>Starbucks:<\/strong> A global coffee chain with multiple locations in Bend.<\/li>\n<li><strong>McMenamins:<\/strong> A regional chain offering food, drinks, and lodging.<\/li>\n<li><strong>Dutch Bros Coffee:<\/strong> A drive-thru coffee chain with a strong local presence.<\/li>\n<\/ul>\n<p><\/br><\/p>\n<h4><strong>SWOT Analysis<\/strong><\/h4>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Competitor<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\"><strong>Strengths<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\"><strong>Weaknesses<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\"><strong>Opportunities for The Bend Brew Shop<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong><em>Direct Competition<\/em><\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">&nbsp;<\/td>\n<td colspan=\"1\" rowspan=\"1\">&nbsp;<\/td>\n<td colspan=\"1\" rowspan=\"1\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><em>Thump Coffee Roasters<\/em><\/td>\n<td colspan=\"1\" rowspan=\"1\">Strong brand recognition, high-quality coffee, knowledgeable baristas<\/td>\n<td colspan=\"1\" rowspan=\"1\">Limited food options, smaller space<\/td>\n<td colspan=\"1\" rowspan=\"1\">Offer unique food pairings with coffee, expand seating area<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><em>Deschutes Brewery Public House<\/em><\/td>\n<td colspan=\"1\" rowspan=\"1\">Strong brand recognition, diverse beer selection, full-service restaurant<\/td>\n<td colspan=\"1\" rowspan=\"1\">Can be crowded, higher price point<\/td>\n<td colspan=\"1\" rowspan=\"1\">Focus on coffee and lighter beer options, create a more intimate atmosphere<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><em>Boneyard Beer Pub<\/em><\/td>\n<td colspan=\"1\" rowspan=\"1\">Unique beer styles, strong local following, casual atmosphere<\/td>\n<td colspan=\"1\" rowspan=\"1\">Limited food options, can be crowded<\/td>\n<td colspan=\"1\" rowspan=\"1\">Collaborate on special beer releases, offer coffee-infused beer options<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong><em>Indirect Competition<\/em><\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">&nbsp;<\/td>\n<td colspan=\"1\" rowspan=\"1\">&nbsp;<\/td>\n<td colspan=\"1\" rowspan=\"1\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><em>Starbucks<\/em><\/td>\n<td colspan=\"1\" rowspan=\"1\">Strong brand recognition, consistent quality, convenient locations<\/td>\n<td colspan=\"1\" rowspan=\"1\">Perceived as corporate, less local appeal<\/td>\n<td colspan=\"1\" rowspan=\"1\">Highlight local sourcing and community involvement, offer unique drink creations<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><em>McMenamins<\/em><\/td>\n<td colspan=\"1\" rowspan=\"1\">Diverse offerings (food, drinks, lodging), unique atmosphere<\/td>\n<td colspan=\"1\" rowspan=\"1\">Can be crowded, inconsistent quality<\/td>\n<td colspan=\"1\" rowspan=\"1\">Focus on coffee and beer expertise, create a more intimate and local-focused experience<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><em>Dutch Bros Coffee<\/em><\/td>\n<td colspan=\"1\" rowspan=\"1\">Fast service, strong local following, unique drink offerings<\/td>\n<td colspan=\"1\" rowspan=\"1\">Limited seating, drive-thru focused<\/td>\n<td colspan=\"1\" rowspan=\"1\">Offer a more relaxed and inviting atmosphere, focus on high-quality coffee and beer<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/br><\/p>\n<h4><strong>Competitive Advantages<\/strong><\/h4>\n<ul>\n<li><strong>Unique Blend of Coffee and Beer:<\/strong> We offer a unique combination of high-quality coffee and craft beer, appealing to a wider range of customers.<\/li>\n<li><strong>Community-Focused Atmosphere:<\/strong> We aim to create a welcoming and inclusive space for locals and visitors alike.<\/li>\n<li><strong>High-Quality Ingredients and Expert Baristas:<\/strong> We source the finest beans and hops, and our staff is trained to create exceptional beverages.<\/li>\n<li><strong>Strong Local Partnerships:<\/strong> We collaborate with local businesses to offer unique experiences and support the community.<\/li>\n<\/ul>\n<p>By understanding our competitors&#8217; strengths and weaknesses, we can position The Bend Brew Shop to capitalize on our unique selling points and build a loyal customer base.\n<\/p><\/div>\n<p>&nbsp;<\/p>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p>The competitive landscape is one of the most important considerations in developing a business plan since it sets the stage by providing information on past and current competitors and their respective strengths and weaknesses. A strong understanding of the market landscape is needed before you can develop a business strategy for differentiating your company from the competition. Follow the above guidelines for conducting a thorough competitor analysis, and you will be well-prepared to create a winning competitive analysis section for your business plan.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"bluepost\">\n<p id=\"greencta\"><strong>Finish Your Business Plan in 1 Day!<\/strong><\/p>\n<p>Don\u2019t you wish there was a faster, easier way to finish your business plan?<\/p>\n<p>With Growthink\u2019s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!<\/p>\n<p><a href=\"https:\/\/businessplantemplate.growthink.com\/plan\/?utm_source=business-planning-competition-good&#038;utm_medium=growthink&#038;utm_campaign=seo\" target=\"_blank\" re=\"nofollow\">Click here to finish your business plan today.<\/a><\/div>\n<p><\/center><\/p>\n<h2><b>OR, Let Us Develop Your Plan For You<\/b><\/h2>\n<p>Since 1999, Growthink has developed business plans for thousands of companies that have gone on to achieve tremendous success.<\/p>\n<p>Click here to see how a Growthink<a href=\"https:\/\/www.growthink.com\/business-plan\"> business plan consultant<\/a> can create your business plan for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are writing a business plan, hopefully by this point you\u2019ve conducted thorough market research to identify industry trends and the target audience for your business. Now it\u2019s time to conduct a competitive analysis. This section is included in virtually every simple business plan template, and the information you include will depend on several [&hellip;]<\/p>\n","protected":false},"author":29277,"featured_media":15461,"parent":8361,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-8492","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Write a Competitive Analysis for a Business Plan + Example<\/title>\n<meta name=\"description\" content=\"Master the art of competitive analysis with our essential guide. 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