How to create a winning competitor panel
Posted: Tue Jan 07, 2025 5:01 am
One of the first lessons entrepreneurs learn in business school is that competition is not the enemy. Surprising, right?
Sure, your biggest competitors may seem like a pain at times, but competition keeps us on our toes. It forces us to constantly compare data, refine our products and marketing strategy, and — bonus — it can even mean a better deal for customers.
But more importantly, a lack of competition can mean there are no customers to fight for.
This obsession with specific competitors is necessary to become a successful company.
Fortunately, there is an effective way to keep track that won't keep you up at night: monitoring tools that review sites and a competitor panel.
In this article, we'll explore how you can create a competitor panel and cover some best practices for using them effectively.
What is a competitor dashboard?
A competitor dashboard is a dynamic, real-time document that tracks all the key details, insights, and metrics about your competitors.
When you have a well-maintained competitor dashboard, your entire company has a front-row seat to the action outside. An effective competitor dashboard helps you react switzerland number data more quickly to market events, stay competitive in your space, and make smarter business decisions.
Read also: Beginner's Guide to ClickUp Dashboards (with 15 Use Case Examples)
Key components of a competitor dashboard
A good competitor dashboard doesn’t just dump data on you; it gives you visuals. Charts, tables, and data maps provide quick, digestible insights so teams can make informed decisions without having to dig through pages of data.
These are the essential components of a winning competitor panel.
1. Competitor profiles
The heart of any dashboard is a detailed profile of each key competitor. Everything from company history to product breakdowns to revenue estimates. Think of it as a dossier on your top industry rivals, ready whenever you need to get into their strategic minds.
2. Market position
This section gives you a clear, real-time view of how your competitors are positioning themselves. Are they targeting specific industries? Are they focusing on customer experience? Are they highlighting best-in-class features? Having this information at a glance helps you spot gaps or overlaps and fine-tune your messaging to stand out.
3. Comparison of products and functions
Product and feature comparisons allow you to track who offers what. This way, your teams can see where you are leading, where you are lagging, and where the market might be headed.
Also Read 10 Free Software & Product Comparison Templates in Excel, Word, & ClickUp
4. Price and promotion tracking
Keeping tabs on competitors' prices and promotions means you're not caught off guard by sudden discount campaigns or price changes. This component helps both marketing and sales teams stay competitive by fine-tuning their launches and campaigns.
5. Customer sentiment analysis
Take the pulse of what customers really think of you and your competitors. This analysis gathers feedback from reviews, social media, and forums, and shows you what's resonating with customers and what's raising eyebrows, so you can stay in tune with market expectations.
6. SWOT Analysis
This classic breakdown (Weaknesses, Threats, Strengths, and Opportunities) of each competitor makes it easy to see their weak points and untapped areas for potential growth. A well-updated SWOT analysis is an instant action plan for the sales and product team to exploit any vulnerabilities. If you're having trouble getting started and structuring your analysis, try getting started with SWOT Analysis Templates .
7. Performance parameters
Track competitor KPIs such as web traffic, social media engagement, and brand mentions. It's like having a scoreboard in the background to know exactly where you stand in the market.
8. Profit and loss analysis
Knowing why you are winning (or losing) against a competitor is crucial information. This component allows the sales team to track the competition’s wins and losses, revealing which proposals, features, or objections have broken the deal and which have closed it.
In addition to these basics, it's also good to have a continuous feed of news articles, press releases, and industry developments around your competitors attached to your dashboard, so you're always up to date with their antics and tactics.
Sure, your biggest competitors may seem like a pain at times, but competition keeps us on our toes. It forces us to constantly compare data, refine our products and marketing strategy, and — bonus — it can even mean a better deal for customers.
But more importantly, a lack of competition can mean there are no customers to fight for.
This obsession with specific competitors is necessary to become a successful company.
Fortunately, there is an effective way to keep track that won't keep you up at night: monitoring tools that review sites and a competitor panel.
In this article, we'll explore how you can create a competitor panel and cover some best practices for using them effectively.
What is a competitor dashboard?
A competitor dashboard is a dynamic, real-time document that tracks all the key details, insights, and metrics about your competitors.
When you have a well-maintained competitor dashboard, your entire company has a front-row seat to the action outside. An effective competitor dashboard helps you react switzerland number data more quickly to market events, stay competitive in your space, and make smarter business decisions.
Read also: Beginner's Guide to ClickUp Dashboards (with 15 Use Case Examples)
Key components of a competitor dashboard
A good competitor dashboard doesn’t just dump data on you; it gives you visuals. Charts, tables, and data maps provide quick, digestible insights so teams can make informed decisions without having to dig through pages of data.
These are the essential components of a winning competitor panel.
1. Competitor profiles
The heart of any dashboard is a detailed profile of each key competitor. Everything from company history to product breakdowns to revenue estimates. Think of it as a dossier on your top industry rivals, ready whenever you need to get into their strategic minds.
2. Market position
This section gives you a clear, real-time view of how your competitors are positioning themselves. Are they targeting specific industries? Are they focusing on customer experience? Are they highlighting best-in-class features? Having this information at a glance helps you spot gaps or overlaps and fine-tune your messaging to stand out.
3. Comparison of products and functions
Product and feature comparisons allow you to track who offers what. This way, your teams can see where you are leading, where you are lagging, and where the market might be headed.
Also Read 10 Free Software & Product Comparison Templates in Excel, Word, & ClickUp
4. Price and promotion tracking
Keeping tabs on competitors' prices and promotions means you're not caught off guard by sudden discount campaigns or price changes. This component helps both marketing and sales teams stay competitive by fine-tuning their launches and campaigns.
5. Customer sentiment analysis
Take the pulse of what customers really think of you and your competitors. This analysis gathers feedback from reviews, social media, and forums, and shows you what's resonating with customers and what's raising eyebrows, so you can stay in tune with market expectations.
6. SWOT Analysis
This classic breakdown (Weaknesses, Threats, Strengths, and Opportunities) of each competitor makes it easy to see their weak points and untapped areas for potential growth. A well-updated SWOT analysis is an instant action plan for the sales and product team to exploit any vulnerabilities. If you're having trouble getting started and structuring your analysis, try getting started with SWOT Analysis Templates .
7. Performance parameters
Track competitor KPIs such as web traffic, social media engagement, and brand mentions. It's like having a scoreboard in the background to know exactly where you stand in the market.
8. Profit and loss analysis
Knowing why you are winning (or losing) against a competitor is crucial information. This component allows the sales team to track the competition’s wins and losses, revealing which proposals, features, or objections have broken the deal and which have closed it.
In addition to these basics, it's also good to have a continuous feed of news articles, press releases, and industry developments around your competitors attached to your dashboard, so you're always up to date with their antics and tactics.