Competitor Analysis Template for 2023

Competitor Analysis Template for 2023

How Do You Stack Up on Measures that Matter to Consumers Right Now?

The US economy and marketplace are entering a period of flux. Standard SWOT analyses might not be enough to win against the competition. This 2023 update builds on the three key questions in our Competitor Analysis Template. Insight to Action helps your brand navigate changing consumer attitudes and behavior, no matter how the market moves.

Conflicting Consumer Outlooks that Affect a Competitor Analysis Template

Research indicates that we’re returning to a sort of “hunker-down” mentality reminiscent of the Great Recession. Consumers are responding to inflation and ongoing supply challenges, with even Amazon founder Jeff Bezos cautioning against big-ticket purchases. Audience insights firm GWI reports that 51% of Americans believe the US economy will worsen in the next six months. Confidence in personal finances is also sliding.

Competitor Analysis Template for 2023

What’s different from 2008, though, is that consumers still feel like “breaking free” from COVID-era restrictions. They missed out on years of experience with family, friends and travel and keenly feel the need to make up for what was lost.

These conflicting outlooks drive a significant block of consumers to focus on what really matters in life. Now is not the time to count on the rampant consumerism we saw at the height of the pandemic (when stimulus checks and stress drove spending).

Our competitor analysis template highlights three areas of focus for this next stage of the market:

  1. Making Connections
  2. Don’t Bank on Status
  3. But What About Me?

Competitor Analysis Template Focus 1:
Making Connections

Brands that connect deeply with customers have always performed better than commoditized competitors. In 2023, the main measure that matters to consumers will be making connections—with family, friends and (possibly) brands.

Making Connections: How Competitors Stack Up

Brands that MatterBrands that Don’t
Coca-Cola: Together Tastes Better
Apple: Give WOW
Warner Bros: Entertaining the World
Chase: Helping You Make the Most of Your Money

Competitor Analysis Template Focus 2:
Don’t Bank on Status

Consumers who are “getting back to the basics” let status and reputation slide a bit. All of GWI’s measures of self-perception declined year-over-year, indicating less of an inclination to “show off.”

Competitor Analysis Template for 2023

Luxury brands that target mid-level consumers better take note. We don’t see the success of status symbols on the near-term horizon:

“Since mid 2021, there’s been an 8% drop in the number of consumers who want brands to be ‘exclusive,’ which means that some high-end brands won’t be able to rely on their logo as much as they used to.”

Making Connections: Don’t Bank on Status

Brands that MatterBrands that Don’t
Walmart: Save Money. Live Better
OnePlus Smartphones: Never Settle. Relentless Innovation Defines Who We Are
Victoria’s Secret: The World’s Most Famous Bras
Dom Perignon: Lady Gaga Rosé Vintage

Competitor Analysis Template Focus 3:
But What About Me?

The top 10 list of what consumers want brands to do hasn’t changed over the last three years. But the shift in priorities is telling.

Competitor Analysis Template for 2023

Socially-minded priorities dropped places, while consumer-focused priorities gained. The top two consumer desires for 2023:

  1. Listen to feedback
  2. Improve your day-to-day life

Consumers want brands to re-focus on the customer (while maintaining high quality progress on other measures).

Making Connections: But What About Me?

Brands that MatterBrands that Don’t
Amazon: Earth’s Most Customer-Centric Company
Discount Tire: Let’s Get You Taken Care Of
Wells Fargo: Diversified, Community-Based Financial Services Company
United Airlines: 80,000+ Hero Characters on a Mission to Make the World a Safer, Greener, More Inclusive, More Fascinating Place

As we head into a new year, brands need to keep focus on what matters to consumers, with high-end customer service, good value for the price and facilitating connections. This competitor analysis template will help your brand thrive, when others may not.

Check out our Competitor Analysis Resources for more insights, and sign up for an Office Hours event with Insight to Action experts.