Competitor Analysis: template, method, and examples
A competitor analysis shouldn't just describe competitors — it should show where you can win. Here you'll find the method, a comparison matrix you can copy, Danish data sources, and the path from analysis to strategic goals.
Published · Updated · 8 min read
In short
- Map 3-6 real alternatives, including “the customer does nothing”.
- Compare based on customer selection criteria — not on competitors' product sheets.
- Danish financial statements, prices, and job postings are public and free data sources.
- The analysis is only complete when the gaps have become goals with an owner and KPI.
What is a Competitor Analysis?
A competitor analysis is a systematic mapping of the companies your customers can choose instead of yours. The purpose is not to collect facts about competitors, but to find out where you can win: which customer needs are poorly met, where prices are under pressure, and what you can do that others cannot copy tomorrow.
For a Danish SME, the analysis typically involves 3-6 real alternatives: local competitors, a larger nationwide player, a low-cost player from abroad — and “do it yourself,” which is often the most overlooked competitor of all.
The competitor analysis is an input to the strategy, not a standalone document. It is used together with a SWOT analysis (inside-out) and a PESTEL analysis (external environment), and it should result in concrete strategic goals.
Four types of competitors you should include
Choose the two most important in each category. More than six competitors in total make the analysis unmanageable without making it better.
Direct Competitors
Same solution, same customers
The companies from which customers typically obtain quotes alongside yours.
Examples: Local competitors in the same industry and size range.
Indirect Competitors
Different solution, same need
Covers the need in a different way and often shifts price expectations.
Examples: Temp agency vs. permanent employment, rent vs. buy, service vs. new product.
New Entrants
Coming from outside
Digital platforms or foreign players attacking one link in the value chain.
Examples: Webshops, marketplaces, software providers with self-service.
No Solution
Customer does nothing
The most common “competitor” in B2B — the customer postpones or solves it themselves.
Examples: Internal solution, spreadsheets, postponed investment.
How to conduct the competitor analysis in six steps
1. Define the market
Decide on geography, customer segment, and service. A competitor in Copenhagen is not necessarily a competitor in Vejle.
2. Choose 3-6 competitors
Ask the sales team who they actually lose to. This provides a more accurate field than an industry list.
3. Collect reliable data
Use public financial statements from CVR, website and prices, job postings (what are they focusing on), customer reviews, and tender databases.
4. Compare based on what the customer chooses by
Price, delivery time, quality, service, geographical coverage, specialization. Create one row per competitor and give a score from 1 to 5.
5. Find the gaps
Where is everyone similar? Where is no one strong? That's where your opportunity to differentiate lies — not where the market leader is strongest.
6. Translate into strategic goals
Each gap becomes a goal with an owner, KPI, and a project. Otherwise, the analysis will end up in the drawer with the rest.
Template: comparison matrix
Copy the table and fill in one column per competitor. Choose 5-8 parameters that the customer actually chooses by.
| Parameter | How to assess | Example conclusion |
|---|---|---|
| Price | Level relative to the market (low, medium, high) — not the exact amount. | Two competitors are 15% below us. We cannot compete on price. |
| Delivery time | Typical time from order to delivery. | No one delivers in under two weeks. We can win on speed. |
| Specialization | Are they generalists or specialists in our niche segment? | Everyone is a generalist. Specialization in the food industry is available. |
| Service and after-sales | Service agreements, response time, warranty. | Only one has service agreements. Our service agreement can become our growth engine. |
| Financial strength | Revenue, profit, and solvency from public financial statements. | The market leader has capital for a price war. Avoid direct confrontation. |
| Digital maturity | Self-service, online booking, integrations. | No one offers online booking. A quick, visible advantage. |
Five mistakes in competitor analysis
- Too many competitors — 12 profiles end up as a report no one uses.
- Only gut feelings. Financial statements, prices, and job postings are public and free.
- Focus on competitors' products instead of customer's selection criteria.
- The analysis is done once and never updated, even though the market changes every year.
- No conclusion: the analysis ends in a table instead of in strategic goals with owners.
Spreadsheet vs. Plandura
| Area | Spreadsheet | Plandura |
|---|---|---|
| From analysis to action | Conclusions become notes in a document. | Conclusions become strategic goals and projects with owners. |
| Update | The file exists in multiple versions. | One living analysis, everyone in management sees the same. |
| Follow-up | No one knows if the conclusion was acted upon. | Status is tracked on KPIs and reviews every quarter. |
Frequently asked questions
What is a competitor analysis?
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A competitor analysis is a structured comparison of the alternatives your customers can choose instead of yours. It maps competitors' prices, delivery, strengths, and weaknesses based on the parameters the customer chooses by, and points out where you can differentiate yourself.
How do you conduct a competitor analysis?
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Define the market, choose 3-6 real competitors, collect public data (financial statements from CVR, prices, website, job postings, reviews), compare based on customer selection criteria in a matrix, find the gaps no one covers, and translate them into strategic goals with an owner and KPI.
Where can I find data about my competitors in Denmark?
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Annual reports and company data are publicly available via the CVR register. Additionally, websites, price lists, job postings, customer reviews, tender databases, and industry association statistics provide a useful picture at no cost.
How many competitors should be included in the analysis?
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Three to six. Fewer gives too narrow a picture, more makes the analysis difficult to use. Ask the sales team who the company actually loses orders to — that's the most accurate starting point.
How often should the competitor analysis be updated?
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Once a year as part of the strategy process, and otherwise when something significant happens: a new player, an acquired competitor, or a price shift in the market.
Related guides
These guides are closely connected to competitor analysis and are natural next steps in your strategy work.
- Porter's Five Forces explainedThe five forces that determine profitability in your industry.
- SWOT analysis: guide and templateStrengths, weaknesses, opportunities and threats — with TOWS to turn insight into action.
- PESTEL analysis: model and templateSix external factors that shape your market, with practical examples.
- Growth strategy for SMEsFour growth paths, risk, growth engine and KPIs for tracking growth.
More strategy guides
Analysis and environment
Goals, KPIs and performance
Strategy process and planning
From competitor analysis to action
Create a free account and turn the analysis's conclusions into strategic goals, KPIs, and projects with owners.