With the constant changes in customer demands, industry trends, and competitor strategies, building product manufacturers (BPMs) need ways to gain valuable insights into their competition. That's why we created a Competitor Analysis Template—a tool that can help you enhance your digital marketing efforts, optimize pricing, and get your products noticed by more AEC (architecture, engineering, and construction) professionals.
In this blog, we’ll break down why competitor analysis is essential to your success, share the top 6 advantages of using our template, and walk you through how to execute your research effectively.
1. Streamlined Research Process
2. Identifying Market Gaps & Opportunities
3. Informed Product Development
4. Refined Strategies for Marketing Your Building Products
5. Benchmarking Your Performance
6. Strategic Decision-Making
Why Competitor Analysis Is Essential for Your Success
Before diving in, let’s explore why conducting a competitor analysis is so important. It offers a wealth of benefits that can help you stay ahead in the building product industry. You'll be able to:
To make this process easier, our custom-made template for building product manufacturers is designed to provide industry-specific insights that support your continued success.
Without a template, performing a competitor analysis can feel like a daunting task. It involves gathering information across various platforms, from competitor websites, blog pages, social media channels, financial reports, and more.
Our template helps you organize and structure your research, ensuring you don’t miss any crucial details. It includes pre-defined sections for gathering data on competitors’ products, pricing information, marketing tactics, customer experience strategies, and more. This framework allows you to conduct your analysis more efficiently and focus on the most relevant aspects of your competitors’ businesses.
Tips to Take Action:
WebCEO – for SEO audits and keyword analysis
SimilarWeb – to analyze traffic sources and competitor site performance
Prisync – for real-time competitor pricing intelligence
SEMrush – for competitor keyword rankings and digital advertising insights
One of the key benefits of competitor analysis is the ability to spot gaps in the market. By assessing the strengths and weaknesses of your competitors, you can identify areas where they are not meeting AEC needs or where there is room for improvement.
For example, if you notice that your competitors' products lack BIM models or fall short in energy efficiency, this could present an opportunity for your business to create innovative products that meet current market demands. The competitor analysis template helps you systematically track this information, making it easier to pinpoint opportunities you may otherwise overlook.
Tips to Take Action:
Cross-reference gaps with customer feedback or specifier requirements.
The building product industry thrives on continuous innovation. By monitoring the technological advancements and performance successes of your competitors' products, you can fine-tune your own product development strategy.
You’ll have a clearer picture of what works and what doesn’t, helping you avoid common mistakes and create products that truly meet the needs of AEC professionals. For instance, if a competitor’s product is gaining traction due to sustainability features, you may want to consider incorporating green technologies in your own product line.
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Knowing your competitors’ marketing strategies is just as important as understanding their products. With our template, you can gather information on your competitors’ customer segments, brand positioning, distribution channels, and pricing strategies. This data will help you make smarter marketing decisions, ultimately leading to better brand visibility and engagement.
For example, you may notice that many of your competitors leverage product listing platforms like CADdetails.com to connect with their target audience and boost brand visibility, in which case you should consider doing the same. Or, if you observe that your competitors are lacking a strong presence in trade shows, this could be an opportunity for you to stand out by exhibiting at these events.
Tips to Take Action:
Our template not only helps you better understand your competitors but also provides a benchmark for assessing your own performance. Benchmarking is a strategic process that allows you to measure your company's success against other companies in your industry.
By comparing key metrics such as product quality, research and development initiatives, pricing strategies, and more, you can see how your company stacks up against others in the industry. This will give you valuable insights into areas where you may be outperforming your competitors or areas where you might be falling short.
Adjusting your strategies based on your findings will enhance your operations and drive long-term success. For instance, if your products are priced lower than your competitors, you can revise your pricing strategy to boost your bottom line.
Tips to Take Action:
Whether it’s deciding where to focus your resources, which market segment to target, or how to differentiate your products, analyzing your competitors provides the clarity needed to make well-rounded, proactive decisions for your business.
Our template allows you to organize information about key competitors, making it easier to visualize your options and identify the best course of action. This reduces the likelihood of making reactive, poorly thought-out decisions and helps you stay aligned with your broader goals.
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For building product manufacturers, maintaining a competitive edge means keeping an eye on your competitors, learning from their successes and shortcomings, and assessing your own performance to pinpoint areas for improvement.
Whether you're a small manufacturer looking to enter a new market or a large company seeking to modernize your processes, our Competitor Analysis Template is an essential tool for success. By leveraging this powerful resource, you’ll be better equipped to navigate competition, anticipate market trends, and ultimately drive your business forward.
Download your Competitor Analysis Template now!
Cover image by Spacejoy on Unsplash