Competitive analysis template

Want to know what makes your competitors tick? A competitive analysis template is your secret weapon. By diving deep into what other businesses are doing — how they’re winning customers, where they’re falling short, and the strategies they’re using — you can unlock powerful insights to give you an edge.

Imagine uncovering hidden market opportunities, refining your strategy, and making smarter decisions. Use this template to be a business detective, gathering clues that help you tailor your products, enhance your marketing, and position yourself as the go-to choice in your industry.

What is competitive analysis?

A competitive analysis is a process that involves comparing your business to its competitors to understand their strengths and weaknesses, and to identify opportunities for your business. It's a key part of business strategy and can help you identify who your competitors are, size them up against your own product, and improve your strategy and product. 

Competitive analysis isn’t just about knowing what others are doing; it’s about transforming that knowledge into actions that drive your success. Businesses benefit from data analytics by making decisions 5 times faster. So, put on your detective hat, open our competitive research template, and let’s get to work.

Why you should be conducting a competitive analysis

Getting intel on your competition helps your team stay ahead in the market by:

• Identifying strengths and weaknesses: Benchmark your performance against competitors and improve where you notice any flaws.
• Spotting market opportunities: Discover gaps that your competitors have missed, opening doors for growth.
• Refine your strategy: Gain insights into successful tactics and refine your own approach based on competitor strategies.
• Stay relevant: Keep up with industry trends and shifts to maintain a competitive edge.
• Make informed decisions: Understand the landscape to guide product launches, marketing, and growth plans.
• Mitigate risks: Anticipate threats and counteract them before they affect your business.
• Enhance customer satisfaction: Tailor your offerings to meet customer needs better than your competitors.

What kinds of competitive analysis can be run using this template?

Mural makes competitive analysis not just effective, but also a lot more engaging. Here’s how you can use it to dive into the competition:

• SWOT analysis: Capture your competitors' Strengths, Weaknesses, Opportunities, and Threats with sticky notes and visuals. It’s like creating a battle plan, where you can see exactly where you can swoop in for the win.
• Competitor comparison matrix: Think of this as your competitor cheat sheet. Compare product features, pricing, and customer reviews side-by-side. Mural’s templates let you create a colorful, easy-to-read matrix, making it feel like you’re unlocking a secret playbook.
• Market positioning map: Plot your competitors on a map to see where they stand on factors like price vs. quality. It’s like mapping out your territory, revealing uncharted lands where you can make your mark.
• Value proposition analysis: With Mural, you can break down what makes your competitors tick. What do they offer that you don’t, and vice versa? You’ll get a bird’s-eye view of everyone’s unique selling points, which is perfect for spotting areas where you can shine.
• Customer journey mapping: Create visual journey maps of your competitors’ customer experiences. With Mural, you can make this feel like storytelling, finding out where customers are thrilled — and where they’re frustrated.
• Porter’s five forces: This is your chance to explore the whole battlefield. Evaluate the competitive forces like new entrants, substitutes, and rivalry, and plot out your strategy with fun and collaborative templates that make it easy to assess the landscape.
• Trend analysis: Track emerging trends and market shifts with Mural’s charts and sticky notes, making trend-spotting feel like detective work. You’ll quickly see patterns and decide how to jump on (or dodge) the latest industry movements.

Benefits of using this competitive analysis template

• Better decision-making: With all competitor information in one place, you can make informed decisions and strategize effectively. It’s like having a crystal ball for your business strategy.
• Collaboration made easy: Templates facilitate teamwork, allowing multiple stakeholders to contribute insights and perspectives. Collaboration leads to richer analysis and stronger strategies.
• Time-Saver: Why reinvent the wheel? A competitive analysis template streamlines the process, letting you focus on analysis rather than formatting. You can whip up your analysis in no time.

How to use Mural’s competitive analysis template

Step 1. Identify competitors

Use the designated sections to list your key competitors. Don’t forget to include both direct and indirect competitors. This helps you get a full picture of the competitive landscape. 

Step 2. Fill in the details

For each competitor, capture essential information like their strengths, weaknesses, products, pricing, and marketing strategies. Mural’s sticky notes and text boxes make it easy to jot down insights quickly.

Step 3. Use visuals

Take advantage of Mural’s visual tools to create charts or diagrams to illustrate market positioning or compare features. Visual representations make the data more digestible and engaging.

Step 4. Collaborate in real time with your team

Invite team members to join your Mural session. They can add their insights, comments, or questions, fostering a collaborative atmosphere. Team brainstorming leads to richer analysis. 

Step 5. Analyze and discuss your findings

Once you’ve gathered all the data, use our built-in tools to discuss findings with your team. Highlight key takeaways and strategic opportunities based on your analysis.

Tips for using a competitive analysis template

• Focus on actionable insights: As you analyze the data, identify specific actionable insights. What opportunities or threats do you see? This will help guide strategic decisions and make your analysis more impactful.
• Regularly update your analysis: The competitive landscape is always changing, so make it a habit to revisit and update your analysis regularly. This will keep your strategy aligned with market dynamics and competitor movements.
• Customize for your needs: Don’t hesitate to tweak the template to fit your specific industry or objectives. Add or remove sections based on what’s most relevant to your analysis. It’s your template—make it work for you!