A competitive analysis template helps you understand what makes your competitors tick. It serves as a blueprint that allows you to map out exactly who you're up against and what they're doing right (or wrong). 

The template provides a structured way to gather information about your competitors—from their pricing strategies to their marketing moves—so you can make smarter decisions about your business. 

Every business relies on having a great product, but it's not enough. You need to know how you stack up against others trying to win over the same customers.

By systematically tracking and analyzing your competitors with a competitive analysis template, you can identify gaps in the market, avoid their mistakes, and discover opportunities they might have missed. This can help you brainstorm new ways to dominate your market and outmaneuver the competition.

Types of competitive analysis

One size doesn't fit all when it comes to sizing up your competition. Let's take a look at the different types of competitive analysis examples you can choose from: 

• Direct: A direct competitive analysis examines businesses that sell similar products or services. For example, consider Coke vs. Pepsi, both of which target the same customers. A direct competitive analysis might examine specific features, pricing strategies, and market share to help you understand how you compare to your closest rivals. 

• Indirect: An indirect competitive analysis focuses on businesses that might solve the same problem differently. For example, a movie theater competes indirectly with Netflix. Both provide entertainment but through different channels. An indirect competitive analysis might reveal alternative solutions customers use, helping you identify unique ways to add value or identify emerging trends in your industry. 

• SWOT: A SWOT analysis evaluates your strengths, weaknesses, opportunities, and threats. It reflects on your business while monitoring what's happening around you.

Competitive analysis examples

Here are some examples of competitive analysis in action to show how different businesses might use this template in real-world scenarios.

• Coffee shop: A local coffee shop might use the competitive analysis template to track nearby competitors’ drink prices, menu variety, and peak hours. They might discover their rival’s morning rush is slower, but lunch hours are packed, leading them to launch an aggressive breakfast promotion. The same approach could work for any retail business studying customer traffic patterns. 

• Software company: A project management startup analyzes competing products by their features. They find that while competitors offer more integrations, their user interface is significantly easier. This insight drives their marketing message: “The simple solution for complex projects.”

• Fitness center: A boutique gym maps out competing facilities’ class schedules and membership tiers. They notice that no competitors offer late-evening classes, revealing an opportunity to capture the after-work crowd. Their pricing analysis shows that they can charge premium rates for these convenient time slots. 

• E-commerce: An online retailer examines competitors’ shopping policies and return processes. They find that while their prices are slightly higher, they could stand out by offering the fastest shipping in their category. This guides their decision to invest in improved logistics rather than price cuts. 

• Restaurant: A new dining spot analyzes competing restaurants’ online presence and delivery services. They discover that while competitors have better dine-in ambiance, their takeout services are lacking. This prompts them to develop a superior online ordering system and dedicated pickup area.