Whether you’re comparing price points, pain points, or user pathways, FigJam’s collaborative competitor analysis tools can help you learn from—and surpass—your competition.
Work with your collaborators and product managers to study your competitors in an interactive, easy-to-master setting.
Lay out your competitors’ strengths and weaknesses next to yours with a competitor analysis tool, then take what works and leave what doesn’t.
Gain 360º of insight: Update and improve your strategies for sales, marketing, products, and more.
Make sense of the market: Understand what’s out there through a competitive analysis report in order to stand out.
Seize opportunities: Use tools for competitor analysis to see what’s working—and what isn’t—and apply your learnings to your products and services.
If you want to outperform your competitive landscape, you have to work together. With a collaborative whiteboard from FigJam, you can chat with teammates via text or audio, express yourself with sticky notes and emotes, and encourage a little friendly competition when you need a break with in-browser games.
Don’t start from scratch—learn all you can from your competitors strengths first. Stand out in a crowded field with more helpful tools and templates from the FigJam Community.
To begin your competitor analysis, you’ll need to draw a table with your company name placed next to your main competitor, or multiple competitors you’ve identified. When selecting your competition, seek out businesses with similar offerings, identities, and values. Three to four competitors is usually enough.
From there, you’ll research the competitors product(s) and services offered and slot them into your table. With all of the information listed out, you should be able to see where you have a competitive edge with your target audience and where you’re falling behind.
When using a tool for competitor analysis, your goal is to be as thorough and unbiased as possible. If your comparison shows that one competitor outshines you in most categories, that’s okay! You’re looking for ways to improve yourself, not boast about how amazing your business already is.
Most competitor analysis templates will include some or all of the following categories:
Depending on your industry, you may also want to compare more specific features, such as “Delivery options,” “Employees,” or “Location.” Ask yourself, “What is competitor analysis helping me uncover?” and you’ll know which areas to examine.
As much as we like to think our businesses occupy a unique niche in the market, the reality is that most teams have direct competitors. Competitor analysis is valuable because it acknowledges those other businesses. It highlights the fact that there’s always something to learn—even from your “opponents.”
Filling out a template for competitor analysis also keeps you up to date on market trends, helping you stay ahead rather than fall behind. What’s more, an analysis can save you time and money in the long run. Rather than wasting resources on ideas you think might work, you can find out if your competition has tried anything similar and see how it went.
Wondering how to present competitor analysis once it’s done? With FigJam, your working document is presentable as-is. With out-of-the-box shapes and branded content available throughout, even your competitor analysis example will outshine the competition.