Competitive analysis is a great application for mind mapping software. It usually involves capturing and organizing a large quantity of information about each competitor, and utilizing it to make informed decisions about how to compete effectively.

In this report, I will explain how to create a competitor analysis map, and will outline the types of information it ought to contain. I’ll also share some tips on how you can take this concept of competitor analysis further, leveraging the unique strengths of mind mapping software to make this mountain data easier to manage and update.

This “how-to” report also contains links where you can download this map and adapt my competitive analysis map to your own needs!

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Last week, I asked you how you are utilizing mind mapping software to innovate. Here is a summary of what you had to say:

• Run brainstorming sessions to generate new ideas for products, services and business models
• Capture information about ideas, competitors, products, features and other data that can help you to asses the feasibility of each idea, as well as plan out the work in each project.
• Use mind maps to manage technology scouting projects and open innovation (collaborating with others outside your organization to drive innovative new products and services). They are ideal for capturing and managing a range of possible solutions and how they relate to the core problem you’re trying to solve.
• Map out customer expectations, which are a powerful way to come up with new ideas that will delight them.
• Use a set of thought-provoking, words, questions or other stimuli – such as BVITS or SCAMPER – as a catalyst for new ideas.
• Map out storyboards for your innovation initiatives.
• Add blank topics to your map, to spur your powerful subconscious mind into action.
• Use mind maps to do “what if” analysis on potential workflows, tactics, strategic scenarios and competitive positioning

No doubt about it – this is powerful stuff!

The SWOT analysis above was created by Michael Deutch at Mindjet, and it is located on BiggerPlate.com, an online community for sharing MindManager maps. There is much we can learn by taking a look at how Michael has structured his map (Please click on the image to view a larger version of  it):

1. Each of the four areas of inquiry – strengths, weaknesses, opportunities and threats – are placed on a main branch.

2. Next, items that describe your organization’s current situation for that element are listed in sub-topics. If you have more details that you want to record, those can be captured in notes, as Michael has done under “threats-increased competition/new innovations.”

3. Michael uses “guide post” questions as part of his SWOT template map to help him to flesh out each part of the map as completely as possible. Note how he has formatted each of these “guide post” sub-topics in a hexagonal shape and a different background color, to make them stand out.

4. Michael also makes use of call-out topics to draw attention and emphasis to specific topics, and relationship lines to connect related topics.

5. Supporting data – in this case, two spreadsheet ranges – are incorporated into the map to provide valuable supporting data. Note also how several other topics have been converted into tasks, and contain icons depicting percentage of completion.

In short, this map communicates a wealth of information with a high degree of clarity – in a much more usable form than a 15-20 page, single-spaced document!

If you are a MindManager user and download this file from BiggerPlate.com as a MindManager .mmap file, you can easily trim Michael’s map down to the four main topics and guide post questions, and use them as a template for your own SWOT analysis.