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<\/a><\/strong><\/p>\nIn this article, I\u2019ll take you through each step of a thorough competitive analysis (also known as \u201ccompetitor analysis\u201d or \u201ccompetitor research\u201d), sharing tips from marketing experts along the way.<\/p>\n
Whether you choose to go through each step or just sample from a few sections is up to you. The point is to gather enough information to understand the competition so you can lead the pack rather than just trying to stay ahead of the curve.<\/p>\n
Table of Contents<\/strong><\/p>\n <\/a> <\/p>\n \n Competitive analysis gives you a clearer picture of the market landscape to make informed decisions for your growth.<\/p>\n That said, you have to remember that competitive analysis is an opportunity to learn from others. It isn\u2019t<\/em>:<\/p>\n Let\u2019s look at how competitor research can help your business before breaking down my 5-step competitive analysis framework.<\/a><\/p>\n <\/a> <\/p>\n If you\u2019re unsure about investing time and effort in analyzing your competitors, know that it will give you a complete picture of the market and your position in it.<\/p>\n Here are six main reasons I perform a competitive analysis exercise whenever working with a brand for the first time.<\/p>\n What are your competitors doing right when it comes to driving their growth? Analyzing the ins and outs of an industry leader will tell you what they did to reach the top position in the market.<\/p>\n By looking at competitor strengths and weaknesses, you will identify your own strengths and weaknesses in comparison, and thus see opportunities to improve.<\/p>\n I personally love analyzing competitor strengths. It\u2019s easy to become short-sighted when looking only at your own website, marketing, and business. Analyzing competitors will open your eyes to current industry trends, what works well, and what would benefit your business.<\/p>\n Competitor weaknesses are of equal importance, particularly if you\u2019d love to be in the position your competitors are in. Analyze areas in which they fall short and devise a plan to avoid making the same mistakes.<\/p>\n Pro tip:<\/strong> Look at company and product reviews to find the weaknesses that most bother your audiences. Commonalities can be used in marketing messaging to persuade people to try your business instead of another. Or, you can go into product development knowing exactly what problem to solve.<\/p>\n Conducting a competitor analysis can be hugely beneficial because it\u2019s an affordable way to identify opportunities to improve your business.<\/p>\n One strategy is to build a picture of the messaging that works for a competitor by analyzing what they say about their products or unique selling points (USPs). This information might inspire your own marketing.<\/p>\n Rachel Andrea Go<\/a> is a marketing director who uses competitor analysis<\/a> to learn what messages resonate with her audiences. She recommends, \u201cInstead of saying, \u2018Best project management software,\u2019 one of your competitors might say, \u2018Get time back by letting our software manage your projects.\u2019<\/p>\n \u201cBy framing their software as \u2018time-saving,\u2019 your competition positions their software not only as a solution for project managers but also as a way to save time.<\/p>\n \u201cLook at the language they employ on their websites, landing pages, and social media posts to communicate their USPs and pay attention to how their followers react.\u201d<\/p>\n Pro tip:<\/strong> Don\u2019t get too hung up on closing the gap on competitors. It\u2019s easy to get carried away with competitor analysis and lose sight of what really matters to drive your business, but keep your business front of mind at all times. Do the analysis, but think carefully about which opportunities are a) right for your business and b) likely to move the needle.<\/p>\n Think of competitor analysis as a chance to reflect on your own business and discover what sets you apart from the crowd.<\/p>\n There\u2019s no doubt that there will be some key differentiators between your business and your competitors that you\u2019ll be glad to see.<\/p>\n But if you keep an open mind while conducting your analysis, there\u2019s a good chance you\u2019ll find differentiators in messaging, word choices, and USPs that will make you think about your own business differently.<\/p>\n Pro tip:<\/strong> Be strategic about competitor analysis. It\u2019s common for brands to focus on the most aspirational competitors, but you need to consider your market position honestly. Don\u2019t be afraid to dream big, but balance analysis of the biggest players with some that are closer to where your business is currently located.<\/p>\n A good competitor analysis framework zooms in on your audience. It takes the pulse of your customers by evaluating what they like, dislike, prefer, and complain about when reviewing competing brands.<\/p>\n You can discover how your audience talks about competitors, what they love, and what they loathe. Emulate the things they love if it makes sense to do so, and avoid what they loathe \u2014 or use it to your advantage.<\/p>\n Pro tip:<\/strong> Social media, forums, and review sites are excellent sources of qualitative data where you can learn your audience’s feelings and perceptions in their own words. Or, go further and use surveys to get a sense of their activities, interests, and opinions (AIO).<\/p>\n This one might sound backward. Don\u2019t you need to know your competitors before you can start competitive analysis? Well, yes \u2026 and no.<\/p>\n As mentioned above, I\u2019ve seen many brands fall into the trap of analyzing aspirational competitors and miss out on other brands that are attracting their audiences.<\/p>\n David Hunter<\/a>, a digital marketing professional and the founder of Local Falcon<\/a> \u2014 a local SEO rank-tracking tool powered by advanced AI \u2014 says, \u201cOne of the best ways to identify competitors is by looking at who ranks for the same keywords your business is targeting.\u201d<\/p>\n \u201cI always start by running a simple Google search using industry-related terms and tracking which businesses consistently show up,\u201d he tells me. \u201cIf a company is frequently outranking you on search or maps, they\u2019re a competitor, even if they\u2019re not offering an identical product.\u201d<\/p>\n When it comes to digital competitor research, SEO, and content, another way to look at it is \u201cbusiness competitors\u201d and \u201ccontent competitors.\u201d<\/p>\n Think of your business competitors as those who do the same kind of work you do \u2014 the ones you might lose business to. Content competitors, however, may be serving your audience online, bringing them into communities, or providing alternative solutions that could leave you forgotten.<\/p>\n Pro tip:<\/strong> In a digital world, it\u2019s almost impossible to know who all of your competitors are. It\u2019s important to keep an eye on those that are local and those that are not, and to categorize the types of competition.<\/p>\n A competitor analysis gives you a realistic idea of mapping your progress with success metrics. While every business has its own path to success, you can always look at a competitor\u2019s trajectory to assess whether you\u2019re on the right track for growth.<\/p>\n Pro tip:<\/strong> If you can check in regularly, say every 3, 6, or 12 months, you can note which KPIs to monitor. I tend to do competitor analysis every year or so for my clients. You can compare reports to previous years to track the trajectory.<\/p>\n The bottom line: <\/strong>Whether you\u2019re starting a new business or revamping an existing one, a competitive analysis eliminates guesswork and gives you concrete information to build your business strategy.<\/p>\n <\/a> <\/p>\n \n Thorough market research doesn’t just highlight these differences, it also leverages them. This lays a solid foundation for a sales and marketing strategy that differentiates your business in a bustling market.<\/p>\n In the next section, I\u2019ll walk you through the nuts and bolts of conducting a detailed competitive analysis that\u2019s tailored to your brand. But first, let\u2019s talk about the essentials.<\/p>\n Before I go through the step-by-step process for conducting competitor research, I want to highlight the main aspects to include for every competitor in your analysis:<\/p>\n <\/a> <\/p>\n Below, I\u2019m covering how to do a competitive analysis in five steps (the quick version) and then I\u2019ll go in-depth with an \u201cextended cut,\u201d which is packed with a lot more tips. Whichever you choose, remember that the point is to:<\/p>\n And remember, whether or not you\u2019ve got a marketing team behind your brand, the good news is that competitor analysis is getting even easier and less time-consuming. According to HubSpot\u2019s 2024 State of Marketing report<\/a>, 33% of marketers say AI is helping with research, ranking it #1, above context creation (31%) and data analysis and reporting (30%).<\/p>\n The first step is a simple yet strategic one. You have to identify all possible competitors in your industry, even the lesser-known ones. The goal here is to be aware of all the players in the market instead of arbitrarily choosing to ignore some.<\/p>\n As you find more competitors, categorize them into these buckets:<\/p>\n For example, here\u2019s a competitive matrix classifying brands in the community and housing space:<\/p>\n Source<\/em><\/a><\/p>\n To help you understand each step clearly, I\u2019ll use Trello as an example brand and create a competitor analysis report using these steps.<\/p>\n Here\u2019s a table of the main competitors for Trello:<\/p>\n\n
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Why do a competitor <\/strong>analysis<\/strong>?<\/strong><\/h2>\n
1. Find competitors\u2019 strengths and weaknesses.<\/strong><\/h3>\n
2. Identify opportunities.<\/strong><\/h3>\n
3. Identify your differentiators.<\/strong><\/h3>\n
4. Get closer to your target audience.<\/strong><\/h3>\n
5. Discover new competitors.<\/strong><\/h3>\n
6. Set benchmarks for success.<\/strong><\/h3>\n
Essential Aspects to Cover in Competitive Analysis Research<\/strong><\/h3>\n
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How to Conduct Competitive Analysis in 5 Quick Steps<\/strong><\/h2>\n
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1. Identify and categorize all competitors.<\/strong><\/h3>\n
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<\/p>\nTesting It Out<\/strong><\/h4>\n
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