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What is a competitor analysis?

Competitor analysis, also called competitive analysis and competition analysis, is the process of examining similar brands in your industry to gain insight into their offerings, branding, sales, and marketing approaches. Knowing your competitors through business analysis is important if you鈥檙e a business owner, marketer, start-up founder, or product developer. A competitor analysis offers several benefits, including:听

• Understanding industry standards so that you can meet and exceed them听听听

• Discovering untapped niche markets听听

• Differentiating products and services

• Fulfilling customers鈥� desires and solving their problems better than competitors

• Distinguishing your brand

• Standing out in your marketing听

• Measuring your growth听

How to do competitor analysis听

The sections below provide a competitor analysis framework for evaluating your industry鈥檚 competitive landscape. Return to this framework regularly and apply insights to developing your business.

1. Find out who your competitors are.听

Start by reviewing any notes, plans, or other business development legwork you鈥檝e completed and ground yourself in your business values, goals, branding, products, and services. This way, you can easily identify existing brands that target customers might choose over yours.听听

Next, gather information on the following:

• High-volume keywords (or search queries) that your target market uses to find information related to your products and services

• URLs that appear at the top of search engine results pages (SERPs) for these keywords

• Social media accounts that come up in searches for relevant hashtags or keywords

Then, using the information you gathered, make a list of five to 10 brands whose offerings most resemble yours and would present your target customers with comparable alternatives. Pull up competitors鈥� websites, social media accounts, and other publicly available information, and have this information handy for the steps that follow.

2. Describe competitors鈥� business structures.

By examining how competitors structure their businesses, you can gauge how equipped they are to grow, gain market share, and earn customer loyalty in your target market. Review each competitor鈥檚 website and social media profile to gather the following information:听

• How large is the company, in terms of the number of leaders and employees?

• How many years has the company been in operation?听

• What job openings do these companies list on Glassdoor, Indeed, LinkedIn, or other popular job sites?听 What are their areas of expansion?

Tip: For publicly trading companies, you may be able to review their annual reports and gain insight into how much revenue they鈥檙e generating, their debt and liability, and other performance metrics.

3. Evaluate competitors鈥� value propositions.听

A value proposition is a short statement that summarises the benefits of a product and why a customer would choose it over competing products. A value proposition often looks something like the following: We help [target customer] do [outcome, benefit, experience] by doing / offering [product or service]. 听

In this section, you will find or deduce competitors鈥� value propositions in order to compose your value proposition to stand out in the marketplace. Review competitors鈥� site copy, particularly on the "About" or What We Do" pages, as well as taglines or slogans posted on a home page or social media profile. Answer these questions for each competitor:听

• What problems and pain points do competitors鈥� products solve?听

• What desires do products fulfill?听

• What benefits or outcomes are explicitly stated?听

• What data do they cite to support their claims about products鈥� benefits?

• What pricing structure do competitors use, and how are customers responding?听

4. Evaluate competitors鈥� marketing efforts.

In this section, you will evaluate how competitors position themselves in the marketplace. This will allow you to create a marketing strategy that gets your brand in front of your target audience.听

For each competitor, answer these questions:听

• What social media influencers does this company partner with to leverage their authority, authentic content, and personal connections to target customers?听听

• What affiliate marketing or brand ambassador programmes does this company offer to leverage the recommendations of satisfied customers?听

• What kind of digital or traditional paid advertising presence does this company have?

• On what marketing channels do competitors publish organic content, including websites, landing pages, social media platforms, and email?听

• What type of content do you see, including articles, videos, ebooks, reports, TV adverts, and digital ads?听听

5. Audit competitors鈥� brand identities.

In this section, you will get to know competitors鈥� brand identities to understand the customer experiences they鈥檝e created.听

For each competitor, answers these questions:听

• If this company were a person, how would you describe its personality?听

• What words, phrases, tone, and style does this company use in its messaging?听听

• What values do competitors communicate through their messaging?听

• How would you describe the visual elements of this company鈥檚 branding? And how do those elements correspond to the brand鈥檚 values, voice, and personality?听

• What emotions do the brand elements evoke in customers?听

6. Follow each competitor鈥檚 customer journey.听

In this section, you will study the customer journeys competitors have set up to nurture and convert customers. Your goal is to gauge how seamless, integrated, and logical it is to go from the first touchpoint to making a purchase and beyond.听听听

Start by following your competitors on social media, subscribing to them via email, and purchasing products and services to experience each customer journey for yourself.听

As you experience the customer journey for each competitor, gather information on the following:听

• What are the different touchpoints along this company鈥檚 customer journey?

• What elements make it easy to keep moving along the customer journey?听

• What calls to action and instructions are there to make it clear how to proceed?

• What kinds of content educate and entertain you at each touchpoint?

• What elements create friction or make it difficult to advance to the next step?

• What do you experience after subscribing or making a purchase? Do you find customer support, upsells, and access to a community?听

7. Examine audience engagement.听

In this step, you will scour competitors鈥� customer reviews, reactions, and comments on their social media posts, social media mentions, media appearances, and even employee reviews on job sites to understand the perception of competitors in the marketplace. With this information, you can strategise how to garner a positive reputation for your brand, learn from competitors鈥� mistakes and challenges, and work to avoid any pitfalls yourself.听

For each competitor, explore the following:

• How do followers and subscribers interact with this company鈥檚 public content?

• What is the general public sentiment regarding this company, based on mentions, product reviews, and social media likes and comments? Include praise as well as complaints.听

• What experiences do employees have, based on reviews on job sites like Glassdoor and Indeed?听

Share of voice

Share of voice measures how much of the market your brand owns compared to competitors. By determining the share of voice, you can gauge how visible, authoritative, and popular your brand is in the marketplace.

8. Conduct a SWOT Analysis of your competition.

A SWOT analysis is a classic exercise for identifying the strengths, weaknesses, opportunities, and threats that exist within the competitive landscape. In this section, you鈥檒l conduct a SWOT analysis of competitors to consolidate everything you鈥檝e learned into a succinct story about your competitive position.听听听

Begin your SWOT analysis by asking these questions:

• What strengths recur across competitors鈥� branding, marketing, customer journeys, and products?

• What weaknesses recur across competitors鈥� branding, marketing, customer journeys, and products?

• What opportunities do you see for your business to capitalise on?

• What is your competition doing that might pose a threat to your business?

You can also list the strengths and weaknesses of your business as it currently stands and compare them side-by-side with those of competitors.听听

For more on SWOT analysis, watch this video from the Business Strategy Specialisation:

How to use competitor analysis听

Once you鈥檝e conducted a competitor analysis, your next step is to apply the insights to your business. Use the following prompts to differentiate your brand, products, and services from competitors and gain market share:

1. What product features can you add that improve on competitors鈥� offerings?

2. What pricing strategy can you use to attract new customers to your offerings?

3. What design features can you add to your brand to make it stand out?

4. How can you compose a value proposition that stands out from competitors? We help [target customer] do [outcome, benefit, experience] by doing / offering [product or service]. 听

5. How can you design a more seamless, frictionless customer journey that leads consumers to make a purchase and become loyal brand ambassadors?听

6. How can you create content that improves on that of your competitors, including covering new topics, addressing ignored pain points, recommending new solutions, and offering more exciting experiences?听听

7. What approaches can you take on marketing channels where your competitors have a presence to distinguish your messaging and present your offerings as the best choice?

8. On which marketing channels do your competitors not (yet) have a presence? What steps can you take to establish and grow a presence on those channels?听

Competitor analysis key takeaways and best practices听

Remember: Conducting a competitor analysis is a crucial step in developing your business. It can help you differentiate your brand and present your products and services as the best on the market. Return to your competitor analysis efforts regularly, such as every quarter, six months, or year, to account for shifts in competitors鈥� tactics and new competitors that arrive on the scene. Always look for ways to give your brand and its products a competitive edge.听

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Continuous learning is a great way to gain skills in analysing competitors as well as developing a business in general. To build your competitive advantage and stay on top of your industry鈥檚 evolution, you might consider taking a course like the

Taking this course will support you to learn all about analytics and using data to assess performance, which will help you analyse your own efforts, as well as how well your competition is performing.听