How to Do Competitor Analysis for Your Business

Competitor analysis isn’t about copying — it’s about understanding the landscape so you can find gaps and position yourself well. Here’s a practical, no-nonsense approach.

Identify the right competitors

Look at direct competitors (same offer, same audience) and indirect ones (different offer solving the same problem). Don’t forget the “do nothing” option — sometimes your real competition is inertia.

What to actually look at

• Positioning — who they target and what promise they make.
• Products & pricing — what they sell and how they price it.
• Marketing — the channels, content and messages they use.
• Strengths & weaknesses — what customers praise and complain about (reviews are gold here).

Turn it into opportunity

The point of the exercise is to find gaps: an underserved audience, a weakness you can turn into your strength, a channel they’re ignoring. That’s where you compete — not by doing the same thing slightly cheaper.

Keep it ongoing and light

You don’t need a giant report. A simple, regularly-updated view of a few key competitors beats a one-off deep dive that gathers dust. Watch, learn, and let it inform your own moves.