How to Use Competitor Analysis to Grow Your Business
Ahhh!! Competitors!!!
They’re everywhere – doing their thing…
Marketing. Selling. Showing up in front of your target audience – yep, OUR audience!
It’s frustrating, isn’t it?
However…
Competitors aren’t just a threat.
They can actually be one of your greatest assets.
Why?
Because when you study them properly, competitors become a powerful source of insight, inspiration, and strategic clarity.
They can help you sharpen your message, spot gaps in the market, and elevate your marketing and sales efforts.
So before you get too annoyed by what they’re doing…
Let’s flip the perspective – and use competitor analysis to your advantage.
But first, let’s get clear on one thing:
Who exactly are you competing with?
> Embracing the Competitive Landscape
In today's dynamic market, competitors are omnipresent, each vying for the attention of your target audience. While this can be daunting, viewing competitors through a strategic lens can uncover valuable opportunities for your business.
The Strategic Advantage of Competitor Analysis
Competitors serve as a rich source of information and inspiration, aiding in the formulation of robust marketing and sales strategies.
Understanding who your competitors are is the first step in effective analysis. It's essential to recognise that competitors can be:
- Direct Competitors:
Businesses offering similar products or services to the same target market. - Indirect Competitors:
Businesses offering different products or services that satisfy the same customer need or solve the same problem.
For instance, if your customers are seeking convenience due to long working hours, they might consider solutions beyond your offerings, broadening the competitive landscape.
> Harnessing Competitor Insights
A thorough competitor analysis provides clarity on several fronts:
- Unique Selling Proposition (USP): Identifying what differentiates your brand from others helps in crafting a compelling USP.
- Market Saturation: Understanding the variety of options available from a customer's perspective reveals whether the market is niche or saturated.
- Emerging Trends: Observing new ideas and trends within your market keeps you abreast of industry developments.
- Marketing Strategies: Analysing the types of marketing content competitors use and assessing their effectiveness informs your strategies.
- Sales Approaches: Evaluating competitors' sales tactics and comparing them to your own can highlight areas for improvement.
> How to Implement Competitor Analysis
To effectively leverage competitor analysis:
1. Identify Your Competitors
Start by mapping out your competitive landscape - and remember, it’s broader than you think.
Direct competitors offer similar products/services to the same target audience.
Indirect competitors meet the same customer need with a different solution.
Replacement competitors offer DIY or alternative methods (e.g., templates instead of agencies).
Tools to help:
- Google Search (search your product/service and see who appears)
- SEMrush, Ahrefs, or Ubersuggest (to uncover competing domains and keywords)
- Social media (look at who your audience is following and engaging with)
- Customer feedback and surveys (ask: “Who else did you consider?”)
2. Gather Competitor Data
Once you've identified key competitors, collect insights across key areas:
- Products/Services: What are they offering? How do they position it?
- Pricing: What’s their pricing model — premium, freemium, value-based?
- Marketing: What channels are they active on (e.g., SEO, PPC, social media)? What’s their content strategy like?
- Branding & Messaging: What’s their tone of voice? What promises do they make?
- Customer Experience: What are customers saying in reviews or forums?
- Traffic & Performance: What keywords are driving them traffic?
Tools to explore:
- SimilarWeb – traffic sources and audience overview
- Ahrefs / SEMrush – keyword gaps, backlink profiles, ad strategies
- Exploding Topics – upcoming trends in your niche
- Google Reviews / Trustpilot – customer sentiment
3. Analyse Strengths and Weaknesses (SWOT)
Now, turn raw data into insight.
Use a Competitor SWOT Matrix:
Strengths
What do they do well?
- Strong UX or website design
- Clear, consistent branding
- Strong value proposition or unique offer
- Loyal customer base or social proof
Weaknesses
Where do they fall short?
- Gaps in service delivery
- Poor online reviews or ratings
- Weak brand messaging
- Limited product range or innovation
Opportunities
Are there emerging trends they haven’t jumped on yet?
- New audience segments they aren’t targeting
- Untapped content themes or platforms
- Tech, tools, or formats they haven’t adopted
- Industry changes that favour your strengths
Threats
Are they gaining rapid market share or launching new offerings?
- Aggressive pricing or promotions
- Partnerships, mergers, or expansions
- Increased visibility across search/social
- Innovations that could make your offer less relevant
Pro tip: Don’t just identify gaps — ask how you can fill them better or differently.
4. Apply the Insights to Your Strategy
Data without action is wasted.
Use your findings to:
- Define or sharpen your USP – What can you say or offer that no one else is?
- Refine your messaging – Position your brand clearly and confidently.
- Spot gaps in the market – Is there an underserved segment or unmet need?
- Develop new offers – Inspired by competitor successes or failures?
- Enhance content strategy – Are there keyword or content themes they’re missing?
- Bonus move: Benchmark your performance quarterly to stay one step ahead.
> Transforming Frustration into Opportunity
Instead of viewing competitors solely as obstacles, consider them catalysts for your growth.
By systematically Analysing and learning from their strategies, you can turn competitive pressure into a strategic advantage, propelling your business forward.
Incorporating competitor analysis into your regular business practices ensures you remain agile, informed, and ready to capitalise on opportunities within your market.
Need Help?
If you need help, guidance or finding clarity - jargon free - with your personal brand strategy, marketing planning or leadership development - just hit the 'reply' button or email: simon@