Practical competitor analysis steps
Competitor analysis helps you spot gaps, differentiate, and set realistic targets. Focus on actionable insights rather than exhaustive lists.
Key areas to examine:
- Product features and user experience
- Pricing and packaging
- Go-to-market and distribution channels
- Customer segments and positioning
- Strengths, weaknesses, and market reputation
How to gather data:
- Visit competitor websites and sign up for demos or trials
- Read reviews on public sites (G2, Capterra, Trustpilot)
- Monitor social media, press releases, and job postings
- Talk to customers and prospects about alternatives they considered
A simple analysis template:
- List top 3–5 direct competitors.
- For each, capture unique selling points, pricing, and channels.
- Note features you must match and areas to differentiate.
Use insights strategically
Turn findings into decisions: adjust pricing, prioritize features customers care about, or focus on underserved niches. Use competitor weaknesses as a starting point for product and marketing experiments.
Keep it ongoing
Repeat this analysis quarterly or when you see new entrants. Competitive landscapes shift, and small updates can reveal significant opportunities.