‹ Return to list

How Do I Run a Competitive Analysis?

Greg Swanson

Understanding your competitors isn’t just about knowing who they are—it’s about learning how your business can stand out. A well-executed competitive analysis helps you uncover strengths, gaps, and opportunities in your market.

Short Answer: You can run a competitive analysis by identifying your main competitors, studying their strengths and weaknesses, and comparing their strategies to uncover areas where you can outperform them.

Identify Your Direct and Indirect Competitors

Direct Competitors: These offer the same product or service to the same audience.
Indirect Competitors: These meet the same need in a different way or target a slightly different audience.

Gather Key Information

Review Their Online Presence: Study websites, social media, content, and customer reviews.
Look at Pricing and Offers: See how they package their services, offer discounts, or handle upsells.

Analyze Strengths and Weaknesses

What Are They Doing Well? Look at branding, customer experience, and product quality.
Where Are the Gaps? Check for things like poor reviews, missing features, or lack of content.

Compare Strategies and Positioning

Messaging: How do they speak to their audience? What tone and promises do they use?
SEO and Keywords: Use tools like Ubersuggest or SEMrush to discover what terms they rank for.

Use Insights to Improve Your Business

Find Your Edge: Emphasize what you offer that they don’t.
Adjust Your Strategy: Use what you learn to improve pricing, messaging, and customer experience.

Doing a competitive analysis isn’t a one-time task—it’s an ongoing part of business success. By staying aware of your market, you can spot trends, stay relevant, and grow smarter than your competitors.

Updated: June 30, 2025

What is a competitive analysis?

A competitive analysis is the process of researching and evaluating your competitors to understand their strengths, weaknesses, and strategies.

Why is competitive analysis important for small businesses?

It helps you identify opportunities, differentiate your brand, and make informed decisions based on what your competitors are doing.

What tools can I use for competitive analysis?

Tools like SEMrush, Ubersuggest, SimilarWeb, and Google Alerts can help you track competitor activity and keyword strategies.

How often should I do a competitive analysis?

Ideally, you should review your competitors quarterly or whenever you’re launching a new product, service, or campaign.