Competitor Research Made Simple

doing competitor research like a boss!

Jan 23, 2025

Does competitor research make your head spin? You’re not alone! Many marketers face the same questions:

Where do I even start?
How do I find the right competitors?
What tools should I use to get actionable insights?

Here’s the thing, understanding your competitors isn’t just a checkbox on your to-do list; it’s the secret sauce for smarter strategies, sharper campaigns, and winning your audience’s hearts. Let’s change that overwhelming feeling into a sense of mastery with a proven framework for doing competitor research like a boss!

P:S Last week I ran a poll on how likely you are to recommend this newsletter and the results are in!!

What is Competitor Research and Why Does it Matter?

Competitor research is the systematic analysis of businesses offering similar products or services. It enables you to:

Understand market trends and customer expectations.
Identify what competitors are doing well and where they’re falling short.
Uncover gaps in the market you can capitalize on.
Shape your marketing and business strategies for maximum impact.

For example, if you’re launching a sustainable clothing brand, studying competitors might reveal a gap in affordable options, an opportunity you can leverage.

Step 1: Identify Your Competitors

The first step is to define who your competitors are. Categorize them into:

1. Direct Competitors

These are brands that provide identical or highly similar products or services to the same target audience, often addressing the same needs or solving the same problems.

Example: Nike vs Adidas

2. Indirect Competitors

These are businesses that address the same customer needs or solve similar problems, but through different products or services. They often serve as alternatives to your solution, even if they operate outside your specific niche.

Example: a juice brand vs. a soda brand

3. Aspirational Competitors

These are industry leaders or brands you look up to, regardless of their specific offerings. They set the standard for innovation, customer experience, branding, or operational excellence, serving as a source of inspiration for your own strategy.

Example: Netflix vs. TikTok

Pro Tip: Use tools like Google Search, Crunchbase, and industry forums to identify competitors. Create a categorized list to ensure you cover all angles.

Step 2: Gather Data

Once you’ve identified your competitors, gather as much relevant data as possible. Here’s how to approach this:

1. Study Their Online Presence

Website Analysis: Explore their website to understand their messaging, navigation, and user experience.
- Are they prioritizing convenience, aesthetics, or affordability?
- What kind of calls-to-action (CTAs) do they use?
SEO and Content: Use tools like SEMrush or Ahrefs to uncover:
- Top-performing keywords.
- Content that drives the most traffic.
- Backlink strategies.

Boss Tip: If your competitor dominates “affordable fitness gear,” find and target niche variations like “budget-friendly yoga accessories.”

2. Audit Their Social Media Activity & Customer Feedback

Social media gives you a front-row seat to competitor strategies. Investigate:
- Platforms: Where are they most active—Instagram, TikTok, LinkedIn?
- Engagement: What type of content sparks the most reactions?
- Trends: Are they leveraging memes, reels, or educational content?
  Example: If Competitor B’s behind-the-scenes Instagram reels are booming, consider creating similar content to humanize your brand.
- Feedback: Customers are the ultimate truth-tellers. Dive into reviews on platforms like Trustpilot or Google. Look out for complains praise, opportunities.
  Actionable Insight: If reviews for Competitor E highlight slow delivery times, emphasize your fast shipping in marketing campaigns.

3. Review Product/Service Offerings

Study their product range, pricing, and packaging.
Look at reviews on platforms. What do customers praise? What frustrates them?

Example: If Competitor D offers a free trial, could you add extra value, like free onboarding?

4. Examine Their Advertising Strategies

Use Meta Ad Library or Adbeat to see their running ad campaigns.
Pay attention to the visuals, language, and offers.

Example: If a competitor’s ads emphasize affordability but customers complain about quality in reviews, you could focus on providing high-quality alternatives at reasonable prices.

Step 3: Analyze Your Findings

Organize your research into a SWOT analysis:

Strengths: What do competitors do exceptionally well? (e.g., fast delivery, strong branding)
Weaknesses: Where are they struggling? (e.g., poor customer service, outdated design)
Opportunities: What gaps can you fill? (e.g., underserved demographics, innovative features)
Threats: What challenges do their strengths pose to your brand? (e.g., larger budgets, established customer base)

Practical Application: Let’s say you’re opening a boutique fitness studio. Competitors offer excellent group classes but lack personalized programs. You can stand out by creating tailored fitness plans for individuals.

Step 4: Take Action Based on Insights

Here’s how to use your findings effectively:

1. Differentiate Your Brand

Highlight what makes you unique. If competitors focus on affordability, position yourself as a premium brand with superior quality.

2. Optimize Your Marketing Strategy

Adopt proven tactics from competitors while adding your twist. For instance, if giveaways drive engagement for them, create a giveaway with a distinctive theme aligned with your brand values.

3. Fill Market Gaps

Focus on unmet needs. If competitors lack eco-friendly packaging, prioritize it to attract environmentally conscious customers.

Example: A skincare brand notices competitors avoid controversial ingredients but fail to educate their audience. You could launch a content series explaining ingredient benefits and risks.

Step 5: Monitor Competitors Regularly

Competitor research is an ongoing process. Industries evolve, and staying informed ensures you maintain a competitive edge. Set up Google Alerts, schedule quarterly reviews, and stay proactive about industry changes.

Tools for Competitor Research

SEMrush/Ahrefs: Analyze SEO strategies and keyword performance.
SimilarWeb: Compare website traffic and audience demographics.
BuzzSumo: Identify popular content.
Meta Ad Library: Discover running ad campaigns.
Google Alerts: Get updates whenever competitors are mentioned online.

Feeling inspired? Put these steps into action and start dominating your market! Need help? Reply to this email with your biggest challenge, and I'll share tailored advice.