How To Do A Marketing Competitor Analysis

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What is a Competitor Analysis?

Remember the phrase, “Keep your friends close and your enemies closer”? Enemies might be too strong of a word, but staying informed about your competitors’ strategies and performance is crucial if you want your business to remain relevant.

Competitor analysis provides deep insights into what your competition is doing right and where they’re missing the mark. Understanding these dynamics is pivotal to refining strategies and securing a competitive edge.

But how do you get started? Read on to discover our favorite tools for conducting an effective competitor analysis, focusing on both the strategic approach and the technical aspects involved.


Understanding the Basics of Competitor Analysis

Competitor analysis is a strategic process used to evaluate the competitive environment within your industry. It involves identifying your main competitors and analyzing their products, marketing strategies, sales processes, and online presence to determine their strengths and weaknesses relative to those of your own business.


Why Conduct Competitor Analysis?

There are several benefits your brand can gain from conducting a competitor analysis, including:

  • Gain strategic insights: Understand market trends and adapt your strategies to meet changing market demands.
  • Benchmarking: Measure your performance against competitors to identify areas of improvement.
  • Identify opportunities: Spot gaps in the market that your competitors are overlooking.
  • Mitigate threats: Anticipate moves by competitors to better position your offerings.


strategic marketing plan template cta


Step 1: Identify Your Competitors

Start by listing 3-5 direct competitors. This includes brands that offer similar products or services within your geographical area. It’s a good practice to also include indirect competitors who satisfy the same customer needs with different types of offerings.

Several tools can help you identify these competitors:

  • Google alerts: Set alerts for competitor names and key industry terms to receive updates on any new content or news.
  • SEMRush or Ahrefs: These tools provide insights into competitors’ website traffic, keyword rankings, and backlink strategies.
  • Social mentions: Tracks mentions of competitors across different social media platforms.


Step 2: Gather Competitors’ Information

Collect as much data as possible about each competitor, focusing on:

  • Their products and services
  • Pricing if available
  • Sales and distribution channels
  • Online presence, advertising, PR campaigns, and social media usage
  • Their online reviews

Compile this information into an editable spreadsheet or document. This will make it easy to see a bird’s eye view of how your competitors are doing and make changes as their strategies evolve.


Step 3: Analyze the Data

Use SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to categorize the collected information. This helps in understanding the competitive landscape and can guide strategic decisions.

Be honest about your weaknesses but also generous in recognizing your strengths. Identify external opportunities you could leverage and threats you should keep an eye on. The key? Use this insight as a strategic roadmap to propel you forward, not just a list to dwell on.



Step 4: Monitor Competitors Regularly

Competitor analysis is not a one-time task. Continuous monitoring is necessary to stay updated with new developments and strategies employed by competitors.

We recommend reevaluating your competitors every 6-12 months, or whenever your business makes a major change. For example, if you start offering a new product or service, that’s a good indication that it’s time to update your competitors.

Who else is offering these new products or services? What channels are they using? How are they speaking about your shared product/service? A quick Google search can help you find this critical information.


Tools to Aid Competitor Analysis

Conducting an in-depth competitor analysis allows your business to stay proactive and responsive to constant changes in the market. By understanding the competitive landscape, you can strategically position your brand to capitalize on opportunities and defend against potential threats. Whether you’re a startup or a long-established brand, regular competitor analysis is a cornerstone of strategic planning.

Ready to elevate your digital marketing strategies and outpace the competition? Reach out to BNP Engage today to start developing a robust marketing plan tailored to your business needs. Don’t miss the opportunity to gain a competitive edge in your industry!

Jim Van HornApril 22, 2024by Jim Van Horn