How to Do a Competitor Analysis: 7 Steps
A competitor analysis is useful when it changes a decision: what you build, how you price, what you say or where you sell. This seven-step process keeps the research tied to those decisions, so you end with a few clear moves instead of a 40-slide deck.
How do you do a competitor analysis?
- Set the decision. Pricing, positioning, roadmap, or a sales objection.
- List competitors your buyers actually consider, including doing nothing. See how to find competitors.
- Pick three to five to study in depth.
- Collect evidence from their site, pricing, reviews, ads, search results and sales calls.
- Compare in one template.
- Find gaps: buyer needs they serve poorly, segments they ignore, claims they can’t back.
- Decide and share: two or three moves, and a battlecard for sales.
Where should you collect evidence?
| Source | What it tells you |
|---|---|
| Homepage and product pages | Who they target and what they claim |
| Pricing page | Packaging, value metric and who they want to buy |
| Customer reviews | What buyers love and complain about |
| Search results | Which topics they invest in |
| Ads | Messages they are paying to test |
| Job posts | Where they are investing next |
| Your sales calls | Why you win and lose against them |
Pricing, search and ads each have their own page: pricing, SEO and ads.
Which questions should the analysis answer?
- Who is each competitor built for, and who do they ignore?
- What do they claim, and what proof do they show?
- How do they price, and what does that say about their buyer?
- Where do buyers say they fall short?
- Why do we win and lose against them?
How the answers shape your message is covered in competitor positioning analysis.
What mistakes should you avoid?
- Listing features instead of buyer outcomes.
- Studying only the biggest competitor while losing to spreadsheets and agencies.
- Trusting a competitor’s claims without checking reviews.
- Doing it once and never updating; see competitor monitoring.
- Copying competitors instead of finding where they are weak.
Every finding needs a decision.
If a finding doesn’t change what you build, price, say or sell, leave it out of the summary.
What should you do this week?
- Write the decision the analysis should inform.
- List every alternative buyers mention in calls.
- Spend an hour per competitor on site, pricing and reviews.
- Fill one comparison table.
- Share three findings and one decision with the team.
Frequently asked questions
How do you do a competitor analysis?
Set the decision, list competitors buyers consider, pick three to five, collect public evidence, compare, find gaps and decide.
How many competitors should I analyse?
Three to five in depth, plus a short list of everything else buyers consider.
What should a competitor analysis include?
Target customer, claims and proof, pricing, strengths and weaknesses from reviews, channels, and why you win or lose.
How long does a competitor analysis take?
A useful first pass takes about a day. Keep it current with monitoring.
Where can I find competitor information?
Their website, pricing page, reviews, ads, search results, job posts and your own sales calls.
Is doing nothing a competitor?
Yes. Spreadsheets, agencies and the status quo often win more deals than other products.