{"id":1229,"date":"2023-02-27T00:00:00","date_gmt":"2023-02-27T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/articles\/how-to-do-a-competitor-analysis\/"},"modified":"2025-05-22T13:15:19","modified_gmt":"2025-05-22T13:15:19","slug":"how-to-do-a-competitor-analysis","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/marketing\/how-to-do-a-competitor-analysis\/","title":{"rendered":"How to do a competitor analysis for your small business"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Taking the time to do a competitor analysis will help you grow your business and stay on top of market trends. It\u2019s an important part of any business strategy, whether you\u2019re just starting out or are an established brand looking to understand a new competitor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Learn how to do a competitor analysis and how it can help your small business identify opportunities, develop your products and services, and stay ahead of the competition.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-lead-50-color has-alpha-channel-opacity has-lead-50-background-color has-background\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Get your free competitor analysis template<\/h3>\n\n\n\n<div class=\"wp-block-button has-size-medium\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-analysis-template-PDF.pdf\">Download<\/a><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-lead-50-color has-alpha-channel-opacity has-lead-50-background-color has-background\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">What is competitor analysis?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Competitive analysis, or competitor analysis, is when you take a strategic view of your competitors to understand their products, services, and their marketing and pricing strategies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ultimately this is how businesses of any size can try to gain a competitive advantage and continue to attract customers. For example, it can help you answer questions like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">am I advertising my business in the right places?<\/li>\n\n\n\n<li class=\"wp-block-list-item\">have I priced my products or services fairly and competitively?<\/li>\n\n\n\n<li class=\"wp-block-list-item\">how do my values and strengths compare to my competitors?<\/li>\n\n\n\n<li class=\"wp-block-list-item\">what\u2019s missing from my product or service offering?<\/li>\n\n\n\n<li class=\"wp-block-list-item\">what do I need to do to reach my <a href=\"\/knowledge\/strategy\/smart-goal-setting-for-business\/\" data-type=\"knowledge\" data-id=\"1528\" >business goals<\/a>?<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Advantages of competitor analysis<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A competitor analysis is a useful way to help you:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">find a <a href=\"\/knowledge\/starting-out\/how-to-find-a-gap-in-the-market\/\" data-type=\"knowledge\" data-id=\"983\" >gap in the market<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\">improve or <a href=\"\/knowledge\/marketing\/tips-for-developing-a-product-a-simple-guide\/\" data-type=\"knowledge\" data-id=\"1072\" >develop new products<\/a> or services <\/li>\n\n\n\n<li class=\"wp-block-list-item\">inform your marketing and pricing strategy<\/li>\n\n\n\n<li class=\"wp-block-list-item\">take advantage of new industry trends<\/li>\n\n\n\n<li class=\"wp-block-list-item\">keep an eye on new and emerging businesses that could impact your success<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What should a competitor analysis include?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A competitor analysis involves researching key information about three or four of your competitors. You should aim to include information on these areas:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">products or services <\/li>\n\n\n\n<li class=\"wp-block-list-item\">features and benefits <\/li>\n\n\n\n<li class=\"wp-block-list-item\">revenue <\/li>\n\n\n\n<li class=\"wp-block-list-item\">marketing<\/li>\n\n\n\n<li class=\"wp-block-list-item\">pricing<\/li>\n\n\n\n<li class=\"wp-block-list-item\">market share<\/li>\n\n\n\n<li class=\"wp-block-list-item\">strengths and weaknesses<\/li>\n\n\n\n<li class=\"wp-block-list-item\">customer reviews<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How to do a competitor analysis: step-by-step<\/h2>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">1. Identify your competitors<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You probably have a good idea who your competitors are, but do you know what sets them apart? If you only take the occasional look at their social media and <a href=\"\/knowledge\/marketing\/how-to-make-a-youtube-video\/\" data-type=\"knowledge\" data-id=\"1436\" >YouTube<\/a> channels without digging deeper into their overall strategy, you could be missing out on big opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The key here is to look at <strong>direct competitors<\/strong> that match your business in terms of the products or services they offer, their geographic location, and size. Choose three or four key competitors and give a short overview as part of your analysis, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">a short description of each competitor<\/li>\n\n\n\n<li class=\"wp-block-list-item\">revenue \u2013 for listed companies this information is publicly available on the London Stock Exchange. This can be harder to find for private companies, but you can check <a href=\"https:\/\/www.gov.uk\/get-information-about-a-company\" rel=\"noopener noreferrer\" target=\"_blank\">Companies House<\/a> as a starting point<\/li>\n\n\n\n<li class=\"wp-block-list-item\">date established<\/li>\n\n\n\n<li class=\"wp-block-list-item\">management information<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Review products and\/or services<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This is where you should list the features and benefits of your products or services, and compare them in detail with each of your competitors. A good way to do this is to create a simple table that breaks everything down by price, quality, and key features.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Analyse their marketing strategy<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This section is where you can look at how your competitors are promoting their business to customers. You\u2019ll include things like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><strong>social media<\/strong> \u2013 compare what platforms they use, how often they post, and how much customers are engaging with content<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>advertising<\/strong> \u2013 do they have printed flyers or posters? If so, where are they?<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>content strategy<\/strong> \u2013 what\u2019s their website like? Do they keep a blog? Do they showcase customer case studies and testimonials?<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>newsletters and emails<\/strong> \u2013 sign up to your competitors\u2019 email newsletters if they have one to see how they\u2019re communicating with their customers<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>events<\/strong> \u2013 see if your competitors are regularly attending trade shows, selling at local market stalls, or putting on events<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Read our guide to <a href=\"\/knowledge\/marketing\/how-to-advertise-your-business\/\" data-type=\"knowledge\" data-id=\"1410\" >marketing your small business<\/a> for tips and download our <a href=\"\/knowledge\/marketing\/how-to-write-a-marketing-plan\/\" data-type=\"knowledge\" data-id=\"1456\" >marketing strategy template<\/a> to start planning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Pricing<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s important to regularly analyse your pricing strategy against your competitors so you don\u2019t miss potential threats to your business. A similar business might drop their prices for example, so you need to make sure you\u2019re staying on top of changes in demand and seasonal sales.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s not all about price though. Consider how price reflects quality, as well as any shipping and return costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Customer reviews<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Trawling through review sites might seem like a chore, but it can be a fantastic indicator of what your competitors are doing well \u2013 and what they aren\u2019t so good at.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether it\u2019s reviews on Facebook, Google, Trustpilot, Tripadvisor, or one of the many other sites available, there are plenty of ways to see what customers think of you and your competitors. This can help you understand if there\u2019s an opportunity to improve your service or develop something new that better answers customer needs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Carry out a competitor SWOT analysis<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SWOT stands for strengths, weaknesses, opportunities, and threats. Usually you\u2019ll use a grid layout with space to write notes for each section. It\u2019s an important part of writing a <a href=\"\/knowledge\/strategy\/how-to-write-a-business-plan\/\" data-type=\"knowledge\" data-id=\"1199\" >business plan<\/a>, but a SWOT analysis can also be used to see how your competitors are performing based on your perceptions and market research.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large size-full\"><img loading=\"lazy\" decoding=\"async\" height=\"724\" width=\"1024\" src=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-swot-analysis-template.jpg?w=1024\" alt=\"Competitor SWOT analysis free template\" class=\"wp-image-3173\" srcset=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-swot-analysis-template.jpg 1754w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-swot-analysis-template.jpg?resize=800,566 800w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-swot-analysis-template.jpg?resize=768,543 768w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-swot-analysis-template.jpg?resize=1024,724 1024w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-swot-analysis-template.jpg?resize=1536,1086 1536w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/competitor-swot-analysis-template.jpg?resize=150,106 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about how to do a <a href=\"\/knowledge\/strategy\/how-to-do-business-swot-analysis-template\/\" data-type=\"knowledge\" data-id=\"944\" >SWOT analysis<\/a> and <a href=\"\/knowledge\/marketing\/how-to-do-market-research\/\" data-type=\"knowledge\" data-id=\"982\" >how to do market research<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"whatisacompetitoranalysisframework\">What is a competitor analysis framework?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A competitor analysis framework is a form of analytical modeling that guides how you\u2019ll structure your competitor research.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve already mentioned SWOT analysis, which is one example of a framework that can help you gain a competitive advantage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another example is position mapping. For this model, you\u2019d use a simple chart to plot your perception of your competitors\u2019 products in terms of quality versus price, and how you think your products compare. This can help you understand whether you\u2019re able to demand a higher price if you\u2019re offering a premium product.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"competitoranalysistools\">Competitor analysis tools<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are so many competitor analysis tools out there it can be overwhelming, particularly if you\u2019re a small business without big budgets and a digital marketing agency at your disposal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, you might like to explore how some of the tools below can help you as you grow. But keep in mind, they\u2019re subscription platforms so you\u2019ll need to decide if the monthly cost is worth it.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.brandwatch.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Brandwatch<\/a> \u2013 a social media \u2018listening\u2019 tool that provides useful insights into how people are engaging with your brand, and your competitors, across social platforms<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.brightlocal.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">BrightLocal<\/a> \u2013 see how local businesses perform in local web searches and review Google My Business listings<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/buzzsumo.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">BuzzSumo<\/a> \u2013 gather new content ideas and an insight into how competitor content performs \u2013 you can do a free trial and follow this guide on <a href=\"https:\/\/buzzsumo.com\/blog\/how-to-use-buzzsumo-thirty-days\/#section-63\" rel=\"noopener noreferrer\" target=\"_blank\">how to make the most of BuzzSumo in 30 days<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/ahrefs.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Ahrefs<\/a> \u2013 <a href=\"https:\/\/www.howtowriteseo.com\/seo\/keyword-research\/\" rel=\"noopener noreferrer\" target=\"_blank\">conduct keyword research<\/a> for your website or blog and see what your competitors are ranking for<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Competitor analysis example<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re still wondering how to conduct a competitor analysis, make sure you <a href=\"#get-your-free-competitor-analysis-template\">download our editable template<\/a> to get started for your business. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is just an overview of some of the ways you can approach a competitor analysis and is by no means exhaustive. The main thing is to keep it simple and focus on market research to start with, but continue revisiting your analysis and building on it as your business grows.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">More guides and resources<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/strategy\/how-to-write-a-business-plan\/\" data-type=\"knowledge\" data-id=\"1199\" >How to write a business plan \u2013 and free template<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/marketing\/business-awards-writing-a-winning-award-entry\/\" data-type=\"knowledge\" data-id=\"1139\" >How to enter business awards<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/marketing\/how-to-advertise-your-business\/\" data-type=\"knowledge\" data-id=\"1410\" >How to advertise your hair business<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/retail\/how-to-start-a-clothing-brand\/\" data-type=\"knowledge\" data-id=\"1447\" >How to start a small clothing business from home<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/business-insurance\/faq\/what-type-of-business-insurance-do-i-need\/\">What type of business insurance do I need?<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Do you have any unanswered questions about how to do competitor analysis? Let us know in the comments below.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"lookingforselfemployedinsurance\">Looking for self-employed insurance?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">With Simply Business you can build a single <a href=\"\/business-insurance\/self-employed-insurance\/\">self employed insurance<\/a> policy combining the covers that are relevant to you. Whether it&#8217;s <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a>, <a href=\"\/business-insurance\/professional-indemnity-insurance\/\">professional indemnity<\/a> or whatever else you need, we&#8217;ll run you a quick quote online, and let you decide if we&#8217;re a good fit.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Photograph: Wayhome Studio\/stock.adobe.com<\/em><\/p>\n\n\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Want to beat your competitors? Take a strategic view of their products, services, marketing and pricing. Here&#8217;s how.<\/p>\n","protected":false},"author":3,"featured_media":3172,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[111,110],"hidden-category":[],"coauthors":[25],"class_list":["post-1229","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-marketing","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to do a competitor analysis for your small business<\/title>\n<meta name=\"description\" content=\"Want to beat your competitors? Take a strategic view of their products, services, marketing and pricing. Here&#039;s how.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/marketing\/how-to-do-a-competitor-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A simple guide on how to do competitor analysis\" \/>\n<meta property=\"og:description\" content=\"Learn how to do a competitor analysis and identify new opportunities for your small business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/marketing\/how-to-do-a-competitor-analysis\/\" \/>\n<meta property=\"og:site_name\" content=\"Simply Business UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/simplybusiness\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T13:15:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/06\/how-to-do-a-competitor-analysis.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How to do a competitor analysis for your small business\" \/>\n<meta name=\"twitter:site\" content=\"@simplybusiness\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Catriona Fuller\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/marketing\/how-to-do-a-competitor-analysis\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/marketing\/how-to-do-a-competitor-analysis\/\"},\"author\":{\"@type\":\"Person\",\"name\":\"Catriona Fuller\",\"description\":\"Catriona Fuller is a content and marketing professional with 12 years\u2019 experience across the financial services, higher education, and insurance sectors. She\u2019s also a trained NCTJ Gold Standard journalist. As a Senior Copywriter at Simply Business, Catriona has in-depth knowledge of small business concerns and specialises in tax, marketing, and business operations. 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