Tracking the competition shouldn’t be relegated to a "when I have time” activity in business—rather, think of it as a secret game-changing weapon for uncovering market gaps, refining your business and marketing strategies, and driving growth.

Why Competitive Research Is a Game-Changer 

Conducting competitive research isn't about obsessing over rivals. Successful businesses don’t just react—they anticipate, which is why competitive research is about understanding your market and finding opportunities to thrive.

Here’s what it helps you achieve: 

• Spot Market Gaps and create offerings that fulfill unmet customer needs. 
• Understand Trends and stay ahead of emerging industry shifts. 
• Strengthen Differentiation by learning how to stand apart from competitors. 
• Improve Customer Experience with insights into what other businesses are missing. 

Competitive research isn’t just analysis; it’s your roadmap to smarter decisions. By learning what works (and doesn’t) for your competitors, you’re more equipped to position yourself as the better, smarter choice. 

Here’s our step-by-step guide to conducting competitive research like a pro. 

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Step 1: Define Your Competitive Landscape 

The first step is figuring out who your competitors really are. Spoiler alert—the competition is not always as obvious as it seems. 

Types of Competitors to Identify: 

• Direct Competitors – Businesses targeting the same audience with similar products/services. 
• Indirect Competitors – Companies solving the same problem with different approaches (e.g., gyms vs. home workout apps). 
• Emerging Competitors – New players entering your market, often with disruptive solutions. 
• Alternative Options – Sometimes, your biggest competition isn’t another company—it’s the choice to do nothing at all. Customers may decide to stick with their current course of action, either out of comfort or fear of change.

It’s also important to recognize that a powerful competitor can be the mindset of your customer—or, equally important, the mindset of the individuals your customers turn to for referrals, endorsements, or (as in the case of healthcare) a prescription. If your customers or these “prescribers” are stuck in their ways, unwilling to adapt, or unconvinced of the value you bring, this internal resistance can be just as tough to overcome as a direct competitor. Tackling these "invisible competitors" requires innovative, customer-focused strategies that educate, inspire, and build trust.

How to Find Them: 

• Google Search: Think about how your audience would search for information about the type of product you offer or the type of problem you're looking to solve. What phrases or words would they likely use when searching? What comes up when you conduct a search using keywords your audience uses? 
• Social Media: Platforms like LinkedIn can reveal competitors’ activity and thought leadership. 
• Industry Reports: Evaluate reports and rankings that list major and upcoming players in your field. 

Tip: Regularly revisit this list—competition evolves rapidly! 

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Step 2: What to Analyze About Competitors 

Knowing your competitors isn’t just about being able to rattle off their names; it’s about understanding what actually drives their success and how you compare. 

Here’s what to focus on during your analysis: 

1. Brand Messaging & Positioning 

• What unique value propositions do they “own” and communicate?  And — more importantly — why are these value propositions important to the customers you’re targeting?
• Do your competitors lean into connecting with customers emotionally (by highlighting benefits that speak to the true heartfelt desires of their customers) or do they focus more on the functional, logical benefits? 
• How do they position themselves against competitors (including you)? 

2. Product or Service Offerings

• What features make their offerings unique? 
• Are they targeting entry-level customers, premium buyers, or somewhere in between? 
• Is pricing competitive, value-driven, or luxury? 

3. Marketing Strategies

• What is the tone of their content? 
• What platforms and channels do they prioritize (social media, SEO, emails)? 
• Are they running paid ads? Check platforms like the Meta Ad Library or Google Ads Transparency Center for insights. 

4. Customer Sentiment 

• Read reviews and customer comments about your brand and your competitors on G2, Trustpilot, Google Reviews, Reddit, Quora or Amazon to identify patterns. 
• What do customers praise? What do they criticize? 
• What obstacles (pricing, support, features) prevent customers from committing? 

5. Partnerships & Collaborations

• Are competitors forming alliances with other companies? Or are they leveraging influencer relationships? 
• What new partnerships could give you a similar edge? 

By breaking down competitors in this way, you’ll develop a clear picture of where they shine—and where they fall short. 

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Step 3: The Best Tools for Competitive Research 

Gone are the days of sifting through endless spreadsheets and websites. These tools simplify and supercharge your research process. 

• SEMrush & Ahrefs: For analyzing competitors’ SEO and website performance. 
• Brandwatch & Sprout Social: For social media listening and identifying engagement patterns. 
• G2 & Trustpilot: For mining authentic customer feedback. 
• Google Alerts: To monitor changes in competitors’ strategies (e.g., new features, offers). 
• Meta Ad Library & Google Ads Center: Uncover details about live campaigns. 

Leverage automation when possible to extract the most relevant insights with minimal effort. 

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Step 4: Turning Insights Into Action 

Here’s the thing—data in isolation doesn’t drive impact. To outpace competitors, turn data into insights that form the foundation of your business strategy. 

1. Identify Market Gaps

Are there unserved or under-served customer needs? Can you adjust your offerings to address these? For example, if competitors struggle to offer personalized support, you can double down on stellar customer service as a differentiator. If competitors are mainly highlighting the functional benefits of their product (i.e., “improving the flow of tears to reduce dry eye”), can you elevate the conversation to focus more on the emotional benefit your solution will provide (“See your grandchild’s musical performance in full clarity — even from the last row of the concert hall”)? 

2. Refine Your Brand Positioning

Review your messaging. Are you repeating generic phrases like “best quality” or “trusted service”? Are the key features you're highlighting very similar to those of your competitors? Instead, focus on what truly differentiates your business. How is your product unique?  Is it better, faster, safer, more appealing?

3. Optimize Product, Pricing, & Marketing Strategies

• Expand product features to include must-haves your competition lacks. 
• Adjust pricing structures based on competitor benchmarks. 
• Create content that addresses questions and gaps found in competitor blogs or FAQs. 

Tip: A/B test these strategies to validate which insights resonate with your audience the most. 

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Step 5: Competitive Research Is Continuous 

Competitive research isn’t a once-and-done exercise. Industries and customer expectations shift constantly—it’s essential to review your competitive landscape regularly. 

Best Practices for Staying Ahead: 

• Schedule Reviews: Conduct a quarterly or biannual review to to keep tabs on changes in your industry. 
• Leverage AI & Automation: Use tools like Klue or Crayon for real-time updates on competitor activity. 
• Stay Alert to Trends: Monitor social media, industry events, and new product launches to spot emerging opportunities or threats early. 

By making competitive research an ongoing process, you’ll remain adaptable and prepared, no matter how your market evolves. 

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Step 6: Addressing Common Research Challenges 

Many marketers and entrepreneurs struggle with competitive research challenges like data overload, keeping research actionable, or pinpointing the right competitors. 

Here’s how to overcome them: 

• Focus on clear research objectives to avoid getting lost in endless data. 
• Rely on tools like AI-powered sentiment analysis to separate actionable insights from noise. 
• Create categorical competitor profiles (direct, indirect, emerging) for a precise view of the landscape. 
• Plot competitors on X-Y graphs to more easily and visually identify white space opportunities and competitive challenges
• Share findings across teams so product, sales, and marketing divisions can utilize insights effectively. 

By streamlining your efforts, you’ll turn research into results far more efficiently.  

Outpace Competition and Elevate Your Business 

Competitive research isn’t just about knowing who your rivals are—it’s about spotting opportunities, enhancing your strategy, and showcasing what makes your brand unique. 

The good news? Conducting effective competitive research doesn’t have to be overwhelming. With the right strategies, use of emerging technology tools, and a growth mindset, you can gather actionable insights to inform and refine your approach, spotlight your unique value, and seize untapped opportunities. 

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At Wheel+Dow, we have 60+ years of combined experience conducting competitive research (ranging from highly-sophisticated to ultra-scrappy) and then leveraging the learnings to create highly-actionable game plans and winning business strategies for our clients. Contact us today to explore how we can help your company create competitive advantage through competitive research.