Quick Guide: Competitive Reviews
Staying on top of your competitors is key to your business’s growth. It can be difficult to know where to begin with competitive reviews. There are so many elements to consider and the process can be overwhelming.
Here is my easy structure to help get you started…
Start with a simple setup in a spreadsheet or Notion - one that can be easily updated.
I prefer monthly or quarterly updates so that you can notice adjustments your competitor is making over time.
Updating annually is too long to wait - you'll certainly miss some key insights.
Here are 8 of my favorite fields:
Messaging:
What is your competitor's main tagline on their website?
What copy do you first see when you visit their website?
What core product or service are they selling?
What adjustments have they made over time?
Does your competitor’s messaging align with shifts in their business focus? Look beyond the homepage - explore landing pages, product / service pages and social media accounts for nuanced messaging.
2. Service / Product Offerings:
What new services or products has your competitor launched?
What problem are they trying to solve with these new services and products?
What new market are they trying to conquer?
Delve into the rationale behind new launches. What gap in the market are they aiming to fill? Understand the targeted market for each new product or service. Are they expanding into different demographics or industries?
3. Thought Leadership:
What is your competitor talking about consistently in their thought leadership?
What patterns can you see?
Which publications are they contributing to beyond their own branded channels?
Evaluate the reach of their contributions. Are they diversifying beyond their own channels, indicating a broader industry influence?
4. Events:
What events is your competitor planning to speak or exhibit at?
Are they sponsoring new events?
What past events have they sponsored or spoken at?
New sponsorships might indicate a shift in target audiences or strategic alliances. You can also find new potential competitors when looking at these sponsors. What new names do you see?
Hint: Event producers often post past sessions on their website or social media. These are key in learning what future moves your competitors are talking about.
5. Partnerships:
What new alliances and partnerships has your competitor launched?
Have they published new thought leadership with a potential partner?
Are they on speaking panels with potential partners?
What other companies are they tagging in their social media posts?
Look for patterns in partnerships. Do they consistently collaborate with certain types of companies? Examine partnered content - it can reveal shared goals and mutual benefits in these alliances.
6. New Hires:
What new staff and leadership hires has your competitor made?
Where and what were their previous roles?
What new skills and specializations do these new hires bring?
Are these new hires bringing expertise to address specific challenges or opportunities? Evaluate whether there's a concentration of new hires in a particular department - this can signal a shift in strategy.
7. Suppliers:
What new suppliers is your competitor working with?
Where are they located?
Explore the geographical locations of new suppliers. It might hint at expansion plans or changes in their supply chain for efficiency.
Hint: Import/export records are a fantastic resource for this.
8. Podcasts:
Have leadership members been a guest on any podcasts?
Do your competitors have a podcast of their own?
Transcripts can offer valuable insights. Look for nuanced responses that might not appear in other public articles and thought leadership. Explore their podcast strategy - is it educational, promotional, or a mix of both?
Are you looking to kick off your competitive review project? Contact me here or in the options below.
When you’re ready, here are 3 ways I can help you:
Research Subscriptions: Stay massively informed on any topic, competitor or industry with my weekly and monthly research subscriptions. And you can set up as many subscriptions as you need.
Custom Research Project: Perfect for ad-hoc research needs including market research, general research, trend identification and competitive reviews.
Schedule a 1:1 Coaching Call: Need guidance on your project? Not sure how to approach a research project? Have a small budget and want to know exactly how I would tackle it? Set up a call with me.