What You Need to Know When Researching Competitors

What You Need to Know When Researching Competitors

What you need to know when researching competitors

It’s important to analyse your competitor’s business to get a good starting point for your own. There are many ways to do this, and it mainly depends on the information you have. We ask what you need to know when researching competitors. Some methods include studying their website, reading their documentation, and talking to customers. As well as looking at how they conduct marketing activities. A starting point is collecting, assessing and analysing information about your competitor. Information should include:

Their brand, design values and tone of voice

How do they communicate with the world? Is it formal and stuffy or youthful and less rigid? Or somewhere in between the two? Is their message working? How creative are they?

The products or services they provide

Features and benefits and how they communicate them to their prospects. How good is their offering? Is their offer as good as they claim, or are there cracks in the pavement?

How innovative are they?

Not just their products, but how innovative are they with their business methods? Does it slow them down or speed them up?

How do they market to customers?

Is it hitting the spot? Are customers attracted to them? And are your customers attracted to them?

What is Competitive Intelligence?

Competitive Intelligence is the finding, sorting and critical analysis of information. To make sense of what’s happening and why. Predict what’s going to happen and give the options to help you control the outcome. Competitive Intelligence offers more certainty, competitive advantage, insight, growth & security.

How easy is their customer journey?

Anything you can take and improve? Are there any weaknesses you can exploit? And, of course, highlighted during a sales conversation. We are not suggesting open criticism of your competitors during sales calls. But emphasising your strengths compared to others in the market is fair game.

How do they distribute their product or service?

Can you see any competitive advantage in their supply chain? Supply Chain Analysis is a helpful tool for this. Supply chain analysis is the process of studying the movement of goods and services from supplier to customer. This includes the study of how the different parts of the supply chain work together to meet customer demand.

What systems do they have to enhance customer loyalty?

If tech, what sort of security or backup service do, they offer? How do they manage their customers’ data? 

How many staff do they have?

Are they struggling to recruit or keep who they have? Do good people leave quickly? What’s the track record of their key team members, and how good are they? What calibre of professionals do they attract?

Who owns the business, and what are they like?

What returns are they expecting? Are they backed financially? Do they have a large war chest, or are they struggling with cash flow? Are they looking to sell, or are they on the acquisition trail? How do they manage their teams?

What are they saying in their annual accounts if they’re a public company? What are they not saying? How do they see the future?

Check their website, local newspapers, social media and national adverting. Radio, online advertising, television and outdoor advertising. What benefits are they focusing on? Are they right? Is their brand consistent?

What’s their SEO strategy?

What keywords do they focus on? Are they working? Is their website optimised, or are they missing a trick?

What you need to know when researching competitors

In conclusion, assessing how your competitors conduct their business is very important. It’s a great way to understand what works and what doesn’t. You can learn a lot from studying your competition. By doing so, you can improve your own business practices. So, take the time to analyse your competition. See how you can apply and enhance their strategies to your own business.

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