Competitor Analysis Checklist 2024

A competitor analysis is essential for understanding your market, staying ahead of trends, and identifying ways to differentiate your product or service.

Here’s a handy checklist for doing a solid competitor analysis, broken down by the main things to look into:

1. Identify Competitors

   1. Direct Competitors: Companies offering similar products/services to the same audience.

   2. Indirect Competitors: Companies offering substitute products or alternative solutions.

   3. Emerging Competitors: New entrants or companies expanding into your market.

   4. Industry Leaders: Established players with significant market share or influence.

2. Product/Service Analysis

   1. Features & Benefits: Key selling points, features, and benefits.

   2. Pricing: Structure, tiers, discounts, and value compared to the price.

   3. Unique Selling Proposition (USP): What sets the competitor apart?

   4. Product Variants/Versions: Variety and customization options.

   5. Product Quality: User reviews, complaints, and satisfaction levels.

   6. Lifecycle and Innovation: Frequency of updates, innovations, and product roadmap.

3. Market Positioning

   1. Target Audience: Demographics, psychographics, and specific needs served.

   2. Branding & Messaging: Tone, style, tagline, and overall brand promise.

   3. Reputation & Trustworthiness: Brand image, trust markers, and customer feedback.

   4. Value Proposition: Primary benefits promised to customers.

   5. Differentiators: Areas where they’re distinct from other competitors.

4. Marketing & Advertising

   1. Channels Used: Social media, SEO, email, content marketing, PPC, etc.

   2. Content Strategy: Types, frequency, and themes of content shared.

   3. Promotional Campaigns: Notable campaigns, influencers, events, or offers.

   4. Social Media Presence: Platforms, engagement levels, and community size.

   5. Brand Partnerships & Affiliates: Partnerships or affiliates they collaborate with.

   6. SEO & Paid Advertising: Keyword strategy, ranking keywords, paid search, and display ads.

5. Sales Process & Customer Experience

   1. Sales Funnel: How they move prospects from awareness to purchase.

   2. Customer Journey: Touchpoints from initial interest to post-purchase.

   3. Customer Support: Channels (live chat, email, phone), response times, and quality.

   4. Retention & Loyalty: Loyalty programs, rewards, referral incentives.

   5. Onboarding Process: Ease and quality of getting started with their product or service.

6. Pricing & Revenue Model

   1. Pricing Tiers: Free trials, freemium options, subscription tiers, and pricing structure.

   2. Monetization Strategy: Ads, subscriptions, pay-per-use, or bundled offers.

   3. Discounts and Promotions: Common deals or offers for customer acquisition.

   4. Revenue Streams: Primary revenue sources and any secondary ones.

7. Technology & Innovation

   1. Product Development: Patents, R&D initiatives, and technology partnerships.

   2. Digital Presence: Website quality, mobile-friendliness, and app functionality.

   3. Tech Stack: Tools and platforms for their website, CRM, analytics, etc.

   4. Innovation & Adaptability: Frequency of updates, response to market trends.

8. Strengths, Weaknesses, Opportunities, Threats (SWOT) Analysis

   1. Strengths: Where they outperform others.

   2. Weaknesses: Areas where they underperform.

   3. Opportunities: Market gaps, underserved needs, or emerging trends they could leverage.

   4. Threats: Risks from market changes, emerging competitors, or regulatory changes.

9. Financial Performance (if available)

   1. Revenue & Profit Margins: Financial growth, profitability.

   2. Funding & Investments: Major investors, funding rounds, and valuation.

   3. Market Share: Share of the market relative to other competitors.

   4. Acquisitions & Partnerships: Mergers, acquisitions, or strategic partnerships.

10. Customer Feedback & Reviews

    1. Online Reviews: Ratings on platforms like Google, Yelp, and product-specific forums.

    2. Social Listening: Social media mentions, complaints, and praise.

    3. Customer Satisfaction: Net Promoter Score (NPS) if available, common customer sentiments.

    4. Customer Pain Points: Frequent complaints or areas for improvement.

    5. Advocacy & Loyalty: Indicators of brand loyalty and referral frequency.

    
    

This checklist gives you a good starting point for a thorough competitor analysis. To really get the full picture, check in on your main competitors every few months and tweak your strategy as the market shifts.

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