1. Identify and categorize all competitors.
Posted: Mon Jan 20, 2025 10:57 am
Here are the five quick steps I follow to analyze competitors. For extra steps, keep reading onto the next section where I share even more.
The first step is a simple yet strategic one. You have to identify all possible competitors in your industry, even the lesser-known ones. The goal here is to be aware of all the players in the market instead of arbitrarily choosing to ignore a few.
As you find more and more competitors, categorize them into these buckets:
Direct competitors. These brands offer the same product/service as you to the same target audience. People will often compare you to these brands when making a buying decision. For example, Arcade malta whatsapp number database and Storylane are direct competitors in the demo automation category.
Indirect competitors. These businesses solve the same problem but with different solutions. They present opportunities for you to expand your offering. For example, Scribe and Whatfix solve the problem of documentation + internal training, but in different ways.
Legacy competitors. These are established companies operating in your industry for several years. They have a solid reputation in the market and are a trusted name among customers. For example, Ahrefs is a legacy competitor in the SEO industry.
Emerging competitors. These are new players in the market with an innovative business model and unique value propositions that pose a threat to existing brands. For example, ChatGPT came in as a disruptor in the conversational AI space and outperformed several brands.
Here’s a competitive matrix classifying brands in the community and housing space:
how to conduct a competitor analysis
Image Source
Testing It Out
To help you understand each step clearly, we’ll use Trello as an example and create a competitor analysis report using these steps.
Here’s a table of the main competitors for Trello:
The first step is a simple yet strategic one. You have to identify all possible competitors in your industry, even the lesser-known ones. The goal here is to be aware of all the players in the market instead of arbitrarily choosing to ignore a few.
As you find more and more competitors, categorize them into these buckets:
Direct competitors. These brands offer the same product/service as you to the same target audience. People will often compare you to these brands when making a buying decision. For example, Arcade malta whatsapp number database and Storylane are direct competitors in the demo automation category.
Indirect competitors. These businesses solve the same problem but with different solutions. They present opportunities for you to expand your offering. For example, Scribe and Whatfix solve the problem of documentation + internal training, but in different ways.
Legacy competitors. These are established companies operating in your industry for several years. They have a solid reputation in the market and are a trusted name among customers. For example, Ahrefs is a legacy competitor in the SEO industry.
Emerging competitors. These are new players in the market with an innovative business model and unique value propositions that pose a threat to existing brands. For example, ChatGPT came in as a disruptor in the conversational AI space and outperformed several brands.
Here’s a competitive matrix classifying brands in the community and housing space:
how to conduct a competitor analysis
Image Source
Testing It Out
To help you understand each step clearly, we’ll use Trello as an example and create a competitor analysis report using these steps.
Here’s a table of the main competitors for Trello: