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Competitor Analysis Checklist 2024

Updated: Nov 4

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.


Need assistance? Shelley's Social Media offers a comprehensive competitor report. For more details go to https://tinyurl.com/3d22n7cm

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