Blog Post

Here’s what I’m covering in this guide:

• What this type of analysis really means
  
• The three types of competitors (yes, there are more than just “the obvious ones”)
  
• My go-to steps for researching a new market
  
• How I analyze my competitors (and avoid wasting time)
  
• Tools I trust and use regularly
  
• Rookie mistakes I’ve made so you don’t have to
  
• How to turn insight into real business moves
  

Let me put it plainly: market analysis is how I understand what’s going on around me—trends, customer behavior, industry shifts, and demand signals.

Competitor analysis? That’s me figuring out who’s trying to win the same customers I am—and how good they are at it.

They go hand-in-hand. You can’t understand your position without knowing the landscape. You’ll find a full breakdown of both in this article, if you want to get technical.

It’s not just about the businesses that look like yours. I break them down into:

They offer what I offer. They talk to the same customers. If I sell coffee, they’re selling coffee, too.

They solve the same need in a different way. Like tea brands. We’re both waking people up, but with different drinks.

These are the “oddballs.” Maybe a vitamin brand starts advertising morning energy. That’s technically not my lane… until it is. I don’t obsess over them, but I don’t ignore them either.

Understanding all three helps me spot threats early—and avoid being blindsided.

When I’m entering a new niche or helping a client position better, here’s how I approach it:

1. Start with goals.
   Am I trying to find demand? Validate an idea? Identify trends? I stay focused.
   
2. Check forums and communities.
   Reddit, Quora, industry-specific groups—they’re full of unfiltered opinions.
   
3. Use Google Trends.
   If interest is declining or spiking, I want to know why.
   
4. Analyze related content.
   I check what’s being published (and what’s missing) in spaces my audience reads.
   

If you want a beginner-friendly breakdown of where to start, I’ve shared one here.

You don’t need a corporate budget for this part. You just need structure.

Here’s how I do it:

• Homepage review. What are they claiming? Who are they talking to?
  
• Product/pricing comparison. What’s similar? What’s better? What’s missing?
  
• Content evaluation. Are they educating, selling, or confusing people?
  
• SEO check. I plug their domain into Ahrefs and see what keywords they’re ranking for.
  
• Social media scan. Who’s engaging with them and why?
  

I talk more about this breakdown in this strategy guide.

If one of them is killing it on TikTok and my audience is clearly there… you better believe I’m paying attention.

Now let’s talk gear. I’ve used all of these—some daily, some only when needed.

• Google Alerts – For tracking brand mentions
  
• Ahrefs – For keyword and backlink analysis
  
• Brandwatch – Social listening at scale
  
• SimilarWeb – Competitive web traffic research
  

You don’t need all of them. Start with one or two and expand as you go. I’ve ranked more tools by use case in this list.

I’ve been doing this long enough to know where beginners get stuck (because, well, I’ve been there). Here are some classic traps:

• Getting stuck in research mode forever. At some point, you’ve got to move.
  
• Ignoring indirect competitors. They may not look like a threat—until they’re suddenly everywhere.
  
• Assuming more data = better decisions. No, clear data = better decisions.
  
• Trusting old info. Update your research regularly or risk being out of touch.
  

Also: don’t fall for competitor FOMO. Just because someone’s doing something, doesn’t mean you should copy it. Context matters.

Let’s say I find out a competitor has significantly better SEO rankings for the same type of service I offer. I don’t panic—I plan.

Here’s what I might do:

• Improve or reposition my messaging. If their tone is clearer, I revisit mine.
  
• Adjust pricing. Maybe not to undercut—but to highlight better value.
  
• Add content they’ve missed. If no one is addressing a pain point, I’ll be first.
  
• Reconsider channels. If everyone’s on LinkedIn, why am I shouting into the Instagram void?
  

One of my favorite walkthroughs of this process is this one. You’ll see how raw data turns into growth moves.

If there’s one thing I want you to walk away with, it’s this: stop guessing. There’s real power in knowing who your audience is, what they need, and how your competitors are falling short.

Even basic analysis can help you:

• Build smarter campaigns
  
• Launch with confidence
  
• Find untapped segments
  
• Avoid wasting time (and ad budget)
  

Want to go deeper? Start with this more advanced breakdown.

How do I identify competitors for a new business?
Start with Google. Look for companies that sell similar stuff or target the same customers. Also, ask potential customers who else they’ve tried.

What if my competitors don’t share much info?
Look at their social media, job posts, and SEO data. You can learn a lot by what they don’t say, too.

Should I be doing this regularly?
Yep. Once every 6 months minimum. Things shift fast—even for local businesses.

How much research is too much?
If you’re collecting data you’ll never use, you’re doing too much. Keep it focused on your goal.Where should I start if I feel overwhelmed?
Start with your top 3 direct competitors and your audience. Everything else builds from there.