--- description: Ever wondered what the best ways to find and analyse key competitors for your upcoming business? We've got you covered. Read more now title: What is Competitor Analysis? Analyse Business Competitors - Brixx image: https://brixx.com/wp-content/uploads/2019/11/competitor-analysis.jpg --- [Home](https://brixx.com/) » What is Competitor Analysis? How to Conduct Competitive Research # What is Competitor Analysis? How to Conduct Competitive Research #How to Start a Business #Self-Employment #Startups Jamie Smith|11min read |5 September 2023 [ ![Share on Facebook](https://brixx.com/wp-content/themes/brixx/assets/image/icons/fb-black.svg) ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fbrixx.com%2Fanalyse-key-business-competitors%2F) [ ![Share on Twitter](https://brixx.com/wp-content/themes/brixx/assets/image/icons/x-black.svg) ](https://twitter.com/intent/tweet?url=https%3A%2F%2Fbrixx.com%2Fanalyse-key-business-competitors%2F&text=What+is+Competitor+Analysis%3F+How+to+Conduct+Competitive+Research) [ ![Share on LinkedIn](https://brixx.com/wp-content/themes/brixx/assets/image/icons/lin-black.svg) ](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fbrixx.com%2Fanalyse-key-business-competitors%2F&title=What+is+Competitor+Analysis%3F+How+to+Conduct+Competitive+Research) [ ![Share on Telegram](https://brixx.com/wp-content/themes/brixx/assets/image/icons/tg-black.svg) ](https://t.me/share/url?url=https%3A%2F%2Fbrixx.com%2Fanalyse-key-business-competitors%2F&text=What+is+Competitor+Analysis%3F+How+to+Conduct+Competitive+Research) [ ![Share on WhatsApp](https://brixx.com/wp-content/themes/brixx/assets/image/icons/wa-black.svg) ](https://api.whatsapp.com/send?text=What+is+Competitor+Analysis%3F+How+to+Conduct+Competitive+Research%20https%3A%2F%2Fbrixx.com%2Fanalyse-key-business-competitors%2F) ![](https://brixx.com/wp-content/uploads/2019/11/competitor-analysis.jpg) ![Model - Forecast - Plan](https://brixx.com/wp-content/themes/brixx/assets/image/blog/article-start.svg) Start Brixx's 7-Day Trial [ Start for FREE ](https://app.brixx.com/sign-up/trial?utm%5Fcampaign=blogcta) ![competitor analysis](https://brixx.com/wp-content/uploads/2019/11/competitor-analysis.jpg) In this comprehensive guide, we will explore the critical components of conducting a competitor analysis, a pivotal task for businesses striving for success in today’s competitive marketplace. We will ensure an understanding of the essence of competitor analysis and its profound significance for your business. Let’s begin this journey towards sharpening your competitive edge. ## What is competitor analysis? Competitor analysis is a strategic method of analysis that allows you to systematically examine and evaluate competitors across your industry and marketplace. It is a process of gathering, analyzing, and interpreting information about your competitors to gain insights into their strategies, strengths, weaknesses, and market positioning. ![learn about competitor analysis in Brixx cta](https://brixx.com/wp-content/uploads/2025/02/learn-about-competitor-analysis-in-Brixx-cta-1024x364.png) ### Manage your business growth in Brixx Get started with our forecasting software so that you can plan your business' future [Start your free trial today](https://app.brixx.com/sign-up/trial?utm%5Fsource=brixx-website&utm%5Fmedium=cta&utm%5Fcampaign=cta-competitor-analysis) ## What is the importance of competitor analysis? Competitor analysis holds significant importance for businesses operating in today’s business landscape. Here are several key reasons why it’s crucial: * **Insight into core strategy**: Competitor analysis provides valuable insights into the strategies that are working within your industry. By analyzing their successes and failures, you can adapt your own strategies accordingly. * **Identifying new opportunities**: With a complete understanding of your competitors, you can uncover new market segments and niches. These are areas where your competitors might not be fully catering to customer needs, leaving room for your business to thrive. * **Understand industry risk**: Competitor analysis allows you to anticipate potential threats and challenges within your industry. This approach enables you to develop contingency plans and strategies to counteract these risks effectively. * **Improve market positioning**: By assessing where your competitors stand in the market, you can identify gaps or areas where you can differentiate your business. This can lead to a more effective and unique market positioning. * **Guide product development**: By studying your competitors’ products or services, you can identify areas for improvement or innovation. This can guide your product development efforts and help you create offerings that outshine the competition. * **Benchmark against standards**: You can [benchmark your performance against your competitors](https://brixx.com/can-industry-benchmarking-help-financial-forecasts/), allowing you to gauge how well you’re doing in comparison. This can be particularly helpful for setting goals and tracking progress. Competitor analysis is not just about keeping an eye on your rivals; it’s about gathering actionable data that can guide your business strategy, drive growth, and help you stay ahead in a competitive market. It’s an essential practice for businesses of all sizes and industries. ![What is the importance of competitor analysis](https://brixx.com/wp-content/uploads/2023/09/What-is-the-importance-of-competitor-analysis-1024x375.jpg) ## What are the types of competitor analysis? There are multiple ways a business can proceed with competitor analysis, depending on the depth of analysis and the specific objectives of a business. Here are 12 types of competitor analysis: 1. **Direct competitor analysis**: Examining businesses like yours within your industry. * An example of direct competitors are Harley Davidson and [Yamaha](https://brixx.com/yamaha/). 2. **Indirect competitor analysis**: Looking at businesses serving a similar audience or need, despite differences in products. * An example of indirect competitors are KFC (primarily serving fast food chicken) and Subway (primarily serving fast food sandwiches). 3. **Product-based analysis**: Comparing the features, quality, and pricing of products in your category. 4. **Market share analysis**: Assessing how much of the market each competitor controls. 5. **SWOT analysis**: Evaluating competitors’ [SWOT (strengths, weaknesses, opportunities, and threats)](https://brixx.com/swot-analysis-for-startups/). 6. **Customer analysis**: Understanding who your competitors’ customers are and what they like. 7. **Online presence analysis**: Checking how well your competitors perform online, including their website, social media, and customer reviews. 8. **Pricing strategy analysis**: Studying how your competitors set their prices and offer discounts. 9. **Marketing and advertising analysis**: Analyzing how your competitors market their products or services. 10. **Financial analysis**: Assessing the financial health and stability of larger competitors. 11. **Innovation and R&D analysis**: Examining your competitors’ efforts in developing new products or services. 12. **Market trend analysis**: Observing industry trends and how competitors adapt to them. ## When should you do a competitor analysis? There are multiple instances in your business’ lifespan where you might consider competitor analysis. Regardless of the size of your business, we have listed just a few times you might need to up your analysis. * Entering the market as a startup * Planning your annual or quarterly strategies * Launching a new product or services * Beginning a new marketing campaign * Considering pricing adjustments to products or services * Planning to expand your business into new territories * Annual or quarterly reviews * Throughout economic changes or industry changes * Updated regulations or market changes * When customers feedback or are dissatisfied In essence, competitor analysis should be a continuous process, but it’s especially important at key decision-making junctures in your business. It helps you make informed choices, adapt to changing market conditions, and stay ahead in a competitive environment. ![When should you do a competitor analysis](https://brixx.com/wp-content/uploads/2023/09/When-should-you-do-a-competitor-analysis-1024x439.jpg) ## How to conduct a competitor analysis As you’re looking to improve your competitive analysis, we have put together this step-by-step guide on how you can start: ### 1\. Identify competitors within your industry Start by making a list of both direct and indirect competitors. Direct competitors offer similar products or services, while indirect competitors cater to the same target audience with slightly different offerings. ### 2\. Gather the important information Collect data on the important aspects of your competitors. This can include: Their products and services, any online presence or marketing strategy, alongside their target audience. ### 3\. Carry out a SWOT analysis Carry out a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for each competitor. This helps you visually understand their position in the market. ### 4\. Benchmark your metrics against competitors Compare your business metrics with the newly found metrics of your competitors. ### 5\. Analyze any key trends Stay updated with industry trends and monitor how your competitors are adapting to them. ### 6\. Identify any product or market gaps Pinpoint areas where your competitors are lacking or where they could improve. These gaps can present opportunities for your business to excel and stand out. ### 7\. Develop new strategies Based on the insights gathered, create strategies that capitalize on your competitors’ weaknesses and take advantage of your strengths. ### 8\. Ensure you monitor on an ongoing basis Regularly monitor your competitors to stay updated with changes in their strategies, customers, and market share. ### 9\. Seek feedback from your customers Gather feedback from your own customers regarding their experiences with your competitors. Understand what they like and dislike about your competitors’ products or services. Competitor analysis is an iterative process that requires attention to detail and a commitment to staying informed about your competitive landscape. By consistently conducting competitor analysis, you can make informed decisions, adapt to market changes, and position your business for success. ![understanding competitor analysis](https://brixx.com/wp-content/uploads/2023/09/understanding-competitor-analysis-1024x383.jpg) ## What are your next steps after competitive analysis? After conducting a thorough competitive analysis, the next steps involve translating your findings into actionable strategies. This can include basic refining of your product or service, adjusting your pricing strategy, improving your marketing tactics, or enhancing customer service. Signing up to a [financial forecasting tool](https://brixx.com/) like Brixx once you’ve completed your competitive analysis can be an excellent way to project your business model and keep track of benchmarks and financial figures over time. This will help in the future when you begin updating your competitive analysis, allowing easy comparison between your past and present situation. [Check out our pricing today](https://brixx.com/pricing/). ### Competitive analysis example In this example, we will show two bakeries which are indirect competitors of each other, due to their products and services being slightly different. * Bakery business: The Sweet Treats Bakery * Competitor: Swan Delights Bakery #### 1\. Products and services * The Sweet Treats Bakery: Creates in a wide range of cupcakes, cookies, and cakes. * Swan Delights Bakery: Offers a variety of bread, pastries, and sandwiches, with a limited selection of cakes. #### 2\. Pricing of each business * The Sweet Treats Bakery: Competitive pricing with cupcakes ranging from $2.50 to $4.50 each. * Swan Delights Bakery: Prices for bread and pastries are lower but don’t directly compete in the custom cake market. #### 3\. Presence online * The Sweet Treats Bakery: Active on Facebook and Instagram, posting daily updates with mouth-watering images of their creations. Positive customer reviews on [Yelp](https://www.yelp.com/). * Swan Delights Bakery: Has a basic website with product listings but limited social media presence. Mixed customer reviews on Yelp. #### 4\. Their target market * The Sweet Treats Bakery: Primarily targets families and individuals looking for celebration cakes and treats. * Swan Delights Bakery: Focuses on providing fresh bread and pastries to local residents. #### 5\. Strengths and weaknesses * The Sweet Treats Bakery: Known for creative cake designs and engaging social media presence. May have limited product diversity. * Swan Delights Bakery: Offers fresh bread, lower prices, but lacks the cake variety of The Sweet Treats Bakery. #### 6\. Potential issues * The Sweet Treats Bakery: Possible threat from emerging bakeries offering similar products with innovative marketing strategies. * Swan Delights Bakery: Competition from larger chain bakeries and supermarkets with competitive pricing. This simplified competitive analysis provides The Sweet Treats Bakery with a snapshot of how they compare to one of their competitors, Swan Delights Bakery. It highlights areas where they excel, such as cake variety and online presence, and areas where they can improve, such as diversifying their product offerings and monitoring emerging competitors. ## You might also like Financial Forecasting Resources ![icon-left](https://brixx.com/wp-content/uploads/2024/10/arrow-left-1-1-1.svg) ![icon-right](https://brixx.com/wp-content/uploads/2024/10/arrow-left-1-1.svg) ![post-img](https://brixx.com/wp-content/uploads/2020/01/seasonal-business-cashflow-tips-scaled-e1692781192271.jpg) ### How to Fix Off-Season Cash Flow Problems in Your Business If you own a seasonal business then you know that your income will ebb and flow throughout the year. Read through this guide... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/8-actions-to-fix-off-season-cash-flow-woes-in-a-seasonal-business/) ![post-img](https://brixx.com/wp-content/uploads/2026/04/How-to-Cash-Flow-Forecast-For-a-SaaS-Businesses.jpg) ### Cash Flow Forecasting for SAAS Businesses Cash flow forecasting for SaaS businesses is the process of estimating how money will move in and out of your company over time.... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/cash-flow-planning-basics-for-saas-companies/) ![post-img](https://brixx.com/wp-content/uploads/2023/07/how-brixx-can-help-manage-inflation-in-2023.jpg) ### How to Manage Inflation with Brixx Inflation is something that affects us all, whether we own a business or not. The world’s economy can shift in an instant and... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/manage-inflation-in-brixx/) ![post-img](https://brixx.com/wp-content/uploads/2022/09/13.jpg) ### How to Create an Effective Financial Forecast With No Historical Data Creating a financial forecast with no historical data is not about predicting the exact future. Instead, it’s about developing informed estimates based on... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/how-to-create-an-effective-financial-forecast-with-no-historical-data/) ![post-img](https://brixx.com/wp-content/uploads/2020/05/8-Ways-to-Improve-Financial-Forecasting-in-Business.jpg) ### 8 Ways to Improve your Business’ Financial Forecasting We have created many informative articles exploring financial forecasting and business planning, and this time we would like to explore how to improve... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/overcome-inaccurate-financial-forecasts/) ![post-img](https://brixx.com/wp-content/uploads/2023/11/tangible-assets-scaled.jpg) ### What is a tangible asset? Almost every business needs physical resources to keep things running! Whether it's a vehicle, a laptop, or an office building, these assets exist... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/what-are-tangible-assets/) ![post-img](https://brixx.com/wp-content/uploads/2019/10/what-is-cash-flow-analysis-6-Cash-Flow-Analysis-Examples.jpg) ### 6 Cash Flow Analysis Examples for Exploring Key Business Scenarios Once you've created a cash flow forecast, you're in a great position to start examining future scenarios for your business. In this article... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/6-cash-flow-analysis-examples-for-exploring-key-business-scenarios/) ![post-img](https://brixx.com/wp-content/uploads/2024/08/what-are-direct-costs-in-finance.jpg) ### What are Direct Costs in Finance? What is direct costs? Discover how businesses track expenses directly linked to production, from raw materials to labour, and why understanding these costs... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/what-is-direct-cost/) ![post-img](https://brixx.com/wp-content/uploads/2020/07/What-Is-Depreciation-in-Accounting.jpg) ### What Is Depreciation in Accounting? How to Calculate, Examples, and Different Types Got a fancy new asset and not sure on the best way to depreciate it? What even is depreciation? In this article we'll... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/calculating-depreciation-which-method-is-best/) ![post-img](https://brixx.com/wp-content/uploads/2020/07/Accrual-Accounting-vs-Cash-Accounting-Methods-Explained.jpg) ### Accrual Accounting vs Cash Accounting: Which Method Is Better? In this article we unpack the differences between accrual basis and cash basis accounting. Find out which method benefits your business the most... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/accrual-vs-cash-basis-accounting-methods-everything-you-need-to-know/) ![post-img](https://brixx.com/wp-content/uploads/2025/12/How-is-ChatGPT-is-Transforming-Accounting-in-2026.jpg) ### How ChatGPT is Transforming Accounting: 8 Ways to Benefit in 2026 Chat GPT in accounting helps automate routine tasks like invoice categorisation, report drafting, and basic financial analysis - saving time and improving efficiency... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/chatgpt-in-accounting/) ![post-img](https://brixx.com/wp-content/uploads/2019/11/How-to-Find-Your-Target-Audience-Through-Market-Research.jpg) ### Researching Your Target Market: A Step-by-Step Guide to Finding Your Audience Want to build a product people actually buy? The first step is to research target market data so you understand who your ideal... [READ FULL ARTICLE ![icon](https://brixx.com/wp-content/uploads/2024/10/chevron-right-1-1.svg) ](https://brixx.com/how-to-find-your-target-audience-through-market-research/) ```json {"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/#article","isPartOf":{"@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/"},"author":{"name":"Jamie Smith","@id":"https:\/\/brixx.com\/#\/schema\/person\/9d155edb1216688cd6f4e0287c61cc05"},"headline":"What is Competitor Analysis? How to Conduct Competitive Research","datePublished":"2023-09-05T08:27:09+00:00","mainEntityOfPage":{"@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/"},"wordCount":9,"publisher":{"@id":"https:\/\/brixx.com\/#organization"},"image":{"@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/#primaryimage"},"thumbnailUrl":"https:\/\/brixx.com\/wp-content\/uploads\/2019\/11\/competitor-analysis.jpg","keywords":["how to start a business","planning","market research"],"articleSection":["How to Start a Business","Self-Employment","Startups"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/","url":"https:\/\/brixx.com\/analyse-key-business-competitors\/","name":"What is Competitor Analysis? Analyse Business Competitors - Brixx","isPartOf":{"@id":"https:\/\/brixx.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/#primaryimage"},"image":{"@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/#primaryimage"},"thumbnailUrl":"https:\/\/brixx.com\/wp-content\/uploads\/2019\/11\/competitor-analysis.jpg","datePublished":"2023-09-05T08:27:09+00:00","description":"Ever wondered what the best ways to find and analyse key competitors for your upcoming business? We've got you covered. Read more now","breadcrumb":{"@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/brixx.com\/analyse-key-business-competitors\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/#primaryimage","url":"https:\/\/brixx.com\/wp-content\/uploads\/2019\/11\/competitor-analysis.jpg","contentUrl":"https:\/\/brixx.com\/wp-content\/uploads\/2019\/11\/competitor-analysis.jpg","width":600,"height":400,"caption":"competitor analysis"},{"@type":"BreadcrumbList","@id":"https:\/\/brixx.com\/analyse-key-business-competitors\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/brixx.com\/"},{"@type":"ListItem","position":2,"name":"What is Competitor Analysis? How to Conduct Competitive Research"}]},{"@type":"WebSite","@id":"https:\/\/brixx.com\/#website","url":"https:\/\/brixx.com\/","name":"Brixx","description":"Cash Flow Forecast Software - Financial Modelling Software","publisher":{"@id":"https:\/\/brixx.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/brixx.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/brixx.com\/#organization","name":"Brixx","url":"https:\/\/brixx.com\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/brixx.com\/#\/schema\/logo\/image\/","url":"https:\/\/brixx.com\/wp-content\/uploads\/2023\/01\/Website-logo.webp","contentUrl":"https:\/\/brixx.com\/wp-content\/uploads\/2023\/01\/Website-logo.webp","width":417,"height":133,"caption":"Brixx"},"image":{"@id":"https:\/\/brixx.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/BrixxSoftware\/","https:\/\/x.com\/BrixxSoftware","https:\/\/www.linkedin.com\/company\/brixx-software\/","https:\/\/www.youtube.com\/channel\/UCd9FrJRsRnp2rgHwxGPy2Mg"]},{"@type":"Person","@id":"https:\/\/brixx.com\/#\/schema\/person\/9d155edb1216688cd6f4e0287c61cc05","name":"Jamie Smith","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/secure.gravatar.com\/avatar\/3a8e2c9122cd9592545a5faafff388138500278fbd9e51d2a2c3641d1354e727?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/3a8e2c9122cd9592545a5faafff388138500278fbd9e51d2a2c3641d1354e727?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3a8e2c9122cd9592545a5faafff388138500278fbd9e51d2a2c3641d1354e727?s=96&d=mm&r=g","caption":"Jamie Smith"}}]} ```