How to Run a Better Competitor Analysis [with Free Survey Template]
Savannah Trotter • 27 Jan 2023
If you want your business to thrive, you've got to understand the competitive landscape. But if you're on the outside looking in, it might be difficult to tell what's working for your competitors and where they fall short.
This is precisely where competitor analysis surveys come into play- allowing you to analyze the competitive landscape for your market.
Ultimately, this type of research will help you learn which brands in your space are doing well and how you can better compete against them. So we're sharing some resources to help you get your own competitor research off the ground!
Why Competitor Research Matters
Before we dive in, let's get one thing straight.
No- doing a deep dive on your competitor's website and social channels doesn't quite count as a thorough competitive analysis.
While that approach may give you some surface-level information, it won't tell the full story.
In fact, if you want actionable intel on your competitors, it's best to go straight to the source- their customers.
By collecting feedback directly from consumers in your target market, you can get a deeper understanding of the strengths and weaknesses of the players in your space. This will help you to recognize gaps, identify selling points, and find new ways to differentiate yourself.
When Should I Use a Competitor Analysis Survey?
Competitor analysis surveys are multi-functional and can be used at different times depending on your goals. Some popular use cases include:
During product development- By understanding how consumers perceive brands or products in your category, you can design a product that better meets (and exceeds) their expectations.
Just before launching new a marketing or ad campaign- A better understanding of the competitive landscape will help you to find ways to differentiate and message more effectively to your target market.
As part of your ongoing brand research- Whether or not your industry is prone to periodic turbulence, external factors (like the COVID-19 pandemic) can cause major disruptions. Running regular competitive research can help you stay up-to-date on your core competitors and new companies entering your category.
How to Create an Effective Competitor Analysis Survey
To get actionable insights on your competitors, you'll have to ask the right questions. We would suggest focusing on a few key topics, like:
Brands: When digging into the brands in your category, you will want to know which are top of mind for respondents, which they have used before, and which they are currently using.
Products: Here, you will want to investigate respondents' experiences with your competitor's products. How satisfied were they? Did they feel the product was a good value? And are there any needs being left unmet?
Consumer Behavior: While the study may be focused on your competitors, it's important to understand how their customers shop and what motivates their purchases.
To get our full competitor analysis template, use the button below:
Competitor Analysis Surveys with SightX
The SightX platform is the next generation of market research tools: a single, unified solution for consumer engagement, understanding, advanced analysis, and reporting. It allows insights, marketing, and CX teams to start, optimize, and scale their insights workflow.
But, SightX isn’t just great tech. All of our survey templates are developed by in-house research and insights experts. Our research team knows all of the industry best practices, along with some tips and tricks for getting the best data out of your surveys.
If you're ready to launch your own competitor analysis, start a free trial today!
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