How to Do a Simple Competitive Analysis in Under an Hour

Are you ahead of your competitors or falling behind? And how do you appear to prospects when they’re comparing you to others online?

We can guess what you’re thinking, because we’ve heard it before: “I know what my competitors are doing. I checked online a few years ago and follow them on social.”

But a lot can happen in a year or two. And social posts don’t give you a full picture. As a business owner, you need to stay up to date with how your business compares to others online.

There’s an easy way to find out.

We’re talking about a competitive analysis. And, no, we don’t mean a formal SWOT analysis or complicated report. We mean a simple review you can do online in 30 to 60 minutes.

So set some time aside and copy the template below to get started. Ready? Let’s go.

Guidelines

We’re going to compare websites and online reviews only. We’re not taking the time to scan their social profiles right now, but you can certainly do so later if you wish.

Our primary goal here is to find out if they cover areas that you don’t and if there are opportunities for you to improve your offerings or to fill a gap.

Choose your competitors

To keep things simple, we’ll only look at direct competitors, businesses that offer the same types of products or services and that compete with you directly.

Choose 3 competitors:

• 1 Known Competitor – Choose one of your top known competitors in the market. If your business is new or you don’t know, choose one you’ve heard of or pick all 3 of the next type.
• 2 Search Competitors – Competitors that rank for your keywords [Service Name in City] in Google. Choose 2 from the top 3 ranking businesses. Ignore the listings in Google maps, Yelp, or other directories.

Take a quick scan overview

Remember, this is a simple and fairly quick review. So set a time limit for yourself first – 10 minutes max for each company. It’s too easy to go down rabbit holes doing this as it tends to be interesting.

Start by scanning each site at the surface-level (home page, a few top pages and the blog) and summarize your findings in the chart.

Your aim is to find out:

• What’s their main message? How do they explain what they offer, who they help, and why?
• Do they have any unique selling points under “why choose us”?
• Do they show prices or packages? Any special offerings?
• Do they have informative content? In what formats? Is it mostly written articles or videos too? A newsletter?
• Jot down any strengths, like clearer messaging, more videos, or special offerings.
• Are there any gaps in their website or content? Areas they underserve?
• If you have time left, scan their reviews in Google maps. Are any negatives or positives frequently mentioned?

Note your findings for each competitor, then evaluate everything together.

Summarize for insights

This is where you can find good actionable insights for your business.

Write your thoughts on:

• Are there any common messages you saw across companies? Do those messages seem to serve them well? Is your messaging too similar or too vague in comparison?
• What kinds of content and formats are common or new? Are you providing similar content or enough content?
• Do you see any opportunities for your business? Are there gaps you can fill that would serve a need for customers?

This isn’t a deep analysis, but it can give you a general idea of where you and your competitors stand.

A fresh look from a prospect’s POV

If it’s been a year or two since you last looked, your mental picture of your competitors might be out of date.

And the important part? This simple review is exactly what prospects are doing when they shop around for your service online. They’re not compiling a report, they’re just scanning websites, checking reviews, and asking themselves: “Which of these businesses looks like the right one to call?”

Step into your prospects’ shoes now to get a fresh look at how your business stacks up. You may find some new new opportunities and insights along the way. Not bad for under an hour’s time.

Have any questions? Let us know below or send an email.

Template

Copy/paste this template to get started.

QUICK COMPETITIVE ANALYSIS Competitor 1: Competitor 2: Competitor 3:   Questions to Compare: What’s their main message or positioning? Any unique selling points under “why choose us”? Do they show pricing, packages, or special offers? Do they have a blog / informative content?  What content formats do they offer? (written articles, photos, videos, other) Content: Any unique topics? Strengths you notice (messaging, visuals, offerings, etc.) Gaps you notice (missing info, poor clarity, no content, etc.) How many reviews in Google? Any recurring positives or negatives in reviews? Any other items to note?   Summary Comparison: What common message did you see across companies? What kinds of content formats are common or new? Do you see any gaps or opportunities for your business? If you have time for a simplified SWOT analysis, answer these in a grid or list: Strengths: Where are they stronger than you? Weaknesses: What are they missing that you now offer or can offer? Opportunities: Is there a benefit or service they don’t promote that you could? Threats: Are they undercutting your pricing, messaging or service offerings? .