Overview

One of the most important steps to beating your competitors is to craft an offer that is superior to what they are currently providing for the market.

This blueprint will show you how you can quickly and easily collect information about your biggest competitors in the market.

How You Can Use This:

  • You can use this blueprint to collect information about your competitor’s current offers.
  • Once you collected information about their offers, you can put together a superior offer for your specific market that will push their hot buttons and make them buy from you instead.

Tools And Resources

Finding your competitors is easy. But what is challenging is knowing what to look out for in your competitor and note them down.

Then you can start figuring out what are the exact differences that each competitor has in a specific aspect and how to differentiate your business.

This is why we created this blueprint and a template to help you get started on breaking down your competitors’ offers:

  • Competitors Offer Analysis Worksheet

You can download a PDF version of the blueprint and the resource here.

You can read the blueprint first then use the worksheet to apply it to your business.

Creating A List Of Competitors

The first thing you need to do is to brainstorm a list of competitors in the market. Write down who are your top 3-5 direct competitors in the market.

You might also want to look at alternatives in the market – Your non direct competition.

For example, if you’re a fitness instructor and you are helping clients lose weight, you might also want to look at other services such as nutrition consultation or cryotherapy programmes.

You can easily find your competitors by searching for your product or service on Google.

Try these keywords in Google:

  • {product type} {country} (E.g. Probiotics Singapore)
  • {product type} (Eg. Probiotics)
  • buy {product type} (Eg. Buy Probiotics)
  • shop {product type} (Eg. Shop Probiotics)

There are 2 places that I will look at:

  • Ad Listings
  • Search Listings

I’ll usually look through Ad Listings to find competitors that are actively promoting on Google Adwords. You can find them at the top of your search results. If they are actively promoting on Google, it might mean that they have a working offer that sells well.

I’ll also pay attention to the first 10-20 search listings and take time to go through their websites.

Google Search Competitors

Note: If you are located out of the country you are targeting, you would want to use a VPN to browse from a different country.

To find out what is your current IP address, you can use a tool like this.: https://www.iplocation.net/find-ip-address

Also, we recommend using another browser like Microsoft Edge or Safari that doesn’t keep track of your location. This is because if you use Chrome and you’re signed in, Google will be able to detect your location.

Google Maps is a great place to look for competitors around the same local area e.g. state or city.

You can go to: https://www.google.com/maps and do a search for similar businesses around your area.

You’ll see a list of competitors around a specific area and where they are located on the map.

Google Map Competitors

If you’re in the product business, you can use Google Shopping to look for products that are similar to yours.

Click on “Shopping” in the top navigation menu. You can sort by review score to pick the more popular products. You can also filter by price, type, ingredient, form e.g.

Google Shopping Competitors

Another great place to look is Amazon.com or other major e-commerce websites in your country.

If you’re using Amazon, you can sort the products by “Featured” at the top right hand corner. This will give you the top bestsellers in the product category.

Competitors Search Amazon

What Information Do You Need?

By now, you should have downloaded the worksheet and filled up the first 2 columns of the worksheet based on your research.

You can see an example below from one of our clients who is running education programmes in Singapore.

Competitors Analysis Worksheet Example 1

In this section of the blueprint, I’ll be covering the crucial information you’re looking to find from your research.

There are many places you can visit to find out more about your competitors.

  • Competitor’s websites
  • Ads
  • FB pages and groups
  • Relevant forums, blogs, FB groups
  • Get someone to use their products/services, record down the experience
  • Talk to their customers, salespeople, distributors
  • Attend relevant networking sessions & trade shows

You might not be able to fill up all the columns in the worksheet and that’s perfectly fine.

The key is to get as much information as possible so you can position your products or services in a way that stands out from the competitors.

The first thing you want to know is what the brand is known for in the market.

Usually, you can find this in the meta description in their search engine listing.

When you enter the brand name in the search engine, you’ll might see a short description of how they position themselves.

Competitor Positioning Meta Description

You can also check out their website and look at the first message that comes up. In this case, we can see that they position themselves as the “No. 1 Largest Mental Arithmetic Education Centre” in Singapore.

Competitor Positioning Website

You can look through the rest of the website such as the “About Us” page to get an idea of how they position themselves in your market.

You can also look at what kind of credibility they have on their website to support their positioning in the market.

Some sources of credibility includes:

  • Awards
  • Media feature
  • Clients
  • Testimonials
  • Endorsements from influencers
  • Founder’s background  

Usually, you can find this in their “About Us” or product page. Here’s an example from the CMA website.

Credibility About Us Page Example

This is probably the easiest part of the whole exercise.

You can easily find this information on their website, in their physical stores, or any marketing materials they might publish.

In this example, we were able to find out more about the courses provides by CMA on their website.

Competitor Comparison Website Example

If they have a physical storefront, we recommend you visit the stores and ask the staff questions about the different products or services.

If you’re selling a product or service online, you can do research on e-commerce sites such as Amazon.com and Google Shopping.

Competitor Comparison Amazon Example

Now, this is the part that requires more in-depth research.

You need to be as honest as possible about how your competitors are superior to you.  It’s easy to claim that you’re the best but that’s rarely the case in most markets.

The first thing you can do is to look for comparison reviews online.

You can type {your brand} versus {competitor’s brand} on Google and look for well-researched articles that compare your products and services with your competition.

Competitor Comparison Review Online Example

You can also check out forums for the market’s opinion on the difference between your product and service.

Competitor Comparison Review Forum Example

If you are selling on e-commerce platforms, you might want to check out your competitors’ products and services and how they are reviewed. In the example, this probiotic product has 7,587 and ⅘ stars.

Competitor Review Ecommerce Platform

Read through the reviews to find out what your customers value.

This will give you an idea of what kind of product your customer will be more willing to buy if you can deliver the same results.

Alternatively, you can look at product comparison sites that places your products and services side-by-side with your competitors.

Product Comparison Sites Example

Now that you collected all these information about your competitor’s brand, products and services…

The next step is to write down some ways you can beat your competitors without lowering your price or reducing the value of your offer.

You can share the sheet with your teams, especially those who are in the front lines interacting with customers on a regular basis.

Ask them for ideas on how you can provide more value for your target market. The key is to generate as many ideas as possible.

Competitors Analysis Worksheet Example 2

What’s Next

Now that you have done the research on your competition, the next step is to put together an irresistible offer for your market – an offer that your prospect simply cannot say “no” to.

To help you out, we’ve created the perfect blueprint for this. You can read more about it here:

https://www.growthtribe.com/blog/blueprint/how-to-create-an-irresistible-offer/

If you do decide to use paid traffic to target, you can find out how to ethically spy on your competitor’s ads with this blueprint:

https://www.growthtribe.com/blog/blueprint/how-to-spy-on-your-competitors-ads/