Some businesses take a healthy interest in their competitors. Others become fixated, checking what they are doing almost daily and rushing to match it. Some time back, one of our clients went down that path. They spent so much energy trying to copy a competitor that they stopped thinking laterally about how to grow beyond them. Every move was reactive. Every idea was framed (and constrained) by what someone else had already done.

That is the danger. At best, you only ever catch up. At worst, you box yourself in.

Competitor research, done properly, is about more than copying. It helps you understand the landscape you are in, see gaps others have left, and find opportunities to stand out. So let’s look at some of the key questions people often ask about it, and how to approach it in practice.

Who counts as a competitor?

Most people think only of the obvious players in their own industry. That is part of the picture, but not all of it.

In the digital space, your real competitors are anyone competing for the same search terms, questions, and online attention that you want. That might be a rival in your sector. It might also be an entirely different type of business who happens to be blocking you in search results.

This is why a proper competitor audit is so useful. It brings surprises. You may discover you are competing with companies you never even considered. Those surprises can highlight openings and missed opportunities.

What should you compare?

It is easy to look at features or pricing and stop there. That only gives part of the story.

Think wider. How does their website perform? How do they talk about their offering? What kind of experience do they give a visitor? What are customers saying in reviews or on forums? What can you learn from their social media presence?

Competitor research should look at both the hard numbers and the softer signals. Keywords and rankings matter, but so do customer frustrations and brand perception.

What is the process?

Without a process, competitor research is a jumble of notes that never translate into action. A simple structure helps:

Set your goals. Do you want to improve your website, refine your pricing, or understand your position in the market?
Identify both direct and indirect competitors.
Audit their digital presence: website, SEO, content, UX, and messaging.
Look at customer reviews and feedback.
Compare against your own data and benchmarks.
Spot the gaps or weaknesses you can use to your advantage.
Decide where to replicate, where to improve, and where to innovate.
Keep monitoring over time.

What tools can help?

You do not need to do everything by hand. SEO and keyword tools like Ahrefs, SEMrush, or Moz can show what terms competitors rank for. Review platforms can surface what customers love or hate. Social media analytics can show how they engage their audience.

Alongside tools, talk to your own customers. Ask them if they use competitor X, Y, or Z. Ask them why. Ask what they do better and what they could improve. That is where the gold lies.

When should you do it?

Competitor research is not a one-off exercise. If you wait until the next redesign or product launch, you may already be behind. Markets here move quickly. Every quarter you delay is a quarter where competitors may be taking ground you could own. Revisit it during annual planning. And keep an eye on a few key indicators regularly, such as shifts in competitor messaging, pricing, or major product launches.

Where growth really happens

Comparisons can be useful, especially if you are far behind. But replication is not a strategy. The real value lies in finding gaps and filling them.

Years ago, we worked on a number of secure patient information systems for the NHS. To do that, we had to meet strict ISO 27001 requirements - basically the same level of stringency as HIPAA or PIPEDA compliance. Endless audits, policies, and security hoops. Painful at the time, but once we had done it, it became very difficult for competitors to catch up. That is the kind of move that turns competitor research into measurable outcomes. Done right, it sharpens your website, brings in more qualified leads, strengthens customer loyalty, and ultimately drives revenue growth.

Pitfalls to avoid

The biggest trap is obsession. If you only ever react to competitors, you will never lead. Another trap is focusing only on what you can see on the surface. A slick website may hide weak customer satisfaction. Shiny features may not matter if the business model does not hold up.

And then there is the risk of not acting on what you find. Competitor research is only useful if it feeds into decisions.

Flip the story

The aim is not to copy. The aim is to innovate. To move from replication to iteration. To create something that is better, harder to replicate, and more valuable to your customers.
Do the research. Learn from the benchmarks. But always look for the gaps. If you do, you will stop chasing competitors and start making them chase you.

Competitor research is one part of our planning and discovery process. We use it to give clients clarity about their market and confidence about the moves they need to make. If you want to flip the story and put your business in the lead, that is where the journey starts.