Uncover What’s Missing: The Strategy-First Approach to Competitor Analysis: Weekly Winning Strategies
When it feels like something’s missing in your competitor analysis, chances are you’re not wrong. We often focus too much on surface-level metrics. The revenue, market share, product updates, and social media followers. Or what your competitor is quoting as its price that day. Uncover what’s missing, and don’t try and hide from the hard stuff.
These indicators may tell you where your competitor stands today. But they won’t give you the insights to understand why they’re winning or how they plan to stay on top.
Here’s the reality. If your competitor analysis doesn’t link tactics to strategy, it will confuse things. You’re watching a game without knowing the rules.
So, what’s missing? Let’s explore three areas that can give us an edge. They will turn basic competitor tracking into a real advantage.
Distinguish Strategy from Tactics
Many competitor analyses fixate on tactics, such as product launches, ad campaigns, and price changes. However, tactics are merely the outer layer of a company’s strategy.
While they provide snapshots, they don’t reveal the full story. To know a competitor’s true position, dig deeper. You must find the principles and decisions that drive their tactics.
Ask yourself: Why did they launch that product? What’s the endgame? You might notice, for example, that a competitor’s new product isn’t about immediate sales. It could be a strategy to gain market share in a new segment. Or, it might be an early attempt to build brand equity before going all-in. This can help you predict their next moves. You can then make better decisions about your own strategy.
One way to uncover strategy is by observing patterns over time. Are they consistently targeting specific demographics or aligning with particular trends? Examining hiring patterns can also be insightful; increasing talent in R&D or bringing on executives with particular skill sets might signal an upcoming pivot or a move into a new vertical.
Analyse Future Positioning, Not Just Current Moves
Most competitor analysis examines current positioning, but a forward-thinking approach examines where competitors plan to go. This mindset shift takes your analysis from reactive to proactive. Look beyond today’s metrics and search for early indicators of where they’re headed.
Here’s how: Pay attention to investments in R&D, geographic expansion, or strategic partnerships. For instance, a competitor funnelling resources into AI research or securing patents may signal an intent to dominate that field in the future. This insight can help you identify opportunities to carve out your niche before they make their move.
You can also watch for brand messaging changes or customer acquisition channel shifts. For example, a company that suddenly emphasises sustainability might respond to consumer demand in a way that suggests long-term transformation in their product lineup. Understanding their likely trajectory lets you strategise, positioning yourself to capture market share where they might leave gaps.
Uncover the Root of Their Customer Loyalty
Quantitative metrics like Net Promoter Score (NPS) or customer reviews can give you a sense of customer loyalty, but the real insight lies in understanding what drives it. Is it a superior product, an emotional connection, or excellent customer service? Each one of these factors indicates a different strength—and understanding it can help you capitalise on what they’re leaving out.
Explore reviews and testimonials to identify recurring themes. What words or phrases do customers use to describe their experience? This can reveal what’s creating a strong bond between the company and its customers. For example, if a competitor’s reviews repeatedly emphasise ease of use, then user experience might be their biggest strength. By contrast, if customers rave about the company’s support team, you might discover that their competitive edge lies in customer service rather than product features.
Once you understand the core of their customer loyalty, think about how you can differentiate. Could you deliver similar value in a way that aligns with your brand? Or could you exploit a gap by delivering value where they don’t?
Connecting the Dots
You miss the full story when you limit yourself to tracking competitors’ actions. Tactics (and yes pricing) are important, but they’re only one piece of the puzzle. Strategy, future positioning, and the drivers of customer loyalty give you the full picture. This provides a competitive advantage. But if the decision-makers in the room are all pricing managers guess what? Yep the most important to them is….pricing.
Uncover What’s Missing
Ultimately, great competitor analysis isn’t about data overload; it’s about clarity. Focus on these three areas to deepen your study and pull insights that others overlook. Doing so will help you understand what makes your competitors successful and uncover hidden opportunities for your own growth.
The key is to analyse competitors’ moves and the motivation and strategy behind those moves.
With this holistic approach, your competitor analysis will no longer feel like something’s missing—it will start driving tangible results.
Keep your eyes on your competition, but your mind on your strategy.