Use this checklist to guide your competitor research process, helping you gain fresh insights and strengthen your service-based business.

1. Define Your Unique Value and Audience

• Clarify Your Service: Outline your main offering (e.g., membership, course, consultancy) and what makes it unique.

• Identify Your Ideal Audience: Specify your target market and what they’re looking for (e.g., support, networking, skill-building).

• Set Research Intentions: Define what you hope to learn from competitor research (e.g., market gaps, pricing strategies).

2. Identify Types of Competitors to Research

• Direct Competitors: Find 3-4 businesses that offer similar services to yours and target the same audience.

• Indirect Competitors: Identify 2-3 businesses that meet similar needs but through different formats (e.g., courses instead of memberships).

• Substitute Solutions: Note 1-2 alternative solutions your audience might consider (e.g., one-time workshops, e-books).

3. Create Keywords and Search Terms

• Brainstorm Keywords: List words and phrases relevant to your industry and audience (e.g., “professional network for women”).

• Platform-Specific Terms: Adjust keywords for different platforms (e.g., LinkedIn for professional networks, Instagram for community).

• Compile Hashtags: Find popular hashtags related to your service to aid research on social platforms.

4. Analyze Competitor Offerings

• Assess Product Features: Review key aspects of competitors’ offerings (content types, frequency, formats).

• Evaluate Community and Engagement: Look into engagement strategies and community platforms competitors use.

• Identify Pricing Strategies: Take note of pricing models (tiered memberships, one-time fees, subscription options) and potential differentiators.

5. Identify Market Gaps and Opportunities

• Spot Service Gaps: Identify areas where competitors fall short or niche needs that aren’t being met.

• Consider Value Additions: List potential features you could add to enhance your service (e.g., real-time support, accountability groups).

• Analyze Customer Feedback: Read competitor reviews and testimonials to spot common complaints or highly praised features.

6. Apply Findings to Your Business Strategy

• Differentiate Your Offer: Highlight unique features or aspects that make your service stand out.

• Refine Marketing Messages: Tailor your messaging to address competitor weaknesses or capitalize on your strengths.

• Prioritize Strategic Improvements: Plan changes to your offering based on what you’ve learned, focusing on high-impact adjustments first.

7. Revisit Competitor Research Regularly

• Set a Schedule: Decide how often you’ll update your competitor research (e.g., quarterly, bi-annually).

• Note Market Shifts: Track changes in competitor offerings, pricing, or customer feedback.

• Adjust Strategy as Needed: Use new insights to keep your business relevant and competitive.

Competitive Intelligence Tools

• SEO Tools: Use tools like SEMrush or Ahrefs to analyze keywords competitors are targeting, their content performance, and overall search visibility.

• Social Media Analytics Tools: Tools such as Hootsuite, Sprout Social, or BuzzSumo can reveal competitor engagement metrics, popular content, and trending topics on social media.

• Website Traffic Estimators: Use SimilarWeb to estimate competitor website traffic, audience demographics, and other valuable insights.

Monitor Competitor Activity

• Set Up Google Alerts: Create Google Alerts for competitor names and key topics to receive updates whenever they’re mentioned online.

• Regularly Check Websites and Social Media: Visit competitor websites and social media profiles to monitor changes, new content, or product updates that might affect your strategy.