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You know your business inside and out—your strengths, your weaknesses, what makes you different. But here's the thing: knowing yourself isn't enough anymore.
Your success depends just as much on understanding what everyone else in your market is doing. Are your competitors finding angles you've missed? Are they solving problems you didn't know existed? Are they reaching customers in ways you haven't considered?
Most businesses approach competitive analysis backwards. They either ignore their competition entirely (hoping it will go away) or they get so obsessed with copying competitors that they lose their own identity. Both approaches miss the point.
The real value of competitive assessment isn't in copying what others do—it's in understanding the full landscape so you can make smarter strategic decisions. When you know where your competitors are strong and where they're vulnerable, you can position yourself more effectively and spot opportunities they're missing.
The good news? You don't have to spend weeks manually tracking every competitor move. Tools like Panoramata can automate the heavy lifting, giving you a comprehensive view of competitors' marketing activities—from their email campaigns to their landing page strategies—without the manual research time.
In this guide, we'll walk through exactly how to conduct a competitive strength assessment that actually drives business decisions. Whether you're trying to break into a new market, defend your position, or just understand why certain competitors seem to be winning, this process will give you the insights you need.
What is a competitive strength assessment?
A competitive strength assessment is the process of determining how your main competitors are performing and comparing it to your performance using KPIs.
A competitive strength assessment is basically your reality check. It's where you take an honest look at how you're performing against your main competitors using real metrics—not just gut feelings or assumptions.
Think of it as your business health checkup, but instead of comparing your results to medical norms, you're comparing them to what's actually working (or failing) in your market right now.
The goal is to figure out where you stand, what your competitors are doing better, and most importantly, what you can do about it.
What are the benefits of a competitive strength assessment?
You'll make decisions based on facts, not hunches
Most marketing decisions get made on incomplete information or wishful thinking. A solid competitive assessment changes that by showing you what's actually driving results in your space.
If a competitor's PPC campaigns are crushing yours, you'll know exactly why—maybe their ad copy is more compelling, they're targeting different keywords, or they've found audiences you haven't considered. Instead of guessing what might work, you can see what is working.
You'll spot opportunities others are missing
Every market has gaps—things customers want that no one's delivering well. When you really understand your competitors' weaknesses, you can position yourself to fill those gaps before anyone else catches on.
Maybe your competitors all have terrible customer support response times, or none of them are active on a platform where your audience hangs out. These aren't just observations; they're opportunities waiting to be seized.
You'll know where you actually stand
It's easy to think you're doing great when you're only looking at your own numbers in isolation. Benchmarking against competitors gives you context.
That 2% conversion rate might look disappointing until you discover your competitors are averaging 1.5%.
Or maybe you think your email marketing is solid, but then you see competitors getting twice your open rates with half the send frequency. Context changes everything.
What to include in your competitive strength assessment
A thorough assessment starts with including the right elements. Here’s what you should focus on:
Build Real Competitor Profiles
Start with the basics, but don't stop there:
- Company size and how much market share they likely have
- Their full product lineup and pricing strategy
- Which marketing channels they prioritize (and how much they seem to spend)
- Who their customers actually are (not who they say they target)
This isn't busy work—it's intelligence gathering that helps you understand the playing field.
Do a Proper SWOT Analysis
SWOT analysis gets a bad rap because it's often done superficially, but when done right, it's incredibly revealing.
Look for patterns across competitors. If three out of four competitors have the same weakness—say, poor mobile experience—that tells you something about industry standards and where you might differentiate.
If they all have strong brand loyalty but struggle with new customer acquisition, that reveals where the real battle is happening.
Collect Data That Actually Tells a Story
Don't just collect data for the sake of it. Focus on metrics that connect to business outcomes:
-Website performance: Traffic numbers, but also where that traffic comes from and how it converts
-Advertising strategy: Not just ad spend, but messaging themes, creative approaches, and which platforms they prioritize
-Email marketing: Frequency, subject line strategies, and the types of content they send
-Social media: Engagement quality, not just quantity—are people actually responding or just liking?
Tools like Panoramata can automate a lot of this data collection, but the real value comes from analyzing what the data means.
Listen to What Customers Are Actually Saying
Reviews, social media comments, and forum discussions tell you things competitors would never admit in their marketing materials.
You'll learn about hidden pain points, unmet needs, and what customers really value versus what companies think they value.
How to Actually Do A Competitive Strength Assessment (Step by Step)
Now that you know what to include, let’s break down the steps to conduct a competitive strength assessment in marketing.
Step 1: Identify the Right Competitors
This is more nuanced than it seems. You need both direct competitors (same products, same customers) and indirect competitors (different solutions to the same problems).
If you're selling project management software, Asana and Monday.com are obvious direct competitors. But don't ignore indirect ones like Google Workspace or even pen-and-paper planners—anything your customers might choose instead of your solution.
Step 2: Gather Intelligence Systematically
Use a combination of tools to get a complete picture:
- SEO tools to see what keywords they rank for and how much traffic they're getting
- Ad intelligence platforms to understand their paid strategies
- Social listening tools to monitor their brand mentions and customer sentiment
- Their actual marketing materials—emails, social posts, website changes
- Comprehensive competitor tracking tools like Panoramata to track all the above
The key is being systematic. Set up regular monitoring rather than doing one-off research sprints.
Step 3: Analyze Strengths and Weaknesses Honestly
For each major competitor, identify:
-What they're clearly doing better than you* (and why it's working)
-Where they're vulnerable (complaints, gaps in service, outdated approaches)
- Opportunities they're not pursuing (untapped audiences, unused channels, unaddressed needs)
- External threats that might affect them (new competitors, market shifts, regulatory changes)
Be brutally honest here. If a competitor is outperforming you, figure out why instead of making excuses.
Step 4: Benchmark Your Performance Against Reality
Compare your metrics to competitors', but look beyond surface-level numbers. If their website gets more traffic, dig into why—better SEO, more paid advertising, or genuinely more compelling content?
If their social media has more engagement, analyze their posting strategy, content types, and how they interact with their audience.
Step 5: Turn Insights Into Action
This is where most assessments fail—they create great reports that sit in folders and never influence actual decisions.
Based on what you've learned, prioritize the biggest opportunities and most critical weaknesses. If competitors are all weak in customer onboarding, that's where you should double down.
If one competitor has cracked the code on a particular channel, figure out how to adapt their approach for your brand.
Step 6: Make This an Ongoing Process
Markets change, competitors evolve, and new players enter the game. Your competitive assessment needs to be a living document, not a quarterly project.
Set up systems to monitor key competitors continuously. Most successful companies do deep assessments quarterly and lighter check-ins monthly.
The companies that win aren't necessarily the ones with the best products—they're the ones with the best market intelligence. While your competitors are guessing what might work, you'll know what is working and why.
Supercharge your competitive advantage with Panoramata
A competitive strength assessment is a powerful way to sharpen your marketing strategy and outpace competitors. By making informed decisions, seizing opportunities, and benchmarking your performance, you can build a strategy rooted in data and insights.
Including essential components like competitor profiles, SWOT analyses, and customer sentiment ensures your assessment is comprehensive. Following a structured process—identifying competitors, gathering data, performing analyses, and developing actionable plans—keeps your business agile and competitive.
For an all-in-one solution, consider tools like Panoramata to streamline competitor tracking and ensure you never miss an opportunity. Staying one step ahead starts with understanding the strengths and weaknesses of the competition—and using that knowledge to your advantage.
Ready to start your own competitive strength assessment? Grab your free template below. If you’d like to learn more about Panoramata, book a demo with us or take it out for a spin by signing up here.
Frequently Asked Questions
1. What is a competitive strength assessment?
A competitive strength assessment is a process of evaluating your competitors’ strengths, weaknesses, and strategies to identify opportunities and refine your approach. It helps you make better decisions, benchmark your performance, and gain a competitive edge in your market.
2. How often should I conduct a competitive strength assessment?
Ideally, you should review your competitors weekly to stay updated on their strategies and market trends. For industries with frequent changes, daily tracking may be more beneficial.
3. What tools can help with a competitive strength assessment?
Tools like Panoramata can simplify the process by providing data on competitors’ ads, keywords, emails, and more. Choose a tool based on your specific needs, such as SEO insights or real-time competitor monitoring.
