How do you analyze your competition? (Or do you?)
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Jeff Bassemier, President
Bassemier’s Fireplace, Patio, & Spas
Evansville, Indiana
I do my best to be proactive and not reactive to the competition’s sales, offerings, promotions, etc. In most cases, if I want to know what their next move is, I just need to remember what my last one was.
We are aware that we’re not here to compete on price and do our best not to let those stores affect us except for doing our best to explain the real hydrotherapy and get them to test soak our brand versus the [competitor’s] less expensive options.
Whitney Elliot, CEO
Innovative Spas
Virginia Beach, Virginia with a new location opening in early 2025 in Sarasota, Florida
Identifying your competitors: The first step in staying ahead is simply knowing who your competitors are. This means identifying both direct competitors — businesses offering similar products or services — and indirect competitors, like those offering alternative solutions to the same problem. Once you know who they are, take a closer look at what they’re offering. What types of products or services do they have? What features do they highlight? How are their prices positioned? This helps you understand where you fit in the market and what sets you apart. It’s about seeing the whole landscape and finding ways to stand out.
Analyzing marketing strategies: Next, take a look at how your competitors are marketing themselves. What platforms are they using? Are they active on social media, running ads or engaging with customers in other ways? Are they focusing on product features, customer benefits or maybe an experience-driven approach? Pay attention to their content strategy — whether it’s blog posts, social media updates or email campaigns. Customer reviews can also tell you a lot about their strengths and weaknesses. What do customers rave about, and where do they feel improvements are needed? This insight can help you refine your marketing and ensure you’re meeting the needs of your audience.
Staying informed and using technology: In any industry, staying updated on trends and competitor moves is essential. Subscribe to industry publications, attend trade shows or keep an eye on thought leaders in your space. You can also use competitive analysis tools to track how your competitors are performing online — things like SEO rankings, website traffic and social media engagement. If you see one of your competitors gaining traction with a new product or marketing tactic, take note. This can help you refine your strategies and keep your business fresh.
A comprehensive approach: Analyzing your competitors is just the beginning. The real magic happens when you blend this competitive knowledge with a focus on innovation and customer satisfaction. Whether it’s offering new features, providing exceptional service or simply making your product more accessible, combining this insight into a flexible and dynamic business strategy will help you stay competitive in the long run.
Nimisha Patel, Owner
Galaxy Home Recreation
Six locations across Oklahoma and Arkansas
Analyzing competition is crucial — if we aren’t making the sale, someone else is. We define our competition broadly, including other specialty retail stores like ours, big-box stores, traveling shows and online retailers. By analyzing the competition, we gain confidence in our business model, learn about product lines we don’t currently carry and identify opportunities for improvement.
When a new sales associate joins our team, they go through a “green light” process. As part of this, they are required to shop at three local competitors. This exercise not only provides valuable insights into our competition but also fosters buy-in from new associates. Selling hot tubs is often a first-time experience for many of our salespeople, unlike selling furniture or other retail products. Visiting competitors helps them observe how other stores are presented, how customers are greeted, the types of products offered and the price ranges available. This experience boosts their confidence in our business model and product offerings, helping them develop into expert salespeople.
When introducing a new product, we follow a detailed checklist. This includes competitive shopping both locally and online. We compare our product to other brands, evaluating features, pricing and warranties. We also analyze how competitors sell similar products. This comprehensive analysis occurs before the product reaches our showroom floor and is integrated into our training, ensuring our team fully understands the product and the competitive landscape.
Competitive shopping also drives continuous improvement. It helps us identify weaknesses in our product offerings, pricing strategies, showroom design and sales approach. By addressing these issues promptly, we can adapt and improve before they impact our bottom line.
Nadine Nuzzo, Retail division manager
Arvidson Pools & Spas
Three locations in Crystal Lake, Palatine and St. Charles, Illinois
In the competitive world of retail, we believe understanding your competition is essential, but focusing on your strengths can often be the key to long-term success. Knowing what your competitors are doing allows you to identify gaps in the market, spot emerging trends and stay informed about industry best practices. However, while it’s important to stay aware of what others are offering, it’s even more crucial to build and emphasize what makes your brand unique. By leveraging your strengths, you can create a loyal customer base that values your distinct offerings over those of your competitors.
Your strengths could lie in various aspects of your business, such as exceptional customer service, high-quality products or a unique shopping experience. For example, if you have a strong customer service team that offers personalized recommendations and a high level of attention to each shopper, you can make this a cornerstone of your brand’s identity. Offering a memorable experience — whether through knowledgeable staff, exclusive deals or a seamless online platform — can set you apart from competitors, especially if others in your market lack these personalized touches. It’s vital to identify these strengths and ensure that they are consistently communicated to your customers.
Focusing on your strengths also allows you to refine your core value proposition. By honing in on what you’re already great at, you can build stronger brand equity and attract customers who are specifically seeking those attributes, making price competition less of a concern.
