Picture this: You’re sipping coffee at your café in Kuala Lumpur when you notice a line forming outside a new competitor just opposite you. Their Instagram is flooded with a huge following, their GrabFood orders are booming—and you’re left wondering, “What are they doing right, that I’m not?”
The answer isn’t luck. It’s strategy.
Competitive analysis isn’t about copying rivals or obsessing over their wins. It’s about cracking the code to your market. It’s discovering how Naelofar Hijab dominates with its fusion of modern modest wear and traditional craftsmanship, or how BONIA lures luxury loyalists with timeless leather goods.
In this guide, you’ll learn to dissect competitors’ tactics, spot gaps they’re ignoring, and turn data into action.
Ready to stop comparing your business to competitors, and instead, use competitive analysis to your advantage? Let’s begin.
Here's What We'll Cover:
- Start by Identifying Your Competitors
- Gather All the Data You Can
- Analyze Your Competitors’ Unique Selling Point
- Do a SWOT Analysis
- Find Opportunities and Gaps
- How Vase.ai Helped Baskin Robbins With Their Competitor Analysis
- Stay One Step Ahead of the Competition
Start by Identifying Your Competitors
Let’s say you’re running a fitness brand. Grab a notebook or open a digital spreadsheet, and start by jotting down every competitor you know.
In one column, list local gyms and boutique studios. Those are your direct competitors. Now, flip to a new column and write down online workout platforms and wellness apps. These are the indirect players in your space.
Use Google Maps or local directories to make sure you’ve included all competitors. Ask your friends which gym they’re going to (if any). Research what’s trending on social media. There’s always chatter about places people are frequenting at.
Gather All the Data You Can
For each competitor, sketch out their profile: Who do they target? What unique features do they offer? How dominant are they in the market?
For example, Celebrity Fitness dominates with large facilities and extensive class schedules.
Spend some time browsing the social media pages of all competitors on your list. Social media makes it easy to see if people are resonating with something. See which posts get the most likes and comments. This is pure social proof, telling you exactly what customers are talking about.
Pro Tip: Note the exact “scripts” and words customers use. Why? Because these are materials you can then use in your marketing materials to build relatability.
With your list done, rank them by how often they come up in conversations, social media or appear in ads. This helps you single out the biggest players.
If you’re running a restaurant, visit each competitor’s website as well to see how they present their menus, pricing, and promotions.
For example, take note of how brands like Secret Recipe use high-quality images to entice customers.
Analyze Your Competitors’ Unique Selling Point
The key to standing out in business is differentiation. That means your business needs a distinguishable key unique proposition.
Once you’ve gathered your data, it’s time to analyze what each competitor brings to the table. Study how your competitors differentiate and notice where they fall short. This would be gaps you can look to fill.
Create a side-by-side list comparing the features of each competitor’s product with yours.
Compare their product features with yours. For instance, if you run a burger joint, look at how Marrybrown offers unique sauces and combo deals that might give them an edge.
Look at the channels they’re using. Are they using influencer marketing like many local brands? Do they run promotions on weekends or during festive seasons?
Pro Tip: Every business has its own set of followers and audience who believe in their story and what they stand for. But the key is to differentiate. Be bold to stand for your differentiation and that will help your brand attract the same kind of people.
Do a SWOT Analysis
Now, take all that information and break it down with a SWOT analysis.
SWOT analysis is a strategic framework used to evaluate the strengths, weaknesses, opportunities, and threats of a business. It gives you a clear snapshot of both your competitors and your own business. It shows you how to leverage your advantages, address shortcomings, seize market openings, and defend against risks.
First, write down what each competitor does well. For example, Secret Recipe might be praised for its consistent quality and unique recipes. Use customer reviews as evidence. If many people mention their great taste, that’s a clear strength.
Identify the gaps. Do you see customers on forums complaining about a competitor’s long wait times or poor customer service? That could be something you can capitalize on by offering faster, friendlier service.
Also, be mindful of threats, like a new brand entering the market with flashy marketing tactics. A quick team brainstorming session on these points can help you come up with specific actions to improve your own brand awareness and business.
If you’re running a café in Kuala Lumpur, here’s what your SWOT analysis might look like:
Let’s take a look at another SWOT analysis example. Here’s a detailed SWOT analysis prepared by a trainee at AIA:
This SWOT analysis helped the company clearly identify areas for digital transformation and enhanced customer engagement. As a result, AIA BHD started supporting more targeted marketing strategies and improved revenue performance. This was essential for the company’s growth in a competitive insurance market.
Find Opportunities and Gaps
Once you have a clear picture, identify where you can differentiate yourself. Look at your analysis and decide what makes your business unique.
For instance, Herbalife differentiates itself with a focus on high-quality, nutrient-rich ingredients that form the foundation of its product range. This commitment to balanced nutrition sets the brand apart in a competitive market.
A 2023 survey by Herbalife further revealed that 79% of Malaysian respondents started preferring more health-conscious dining due to the pandemic. This gave Herbalife more edge over others, since it has been promoting its products through the notion of building a healthier lifestyle.
There’s always a way to find gaps left by competitors
- If your competitor is chasing discounts, focus on upping customer experience.
- If your competitors are thinning down on their margins and making up with volume, focus on product quality and using brand storytelling.
Customer reviews are also goldmines to find opportunities to improve. Domino's Pizza is a prime example of a brand that reshaped its marketing strategy based on customer feedback.
In the late 2000s, Domino's was widely criticized for the quality and taste of its pizza. This sentiment was amplified by negative customer reviews and social media chatter. Instead of dismissing this criticism, Domino's took decisive action. The company revamped its pizza recipe and launched a candid marketing campaign called "Pizza Turnaround."
This campaign openly acknowledged past shortcomings. It highlighted the changes made in direct response to customer input, ultimately rebuilding trust and setting Domino's apart from its competitors.
This turnaround not only improved the product but also became a unique selling point by showing that the brand truly listened to its customers.
Here are more examples of how some brands found opportunities to fill gaps left by their competitors:
- Chagee saw a gap for premium, artisanal tea, and launched Instagram-worthy blends with unique flavors.
- IKEA identified the need for stylish, affordable furniture, and was inspired to introduce sleek flat-pack designs that balance modern aesthetics with budget-friendly pricing.
- AirBnB noticed travelers craved authentic local experiences, and created a system that enabled homeowners to offer unique, personal stays.
- Uber found frustration with slow, cash-based taxi rides. To solve this problem, it created an app for instant, hassle-free ride-hailing.
How Vase.ai Helped Baskin Robbins With Their Competitor Analysis
Who hasn’t heard about Baskin Robbins? Even as an iconic brand, they knew that popularity alone isn’t enough to stay ahead in a competitive market. So they turned to Vase.ai to boost their market research.
The brand wanted to understand what really drives their customers’ choices and how they could stay ahead of fierce competition.
With Vase.ai’s help, they launched an online survey that reached a wide range of consumers. This survey dug into key areas like pricing, brand perception, and the factors influencing dessert purchases, giving the team a clear picture of what matters most to their audience.
Using the survey insights, Baskin Robbins fine-tuned their marketing strategy to better match customer needs. They discovered the best moments to catch consumers’ attention and learned how to position their ice cream as the top pick over competitors. This hands-on data made it easier to craft campaigns that resonated with both new and loyal customers.
The research conducted by Vase.ai helped Baskin Robbins see the market in a whole new light. By gaining a holistic view of consumer behavior, they were able to adjust their tactics, improve customer engagement, and boost their overall marketing effectiveness—all while staying true to their brand’s legacy.
Stay One Step Ahead of the Competition
The business landscape is more crowded than ever. You’ve probably felt in your industry too.
At Vase.ai, we combine market research expertise and artificial intelligence (AI) technologies to help brands uncover the positioning, strengths and weaknesses of their major competitors both in the present and future.
Our research is done within days, not weeks, thanks to our panel of respondents made up of 3.6 million Southeast Asian consumers and growing.
