How to Identify Your Competitors in 5 Easy Steps (2024)

Keeping tabs on your competition is critical, and Crunchbase Pro makes your competitive intelligence even smarter. You can keep track of existing players – plus keep an eye out for new entrants. We’ll show you how to identify your competitors.

Track your competition with dynamic alerts and upgrade to Crunchbase Pro.

Let’s say you’re a Product Manager at a Renewable Energy company that just raised Series C funding. You want to keep track of competitors, specifically companies that have raised a Series C or Series D.

Build a Search to Find Out “Who Are My Competitors?”

1. Build a search to find your competitors. Add up to two filters for free with a registered Crunchbase account.

In this case, we’ve createdRenewable Energy Competitors by adding filters for Renewable Energy companies with Series C or Series D funding. Make sure to save your search to get updates when new companies match these criteria!

How to Identify Your Competitors in 5 Easy Steps (1)

2.Now that you see all potential competitors, let’s create a tailored competitors list. You can select companies individually or select all using the checkboxes at the left of the search results. In this case, we’ll handpick a few key competitors to watch closely.

How to Identify Your Competitors in 5 Easy Steps (2)

Create a List of Competitors

3. After selecting companies, click Add to List orCreate New List from the drop-down (or add your competitors to an existing list).

How to Identify Your Competitors in 5 Easy Steps (3)

4. Give your list a name (in this case, “Competitors”), and select how frequently you want to get alerts for new acquisitions, funding rounds, and more. When you’re all set, click Create to see your new list.

How to Identify Your Competitors in 5 Easy Steps (4)

5. Voilà! Here’s your custom competitors list. From here, you can useQuick Add.Click Columns to adjust the fields you see on your list.

How to Identify Your Competitors in 5 Easy Steps (5)

Takeaways on How to Identify Your Competitors

Never missup and coming players. Since you saved the original search (go you!), you’ll get alerts when new Renewable Energy companies raise a Series C or Series D.

Stop worrying about tracking the competition, and get back to beating the competition.By saving your main competitors to a list, you’ll be notified of your competitors’ key activities (news, funding, acquisitions, and changes in leadership to name a few).

How to Identify Your Competitors in 5 Easy Steps (6)Now try it for yourself. Curate your own list of competitorsand start by building a search.

How to Identify Your Competitors in 5 Easy Steps (7)

How to Identify Your Competitors in 5 Easy Steps (8)

  • Originally published January 3, 2018, updated April 26, 2023
How to Identify Your Competitors in 5 Easy Steps (2024)

FAQs

How do you identify your competitors? ›

How to Identify Your Competitors in 7 Steps
  1. Conduct solid market research. ...
  2. Collect customer feedback. ...
  3. Analyze the SERP and SEO strategies. ...
  4. Look at paid ad data. ...
  5. Look at social media communities. ...
  6. Talk to your business network. ...
  7. Use tools to identify competitors.
Jul 10, 2023

What are the 5 stages of competitive intelligence? ›

One of the first things competitive intelligence professionals learn are the 5 stages of CI: Planning, Collection, Analysis, Dissemination, and Action.

What are the 5 competitors of a business? ›

There are 5 types of competitors: direct, potential, indirect, future, and replacement.

What are the 5 C's of competition? ›

What is the 5C Analysis? 5C Analysis is a marketing framework to analyze the environment in which a company operates. It can provide insight into the key drivers of success, as well as the risk exposure to various environmental factors. The 5Cs are Company, Collaborators, Customers, Competitors, and Context.

What are the 5 steps of analysis? ›

It's a five-step framework to analyze data. The five steps are: 1) Identify business questions, 2) Collect and store data, 3) Clean and prepare data, 4) Analyze data, and 5) Visualize and communicate data.

How you distinguish yourself from your competitors? ›

“How can I differentiate myself from my competitors?”
  1. Know more about your client than anyone else. ...
  2. Be Fresh. ...
  3. Be seen as possessing renown and recognition. ...
  4. Have a Unique Relationship Process. ...
  5. Develop a Personal Style. ...
  6. Bring Their Ideas to Life. ...
  7. Show You Really Care. ...
  8. Be seen as well-connected.

Why identify competitors? ›

By identifying and monitoring competitors, you'll be able to see where their exploitable weaknesses are, and conversely, what threats they pose to your business. You'll be able to run competitor analysis and also spot gaps in the market.

What are the five 5 competitive forces discuss in detail? ›

TL;DR. Porter's Five Forces are Threat of new entrants, Bargaining power of buyers, Bargaining power of suppliers, Threat of new substitutes, and Competitive rivalry. This framework helps strategists understand what makes an industry profitable and provides insights needed to make strategic choices.

What are 5 ways that you can gather competitive intelligence? ›

How to gather competitive intelligence from internal teams (5...
  • Be sure you're collecting data from these teams.
  • Most popular internal gathering methods.
  • 1) Competitive Slack channel.
  • 2) Sync meetings.
  • 3) Rep interviews.
  • 4) Competitive workshops.
  • 5) Internal software and tools.
May 3, 2024

How do you identify major competitors? ›

Learning about your competitors

Look for articles or ads in the trade press or mainstream publications. Read their marketing literature. Check their entries in directories and phone books. If they are an online business, ask for a trial of their service.

How to define competitors? ›

Direct competitors are the brands that first come to mind when you think about your competition – your top competitors. They're in your sector or local competitors in your neighborhood, marketing products and services that do the same like-for-like job as yours.

How to identify newly emerging competitors? ›

How to Identify New Competitors
  1. Sales Calls. In the B2B world, the most valuable insights about the market often emerge from the interaction between your sales team and customers. ...
  2. Analyst Reports. ...
  3. Industry Events and Conferences. ...
  4. Social Media. ...
  5. Positioning & Messaging. ...
  6. Customer Reviews. ...
  7. Pricing Strategy.
Jan 31, 2024

What are the 5 forces of competitor analysis? ›

Porter's Five Forces include: Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry.

What are the five stages of analytical competition? ›

  • Analytical Beginner. At this stage, analytics is usually siloed within one department or business unit. ...
  • Localized Analytics. ...
  • Analytical Aspirations. ...
  • Analytical Companies. ...
  • Analytical Competitors.
Jul 20, 2022

What are 5 criteria for understanding competitors? ›

Evaluating the product core, the size of their user base, design, brand strength, and speed of your competitors helps you gain valuable insights. Armed with this knowledge, you can make informed decisions, differentiate your offerings, and enhance your competitive position in the market.

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