Market Monitoring - The How & Why of ID'ing Your Competition

Updated: Aug. 11, 2026

Deep down, every entrepreneur fears competition. Although it’s daunting, the reality is that every in-demand business is bound to have competition.

Competition is healthy; it proves that we’re on the right track and keeps us sharp! Staying ahead of the competition is often one of the biggest motivators, pushing us to work smarter and faster. However, not all competition is equal.

Direct, Indirect, and Replacement Competition

Competitors can be separated into three main groupings: direct competitors, indirect competitors, and replacement competitors. These groups impact your business and your market differently, and understanding those nuances helps you make strategic decisions as a business owner.

Direct competitors are businesses that offer the same product or service as you. They will typically attract the same target audience, too.

Indirect competitors (aka secondary competitors) include businesses that help customers ultimately reach the same goal, but they’ll take a different approach to get there.

Replacement competitors are one step further removed, providing a product or service that offers customers an alternative to what they’ll get with your business. You both solve the same pain points, but the means vary.

Let’s look at an example. It’s Friday evening. You’re tired from a long week and your stomach grunts. You crave feel-good food, but the fridge is empty.

​You think about picking up a pizza. Now it’s time to decide: should you order from Pizza Pizza, or Domino’s?	​These are direct competitors – they offer the same product at a similar price point.
A trip through the McDonald’s drive-thru sounds pretty good, too. You love a Big Mac, after all!	This is an indirect competitor – although it’s not pizza, you’ll still get a quick, tasty meal on a budget.
Although, maybe tonight’s the night you decide to give Hello Fresh a try.	This is a replacement competitor – you don’t have to go grocery shopping or find a recipe, but it provides a different solution to your hunger.

The Brand Brew ®’s Brand Development begins with clarity. Understanding your competitive landscape helps us uncover where your business fits, what makes it different, and where opportunities exist to build a brand that stands apart.

How to Identify Your Competition

Here are five tips to help you identify the various competitors your business is up against.

1. Get on Google

As with many things in life, start with a Google search!

Put yourself in the shoes of a customer looking for the product or service you provide and search Google for the relevant keywords (for example, " [service] in [your city] ").

Pay attention to the businesses that consistently appear across relevant searches, including organic results, local results, and Google Ads. Repeating the exercise across several keywords can reveal which competitors are competing for the same search visibility and customer attention.

Tip: Search several relevant terms rather than relying on a single query. The competitors that appear repeatedly will give you a clearer picture of who you're actually competing with online.

2. Keep Up with Keywords

Researching your keywords is a very effective approach to discovering your competition.

Not sure what your customers are searching for? The Brand Brew®'s SEO & GEO Strategy uncovers the keywords, search intent, and opportunities shaping how your business—and your competitors—are discovered across search and AI.

Keywords are especially helpful in finding your indirect competitors. Take our previous Friday Night example. If you were to search for “fast food near me,” the results might include Burger King, Freshii, and the local sandwich shop, all back-to-back.

Tools like Google Trends can add another layer, helping you compare search interest and spot shifts in what people are looking for over time.

3. Search Through Socials

Social media is overflowing with opinions, which is great if you’re a business looking to hear what your customers have to say.

Discover relevant conversations by searching for your business, industry, products, or services across social platforms, Reddit threads, forums, review sites, and other online communities.

Scouring through the other businesses mentioned will give you a solid list of your competitors as determined by your customer base! You might even understand why a customer would choose you over your competition or vice versa.

4. Monitor the Market

Market research provides powerful insights into your competition. Look for companies offering products or services similar to yours and note the businesses with closely competing offers.

You can conduct market research in various ways, from Google searches to flipping through trade books. Consider consulting with your sales team to discuss which other businesses are commonly mentioned by prospective customers.

Pay attention to more than who's in the market. Compare how competitors position themselves, what they offer, how they price, what customers praise or criticize, and where gaps may exist.

5. Consult Your Customers

Researching businesses and weighing options is a key factor in the customer journey. So, who better to give you insights into your competition than your customers themselves?

You can spark up a casual conversation at the end of a sale or ask directly via a follow-up email survey. Make note of your most mentioned competitors and what sets you apart in the eyes of your customers.

Stay Ahead: How Competitor Analysis Strengthens Your Brand Strategy

Understanding your competition isn't about copying what everyone else is doing. It's about gaining the clarity to see where your business fits, where opportunities exist, and what gives people a reason to choose you.

The competitive landscape will continue to change, which makes market monitoring an ongoing ingredient in smart brand strategy. The Brand Brew ®'s Brand Development brings that insight together with your audience, positioning, purpose, voice, experience, and identity to build a brand from the grounds up that is distinctly yours.

Book a call and let's uncover what sets your business apart.