If you’re running a startup or small business, chances are you’ve asked yourself questions like: How are my competitors performing? What are they doing differently? And how can I outperform them?
That’s where a competitor benchmark report comes in.
This report gives you a clear, data-backed view of how your brand compares to others in your industry — in terms of marketing, design, user experience, pricing, product features, and more. It helps you make informed decisions, find opportunities, and refine your digital strategy.
At Charisol, we’ve seen how understanding your competition can transform your business. Many startups jump straight into building without fully understanding what already exists in the market. The result? Missed opportunities, poor user experiences, and wasted resources. A proper benchmark report solves that.
Let’s walk through exactly how to create one — step-by-step.
What Is a Competitor Benchmark Report?
A competitor benchmark report is a structured document that compares your business’s performance, offerings, and digital presence to your competitors. It highlights:
- What your competitors are doing well
- Where they’re falling short
- How you can position your brand for growth
Think of it as your map. It helps you see where you stand, where the market is heading, and what steps to take next.
Why Competitor Benchmarking Matters Right Now
With so many startups and digital products entering the market every month, it’s no longer enough to just build something “good.” You need to build something better and more relevant.
Competitor benchmarking helps you:
- Spot market gaps before others do
- Understand your audience’s expectations
- Learn from your competitors’ mistakes
- Improve your product’s user experience
- Build stronger marketing and pricing strategies
When you have real data guiding your decisions, you don’t have to rely on assumptions — and that’s exactly how startups scale smarter, not harder.
How do I Create a Competitor Benchmark Report?
Step 1: Identify Your Top Competitors
Start by listing 5–10 competitors who are similar to your business. Include:
- Direct competitors – those who offer similar products or services to your target market.
- Indirect competitors – businesses that solve the same problem differently.
For example, if you’re building a project management tool, direct competitors might include Asana and Trello, while indirect competitors could be Slack or Notion.
Pro tip: Don’t limit yourself to local competitors. Look at global brands in your space — they can offer valuable insights into emerging trends and customer expectations.
Step 2: Define What You’ll Measure
Your benchmark is only as good as the metrics you track. Depending on your goals, you might compare:
1. Product & Features
- What features do they have that you don’t?
- How easy is their platform to use?
- What integrations do they offer?
2. Pricing Strategy
- How do their prices compare to yours?
- Do they offer free trials, discounts, or subscriptions?
- How do they communicate value on their pricing page?
3. Website & User Experience (UX)
- How fast does their website load?
- Is their design clean, modern, and mobile-friendly?
- How easy is it to complete key actions (sign up, buy, contact)?
4. Marketing Performance
- Which social media platforms are they active on?
- How often do they post or publish content?
- What keywords do they rank for?
5. Brand Positioning
- What’s their brand voice like?
- Who are they speaking to?
- What’s their core value proposition?
By defining these metrics, you’ll avoid collecting random data — and focus on what truly drives growth.
Step 3: Gather the Data
Now it’s time to collect the data for each competitor. You can use both manual research and automated tools to speed up the process.
Here are some useful tools:
- SimilarWeb or SEMrush – for website traffic, keywords, and traffic sources
- BuiltWith – to check what technologies their websites use
- Ahrefs – for SEO performance and backlink profiles
- Social Blade – to analyze their social media engagement
- Google Trends – to track brand or keyword popularity over time
If you’re working with Charisol on a digital strategy or product design, we often include this benchmarking phase during the discovery process.
This ensures your new website, app, or digital product isn’t just functional — it’s strategically positioned to outperform competitors from day one.
Step 4: Analyze and Compare
Once you’ve gathered the data, organize it in a spreadsheet or dashboard. Compare your business and competitors side-by-side using visual charts or tables.
Look for patterns like:
- Which competitors have strong user engagement but weak product differentiation?
- Who dominates search rankings in your niche?
- Are competitors using modern design trends or outdated layouts?
Highlight both strengths and weaknesses. This balance is what gives you clarity and direction.
Step 5: Identify Opportunities and Threats
From your analysis, extract key insights:
- Opportunities: Unmet customer needs, untapped markets, features your competitors lack, or content gaps you can fill.
- Threats: Competitors with stronger brand recognition, better pricing models, or more advanced features.
This section of your report should be actionable. For instance:
“Competitor X offers free onboarding webinars — something our audience values but we currently don’t provide. Introducing a similar resource could improve user retention.”
At Charisol, this type of insight directly informs how we design or redesign products for clients. We don’t just build — we align every decision with what works in the market.
Step 6: Turn Insights into Action
A competitor benchmark report is useless if it just sits in your Google Drive. Use your findings to make data-driven improvements such as:
- Refining your product features or pricing
- Improving your onboarding experience
- Enhancing your website’s usability or design
- Reworking your brand messaging or positioning
If your startup doesn’t have an in-house UX or product team, that’s where Charisol can help. Our team specializes in turning competitive insights into growth-focused designs and digital experiences that resonate with users.
You can learn more or get started with your own benchmarking-driven redesign here.
Example of a Simple Benchmark Table
| Metric | Your Brand | Competitor A | Competitor B | Competitor C |
|---|---|---|---|---|
| Website Load Time | 3.5s | 2.1s | 4.3s | 3.0s |
| Pricing Model | Subscription | Freemium | Tiered | One-time |
| Social Media Engagement | Medium | High | Low | Medium |
| Mobile Optimization | Yes | Yes | No | Yes |
| Unique Feature | Custom Dashboard | Automation | Templates | AI Assistant |
Tables like this help visualize where you’re strong — and where you can improve.
Step 7: Review Regularly
Markets evolve quickly. What’s working today may not work six months from now.
Schedule your competitor benchmarking at least twice a year (quarterly is even better). This way, you’ll stay on top of industry changes and adapt before your competitors do.
FAQs
How often should I update my competitor benchmark report?
Ideally, review it every 6 months. However, if your industry moves fast — like tech or SaaS — quarterly updates keep you ahead.
What’s the difference between competitive benchmarking and market research?
Market research helps you understand the overall market and customers, while benchmarking focuses on specific competitors and how your brand stacks up against them.
Can small startups do this without expensive tools?
Absolutely. You can gather a lot of data manually using free tools like Google Trends, SimilarWeb’s free plan, and direct competitor site reviews.
What should I do after completing the report?
Turn your findings into a clear action plan. Decide what changes to make in your product, design, or marketing strategy.
Final Thoughts
A competitor benchmark report isn’t just a marketing exercise — it’s a roadmap for smarter business growth.
It helps you understand what’s working in your industry, identify opportunities, and position your business more effectively. And when done right, it can be the difference between simply existing and truly standing out.
If you’re ready to discover how your business can compete more strategically, the Charisol team is here to help.
We combine competitor insights with user-first design and development to help small businesses and startups grow faster and smarter.
Start your project with us today.
What’s one thing your competitors are doing right now that you could learn from — or do even better?