Bill Smith's 5 Rules for Staying Ahead of the Competitors

 

Most founders obsess over their competition.

That's why they'll always be 6 months behind.

Bill Smith built 4 companies without ever looking sideways.

He's a four-time serial entrepreneur who started his first business at 16. He built Shipt and sold it to Target and now he's the CEO of Landing. He sat down on How To Build a Tech Startup and I thought he made some interesting points.

Here are 5 points that stood out:

𝟏. 𝐃𝐨𝐧'𝐭 𝐟𝐨𝐥𝐥𝐨𝐰 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧.
Most founders track their competitors’ every move and try to beat them.

"If you pay attention to the competition, you will become... a six-month behind version of whoever that person is."

You'll always be a step behind by design.
Build your own thing so well that your competition starts chasing you.

𝟐. 𝐘𝐨𝐮𝐫 𝐞𝐧𝐞𝐫𝐠𝐲 𝐢𝐬 𝐲𝐨𝐮𝐫 𝐭𝐞𝐚𝐦’𝐬 𝐜𝐞𝐢𝐥𝐢𝐧𝐠.
"Your energy level at work is the absolute ceiling of your team's energy level. Like they're not going to exceed your energy level."

If you want your team to show up like it matters - you have to show up like it matters.

𝟑. 𝐇𝐢𝐫𝐞 𝐚𝐭 𝐭𝐡𝐞 𝐞𝐱𝐭𝐫𝐞𝐦𝐞𝐬.
Most companies try to build a team of solid, mid-level professionals.
Bill Smith disagrees.

"Either people I've already worked with and I know they're awesome or abject beginners... kind of nothing in between."

A nucleus of trusted veterans plus hungry beginners who "don't know any better than to listen to you."
That's the formula.

𝟒. 𝐁𝐞 𝐚 𝐦𝐨𝐦𝐞𝐧𝐭𝐮𝐦 𝐠𝐮𝐲.
When something isn't working, most founders try to fix it.
Bill Smith just throws it away.

"I'm focusing all of my energy on the one thing that is working."

Problems will always exist.
But your scarcest resource is attention.

Point it at what's growing.

𝟓. 𝐆𝐞𝐭 𝐢𝐧 𝐟𝐫𝐨𝐧𝐭 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐬.
No dashboard, no funnel, no roadmap can replace what you learn face-to-face.

"I get the most energy, period, from being in front of customers. My best days are the days that I'm with a customer."

If the software's not in their hands and you're not talking to them, the rest doesn't matter.

Full conversation: Bill Smith on How To Build a Tech Startup.

So, there you have it:
- Don't follow your competition, build your own thing
- Your energy is the absolute ceiling of your team
- Hire trusted veterans and hungry beginners
- Throw away what's broken, double down on what's working
- Get in front of your customers

Do you agree or do you have some different opinions?

https://lnkd.in/p/dpHJk7bJ

What is competitive analysis? How to do one.

 

A competitive analysis tells you how rivals attract, convince, and keep the customers you're trying to win — but the surfaces where that competition plays out have expanded.

Prospects are forming opinions about your brand inside AI search platforms before they ever visit your site. Standard competitive analyses miss this. They cover competitors' websites, marketing, and reputation, but stop short of AI visibility, which increasingly drives buyer decisions.

In this article, you’ll learn what competitive analysis is, how to run one across all three surfaces of a competitor's brand, and how to spot where competitors are winning in AI search. You'll also get a free template to organize your findings.

What is competitive analysis?

Competitive analysis is the process of researching and documenting competitors’ business strategies (like their product, marketing, and sales strategies) so you can use those insights to sharpen your own approach. It's also called competition analysis or competitive market analysis.

In 2026, a complete competitive analysis covers three surfaces:

• What the brand says about itself through its site’s marketing and sales content

• What third parties say about the brand through user reviews, press coverage, and community discussions

• What AI search platforms say about the brand, including if and how often it’s mentioned, the sentiment of those mentions, and which prompts it shows up in

The first two surfaces are familiar territory. The third is newer, and it shapes which brands prospects consider before they ever reach a website.

Types of competitors

To get the most valuable insights from competitive analysis, you need to identify and analyze the right competitors.

There are three types of competitors: direct, indirect, and aspirational. Each plays a different role in your strategy, and shows up differently across the three surfaces of competitor analysis.

Direct competitors

Direct competitors target similar audiences and offer similar products or services. Analyzing them should be your top priority because they’re the easiest to learn from and compare against.

Say you run a food delivery app targeting urban professionals. DoorDash is a direct competitor because it delivers restaurant meals to the same audience.

Indirect competitors

Indirect competitors offer different products or services but solve the same core need. They're worth analyzing after direct competitors, as changes in their strategies often signal broader market shifts that affect demand.

For a food delivery app, meal kit services like HelloFresh are indirect competitors — they reach busy people who want home-cooked meals, but with ingredient kits rather than restaurant meals delivered ready to eat.

Aspirational competitors

Aspirational competitors are industry leaders you admire and model your strategy after, even if you're not competing for the same customers. Study them when you're planning to grow beyond your current business model.

For a food delivery app, Uber is an aspirational competitor. It targets a similar audience and offers a similar service, but its platform also includes ride-hailing and package delivery. These are services the app could add as it scales.

Benefits of competitor analysis

The benefits of competitor analysis include:

• Benchmarking your performance: Comparing your traffic, rankings, conversions, and brand presence against direct rivals shows you where you stand and where you're falling behind

• Learning from others’ successes and failures: Studying what worked and didn't work for competitors accelerates your own path forward

• Identifying AI visibility gaps: Knowing where competitors appear (and don't appear) in AI-generated answers shows you which on- and off-site signals to strengthen

• Discovering untapped opportunities: Identifying market gaps reveals where competitors are overlooking customer segments, marketing channels, or key features

• Sharpening your positioning: Understanding how competitors describe themselves and their products helps you differentiate your brand more clearly to your target audience

How to do a competitive analysis

A competitive analysis is a multi-step process that covers your competitors' websites, third-party coverage, and AI visibility.

By the end, you’ll have a clear picture of how your competitors operate, and where your brand fits in.

1. Copy our competitive analysis template

Make a copy of our free competitive analysis template to organize your findings as you work through the steps below.

2. Identify competitors

Identify competitors using a combination of research methods, since no single method gives you a complete view of who you’re up against.

Find competitors by:

• Searching for your product and service types in Google and looking at the top-ranking results

• Asking AI search platforms for a list of businesses with similar products or servicesz

• Testing related prompts to see which brands are mentioned or recommended

• Checking third-party content like reviews, listicles, and comparison articles to see which brands buyers research alongside you

• Asking your sales team about other solutions that prospects tend to consider

• Surveying former customers to identify which competitors they switched to

• Reviewing the competitive domains the Semrush Market Overview tool lists in your “Market Players” report

• Viewing the “Competitors” report in the Organic Rankings for your domain

Once you’ve listed competitors, sort them by type: direct, indirect, and aspirational. Then, select three direct competitors to analyze. This way, you’ll gather a range of high-impact insights without getting overwhelmed.

You can add more competitors later, including indirect and aspirational ones, as you extend your analysis.

3. Analyze competing products and services

Analyze competing products and services to better position and price your offerings to meet customer needs.

Start with value propositions. Study your competitors' marketing content to understand what problems they solve, how they solve them, and who they help. Compare these value propositions against yours to better differentiate your offerings.

Next, study your competitors’ product or service information to understand:

• Core features and capabilities: The main functionalities and unique features your competitors offer. Explore how these features meet (and don’t meet) customer needs, so you can capitalize on market gaps.

• Pricing: Review your competitors’ pricing to identify whether they target premium, mid-range, or budget segments. Use this to evaluate the competitiveness of your pricing, especially if you target the same segment.

Record your findings in your competitive analysis report.

4. Uncover competitors’ marketing channels and content formats

Uncovering what marketing channels and content formats drive the most traffic to competing sites provides valuable insights for your own marketing strategy.

Check competitors’ top traffic sources with a competitive analysis tool like Semrush’s Traffic & Market Toolkit. Enter a competitor’s domain and click “Analyze.”

Scroll to the “Traffic Channel Distribution” section to view the top traffic sources for the competitor’s domain.

Next, go to the toolkit’s Top Pages tool to see which channels drive the most traffic to individual pages. Click any page to see its entrance sources.

Study these traffic sources to gain insights. For example, a high portion of referral traffic may indicate the competitor has partnerships with industry influencers or has been featured on popular sites in your niche.

Next, review your competitors’ social media presence, including which platforms they use, the content formats they use, and engagement levels.

Evaluate the other types of content your competitors create as well: blog posts, email newsletters, webinars, or online courses. For example, if competitors have a blog, what kind of content do they publish, and how frequently?

Use a tool like AI Traffic to learn which AI search platforms send your competitors the most traffic.

Higher AI referral traffic often indicates stronger visibility signals across a competitor’s site, brand reputation, and third-party coverage.

5. Research your competitors’ sales processes

Research your competitors' sales processes to understand how they connect with prospects throughout the buying journey.

The sales process typically involves four stages:

• Presenting the offering: Understand how competitors communicate value and demonstrate their solutions to prospects. For instance, businesses that sell big-ticket items may have dedicated sales teams that work closely with prospects.

• Following up: Study how competitors stay in touch with prospects. Tactics include sending automated email reminders and making phone check-ins.

• Closing: Look at how competitors convert interested prospects. They might offer discounts, money-back guarantees, or product bundles to encourage purchases.

• Retention: Consider how competitors encourage customers to make repeat purchases or stay subscribed to their services. Perhaps they offer a loyalty scheme or exclusive customer content.

Start by engaging with your competitors’ marketing materials: subscribe to their newsletters, request demos, and attend their webinars. As you do this, observe how they communicate, follow up, and guide prospects through each stage.

Pay attention to their messaging style, contact frequency, and the tools or offers they use to build trust and move leads toward a purchase. The messaging competitors use throughout their sales process reinforces the brand associations AI platforms pick up across their site and third-party coverage.

6. Study customer feedback and ratings

Studying competitors' customer feedback and ratings reveals opportunities to win business from their customers and others like them.

These same signals also shape AI visibility: AI search platforms retrieve signals from user reviews, forum mentions, and third-party coverage when deciding which brands to mention and recommend.

Public sources of customer feedback and ratings include:

• Review aggregator platforms like G2 and Trustpilot. See what customers praise competitors for and what they’re unhappy about. Pay attention to recurring themes — if multiple customers complain about the same issue, it’s likely a significant weakness you could capitalize on.

• Social media platforms like X (formerly Twitter), Reddit, and LinkedIn. What prospects and customers say about competitors on these platforms can reveal where they shine or fall short. Use tools like Mention or Brand Monitoring to track social mentions.

• News publications: Check reputable news outlets for mentions of your competitors, and evaluate both the positive and negative comments. The Brand Monitoring tool can help with this.

Once you've gathered the feedback, use it to refine your positioning around competitor gaps and strengthen your off-site presence by encouraging satisfied customers to leave reviews.

AI search platforms weigh review quality and consistency when forming brand associations, so a strong review presence pays off in AI visibility too.

Document your findings in your competitive analysis report.

7. Assess AI visibility

Assess competitors’ AI visibility to learn how AI search platforms mention and cite them.

Start by launching the Semrush AI Visibility Toolkit, entering a competitor’s domain, and clicking “Check AI Visibility.”

The tool will display the competitor’s overall AI visibility (as a score out of 100) and the volumes of mentions and citations — both overall and across various AI search platforms.

Compare this against your own domain to see where you stand.

Next, switch to the Narrative Drivers tool to see your competitor’s share of voice, which reveals how often it appears in non-branded prompts.

You'll also see sentiment trends, the topics AI platforms most often associate with the brand, and the top domains driving AI citations for non-branded prompts in your category.

Prioritize building your brand presence across these domains to improve your AI visibility.

Use the Competitor Research tool to compare your AI visibility against your competitors' side by side.

Enter your domain alongside up to four competitor domains, then click "Run competitor analysis" to see where rivals get cited and your brand doesn't.

Navigate to the “Topics & Prompts” report, click “Prompts” to view prompts, and then click “Missing.”

Note the prompts you want AI search platforms to feature you on. Then, set up the Prompt Tracking tool to monitor their performance in ChatGPT, Gemini, and Google AI Mode.

Repeat the tracking setup for your competitor’s domain. Then, record all findings in your competitive analysis report.

8. Establish competitors’ strengths and weaknesses

Establish competitors’ strengths and weaknesses based on the detailed information you’ve gathered, so you can evaluate where you stand against them.

A competitor's strengths might include strong product-market fit, effective marketing campaigns, or consistent positive sentiment across reviews and AI answers. Weaknesses might include limited AI visibility, gaps in customer support, or pricing that's misaligned with their market segment.

Document your findings in your competitive analysis report.

9. Determine your positioning

Determining your positioning translates everything you've learned about your competitors into a clear angle for your own brand.

Conduct an analysis of your business’s strengths, weaknesses, opportunities, and threats (SWOT). Then, define the unique value you offer.

Maybe it’s a feature that solves a pain point more effectively, a superior onboarding experience, or a more flexible pricing structure. These differentiators form the core of your unique value proposition.

Also consider the customer segments you'll target. If you've identified a customer segment your competitors have overlooked, focus your product development and marketing efforts on serving their needs.

Once you've mapped your positioning, consider how it translates to AI search. The attributes AI platforms associate with your competitors, such as their pricing, reliability, and use case fit, are shaped by the same signals you've analyzed throughout this process.

Your positioning should account not just for how you differentiate on your website, but also for how you want AI systems to describe and recommend you.

Record everything in your competitor analysis report.

Competitive analysis example (step by step)

I ran a basic competitive analysis for a fictional coffee subscription service to give you an idea of how the process works and the insights you can get.

Let’s go through this competitive analysis example, step by step:

Competitor analysis

First, identify competitors by Googling relevant keywords like “coffee subscription” and noting which sites appeared near the top.

I also looked at coffee-related roundups and reviews, like the Bon Appétit roundup below.

Next, I used Semrush’s Market Overview tool to find more competitors. Since I didn’t have a domain for my fictional coffee subscription service, I used a competitor’s domain instead.

I also ran the same competitor domain through the Organic Rankings tool to see if additional competitors surfaced.

After confirming that these competitors offered coffee subscriptions, I sorted them into direct, indirect, or aspirational competitors.

I then chose three direct competitors to analyze: Bean Box, Trade Coffee, and Atlas Coffee Club.

Product strategy analysis

Next, I analyzed my competitors’ product strategies by reviewing their landing pages, frequently asked questions pages, and checkout flows.

I noticed all three competitors offer gift subscriptions, which signals demand and tells me I should offer them too.

Marketing strategy analysis

Analyzing my competitors’ marketing strategies with the Traffic & Market Toolkit, I learned my competitors get significant direct traffic — but this is likely driven by existing customers.

Organic search was a key channel (especially for Bean Box), while AI traffic was a largely untapped traffic source. So, I could use SEO to attract leads from search engines and AI search platforms. Referrals, email marketing, and paid search could also be good traffic sources.

I reviewed my competitors’ social media accounts and recorded key insights in my competitive analysis report.

The analysis pointed to a few moves:

• Pursue Instagram marketing with influencer partnerships, since competitors favor this approach

• Focus video content on TikTok rather than YouTube — competitors post frequently on TikTok but haven't published YouTube videos in years

• Skip Facebook and X, where competitors have stopped posting regularly. Threads is a better option for short-form text content, given Trade Coffee's consistent activity there.

Finally, I analyzed my competitors’ onsite content.

Bean Box attracts substantial blog traffic even though it hasn’t published new content since 2022. There’s a good opportunity to attract visitors with fresh, high-quality content.

Sales strategy analysis

I analyzed my competitors’ sales strategies by exploring their product landing pages, checkout flows, and email newsletters.

All competitors use a quick quiz to help prospects choose the right coffee subscription. The quiz’s interactive nature gets prospects invested in the outcome, so they’re more likely to convert.

For example, here’s part of Atlas Coffee Club’s quiz:

All three brands also use special offers to encourage conversions, especially for long-term subscriptions and bulk purchases. Most of these offers go out through email newsletters, which helps them convert leads and re-engage churned customers.

Feedback analysis

For feedback analysis, I searched for “[competitor] reviews” on Google and reviewed relevant results on third-party review sites, industry blogs, and online communities.

When I could copy reviews in bulk, I pasted them into ChatGPT and asked it to summarize recurring themes, so I didn’t have to analyze the reviews manually.

I paid attention to recurring praises and complaints. Common praises indicate features that drive customer satisfaction, while frequent complaints reveal opportunities to outperform competitors by addressing unsolved gaps or frustrations.

AI visibility analysis

I then conducted an AI visibility analysis by running my competitors’ domains through Semrush’s AI Visibility Toolkit.

According to the Visibility Overview tool, all three competitors have relatively low AI visibility, with the bulk of their AI mentions coming from Google’s AI Overviews. So, investing in agentic search optimization (ASO) could be an impactful way to increase brand awareness and sales.

Next, I used the Narrative Drivers tool to check my competitors’ shares of voice:

Narrative Drivers also informed me that the top domains by citations for the coffee subscription service industry are reddit.com, en.wikipedia.org, tastingtable.com, and bonappetit.com.

Getting a Wikipedia page would likely be challenging in the short term. So, to improve my coffee subscription service’s AI visibility, I’d focus on building a Reddit presence and getting featured in Tasting Table’s and Bon Appétit’s product reviews and “best of” listicles.

Since I don’t have a domain to run through Competitor Research, I used Visibility Overview to research prompts featuring my competitors.

A few prompts, like “Coffee Collection and Cafés” and “How can I order coffee online easily,” featured multiple competitors.

Appearing in AI-generated answers for these prompts is a priority, so I set up the Prompt Tracking tool to monitor them across my competitors’ domains. I’ll do the same for my domain when it’s ready.

Determining my positioning

Finally, I determined my positioning by reviewing my findings on each competitor and conducting a SWOT analysis for my brand.

Where competitors excel, I looked for ways to match or exceed those strengths, such as building appeal with Gen Z consumers, a segment in which competitors already have a foothold.

Where competitors were weak, I looked to fill the gaps. The most obvious one: AI visibility.

Prioritizing ASO gives my brand a chance to win AI mentions and recommendations while competitors remain under-invested.

Create your competitive analysis report

A modern competitive analysis should capture how each rival shows up across all three surfaces: their site, third-party coverage, and AI visibility.

If you haven’t already, make a copy of our competitive market analysis template to organize your findings and turn them into an actionable strategy.

Keep these tips in mind as you fill it out:

• Base decisions on data: Let real data — not assumptions or guesses — guide your conclusions to make more impactful decisions

• Keep your approach consistent: Analyze each competitor using the same methods and depth so your comparisons stay reliable and your strategic insights stay balanced

• Customize your report: Adjust our competitive analysis template to meet your needs. For example, you might want to analyze competitors’ technology and infrastructure, culture and talent, and business partnerships, which our template doesn’t cover.

• Pair tools with thoughtful analysis: Competitive intelligence tools surface the data, but the patterns and nuances come from your own analysis. AI chatbots like ChatGPT can speed up your analysis.

A Semrush account gives you access to the tools you'll need throughout this process, including the Traffic & Market Toolkit for checking competitors’ traffic sources, and the AI Visibility Toolkit for finding AI visibility gaps.

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Perfect Competition

 

By Gennaro Cuofano 

Perfect competition is a theoretical construct that represents a market where certain conditions are met to ensure idealized competition. These conditions are outlined by several key characteristics that distinguish perfect competition from other market structures, such as monopoly or monopolistic competition. The concept of perfect competition was first developed by economists in the late 19th and early 20th centuries and has since become a fundamental building block in economic theory.

Key Characteristics of Perfect Competition

To understand perfect competition, let’s explore its key characteristics:

1. Many Buyers and Sellers

In a perfectly competitive market, there are a large number of buyers and sellers. No individual firm or buyer has the power to influence the market price. Each firm is a price taker, meaning it accepts the prevailing market price as given.

2. Homogeneous Products

Products offered by firms in a perfectly competitive market are identical or homogeneous. There is no differentiation in quality, packaging, or branding. Consumers perceive the products of all firms as perfect substitutes.

3. Perfect Information

All market participants, including buyers and sellers, have access to perfect information. This means they are fully aware of market conditions, prices, and product quality. There are no information asymmetries.

4. Ease of Entry and Exit

Firms can easily enter or exit the market. There are no significant barriers to entry, such as government regulations, high startup costs, or proprietary technology. Firms can freely compete without hindrance.

5. Price Determination

The price in a perfectly competitive market is determined by the intersection of market supply and demand. Firms have no control over the price; they can only choose the quantity of output to produce.

6. Profit Maximization

Firms in perfect competition aim to maximize profits. They do so by producing the quantity of goods where marginal cost (the cost of producing one more unit) equals marginal revenue (the additional revenue from selling one more unit).

7. Zero Economic Profit in the Long Run

In the long run, in perfect competition, firms earn zero economic profit. This means that while they cover all their costs, including normal profit (the minimum profit required to keep the business operating), there is no excess profit. Firms operate efficiently and do not earn supernormal profits.

Real-World Relevance and Examples

Perfect competition is an idealized model, and real-world markets rarely conform to all its conditions simultaneously. However, elements of perfect competition can be observed in various sectors:

1. Agricultural Markets

Agricultural markets often exhibit characteristics of perfect competition. Many small farmers sell homogeneous products, such as wheat or corn, in well-functioning markets. Price fluctuations are primarily driven by supply and demand.

2. Stock Markets

Stock markets, especially for widely traded stocks, can resemble perfect competition. There are many buyers and sellers, and information about stock prices and company performance is readily available.

3. Foreign Exchange Markets

The foreign exchange market, where currencies are traded, can be considered close to perfect competition. There are numerous participants (banks, financial institutions, and individuals), homogeneous products (currencies), and real-time information on exchange rates.

4. Online Retailing

In the online retail sector, especially for commodity-like products, elements of perfect competition can be observed. Many sellers offer homogeneous products, and consumers have access to price information and can easily compare prices.

5. Labor Markets

Certain segments of labor markets, such as low-skilled or unskilled labor, may resemble perfect competition. Many individuals are available to offer their labor, and wage rates are influenced by supply and demand.

Significance in Economic Analysis

Perfect competition serves as a crucial benchmark in economic analysis and has several implications:

1. Efficiency

Perfectly competitive markets are considered efficient because they allocate resources to their highest-valued uses. Firms produce at the lowest possible cost, and consumers obtain goods at the lowest possible prices.

2. Consumer Welfare

Consumers benefit in perfect competition as prices are competitive and products are homogeneous. Consumer surplus (the difference between what consumers are willing to pay and what they actually pay) is maximized.

3. Economic Welfare

Perfect competition also maximizes overall economic welfare, which includes both consumer and producer surplus. In the long run, resources are efficiently allocated, and there is no waste or inefficiency.

4. Dynamic Efficiency

Perfect competition encourages innovation and technological progress as firms seek to reduce costs and increase productivity to remain competitive.

5. Price as a Signal

In perfectly competitive markets, prices act as signals for resource allocation. If demand increases, prices rise, signaling firms to produce more. If demand falls, prices decrease, signaling firms to reduce production.

6. Long-Run Equilibrium

In the long run, firms in perfect competition earn zero economic profit. This means they only earn enough to cover their costs, including normal profit. Inefficiencies are eliminated over time.

Criticisms and Limitations

While perfect competition is a useful theoretical model, it has its criticisms and limitations:

1. Real-World Deviations

Few real-world markets perfectly match all the conditions of perfect competition. Most markets exhibit some degree of imperfection, such as product differentiation or barriers to entry.

2. Homogeneous Products

The assumption of homogeneous products may not apply to many modern markets where product differentiation is prevalent, such as in the automobile or electronics industries.

3. Perfect Information

Perfect information is rarely attainable in practice due to information asymmetries and the costs associated with obtaining information.

4. Zero Economic Profit

The assumption of zero economic profit in the long run may not hold in industries with innovation or natural monopolies.

5. Lack of Real-World Applications

Perfect competition is an idealized model and may not be directly applicable to industries with unique characteristics, such as pharmaceuticals or high-tech innovation.

Conclusion

Perfect competition represents an idealized model that serves as a benchmark for understanding how markets can operate with maximum competition and efficiency. While it is a simplified abstraction that may not perfectly reflect real-world markets, it provides valuable insights into the benefits of competition, efficient resource allocation, and the role of prices in signaling and equilibrium. The concept of perfect competition remains a fundamental building block in economic analysis, helping economists and policymakers assess market behavior and design policies that promote competition and enhance economic welfare.

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