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Understanding Your Competition

Analyse competitor activity to inform your business strategy

Hayden Zammit Meaney avatar
Written by Hayden Zammit Meaney
Updated today

Understanding Your Competition

Knowing your competitive landscape helps you make better business decisions. The Tourism Accelerator provides insights into market dynamics that help you position your business effectively.

Why Competitor Analysis Matters

Understanding your competition helps you:

  • Identify opportunities in the market

  • Differentiate your offerings effectively

  • Price your products competitively

  • Anticipate market changes

  • Learn from others' successes and mistakes

Accessing Competitor Insights

  • Navigate to /growth from your dashboard

  • Find the Market Insights section

  • View competitor and market analysis

  • Explore detailed reports as needed

What You Can Learn

Market Overview

Understand your broader market:

  • Total market size for your area

  • Growth trends in tourism locally

  • Seasonal patterns in demand

  • Emerging experience categories

Competitor Landscape

Get insights into your competition:

  • Number of operators in your category

  • Types of experiences offered

  • Pricing ranges in your market

  • Customer review patterns

Your Positioning

Understand where you stand:

  • How your pricing compares

  • Your review ratings versus averages

  • Unique aspects of your offerings

  • Gaps in competitor offerings

Types of Competitor Analysis

Direct Competitors

Businesses offering similar experiences:

  • Same activity type

  • Same geographic area

  • Similar target customers

  • Comparable price points

Indirect Competitors

Alternative experiences competing for the same customers:

  • Different activities, same customer need

  • Substitute experiences

  • Other uses of leisure time and money

  • Different approaches to similar outcomes

Aspirational Benchmarks

Successful operators to learn from:

  • Industry leaders in your category

  • Award-winning tourism businesses

  • Highly-rated experiences

  • Innovative operators

Conducting Your Analysis

Gathering Information

Collect data about competitors:

  • Visit their websites and booking platforms

  • Read their customer reviews

  • Follow their social media presence

  • Experience their offerings if possible

Analysing Offerings

Compare products and services:

  • What experiences do they offer?

  • How are they priced?

  • What's included in their packages?

  • What makes them unique?

Understanding Their Customers

Learn about their audience:

  • Who are their customers?

  • What feedback do customers give?

  • What complaints or suggestions appear?

  • How do they communicate with customers?

Evaluating Marketing

Review their promotional activities:

  • How do they position themselves?

  • What channels do they use?

  • What messages resonate?

  • How active are they online?

Using Competitive Insights

Finding Your Differentiation

Use competitor analysis to stand out:

  • Identify what competitors do well

  • Find gaps in their offerings

  • Determine your unique strengths

  • Position around your differentiators

Informing Pricing Decisions

Use market data for pricing:

  • Understand the price range in your market

  • Position your pricing intentionally

  • Justify premium pricing with value

  • Identify opportunities for value offerings

Improving Your Offerings

Learn from competitor successes:

  • Adopt proven best practices

  • Improve on competitor weaknesses

  • Fill gaps they've left in the market

  • Innovate beyond current offerings

Strategic Planning

Incorporate competitive insights into planning:

  • Anticipate competitor moves

  • Prepare responses to market changes

  • Plan proactive competitive strategies

  • Set goals based on market position

Ethical Competitor Analysis

Good Practices

When analysing competitors:

  • Use publicly available information

  • Respect intellectual property

  • Don't misrepresent yourself

  • Focus on learning, not copying

What to Avoid

Stay ethical by not:

  • Using deceptive practices to gather information

  • Copying proprietary content or materials

  • Disparaging competitors publicly

  • Engaging in unfair business practices

Monitoring the Competition

Regular Check-Ins

Stay informed about your market:

  • Monthly review of competitor websites

  • Quarterly analysis of market changes

  • Regular monitoring of new entrants

  • Ongoing tracking of industry trends

Alert Systems

Set up notifications for:

  • New competitors entering the market

  • Significant price changes

  • New product launches

  • Industry news and developments

Market Changes

Watch for shifts in:

  • Customer preferences

  • Seasonal patterns

  • Regulatory changes

  • Economic conditions affecting tourism

Turning Insights into Action

Creating Action Items

After competitor analysis:

  • Identify key findings

  • Determine implications for your business

  • Create specific action items

  • Add actions to your Growth Action Plan

Reviewing Regularly

Make competitor analysis ongoing:

  • Schedule regular review sessions

  • Update your understanding continuously

  • Adapt strategies as the market evolves

  • Keep your team informed of changes

Best Practices

Stay Focused on Your Business

While monitoring competitors:

  • Don't become obsessed with competition

  • Focus primarily on your customers

  • Make decisions based on your strategy

  • Use competitive data to inform, not dictate

Be Objective

Analyse honestly:

  • Acknowledge competitor strengths

  • Recognise your own weaknesses

  • Avoid confirmation bias

  • Make decisions based on facts

Act on Insights

Turn analysis into results:

  • Don't just gather information—use it

  • Implement improvements promptly

  • Measure the impact of changes

  • Iterate based on outcomes

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