Good competitor analysis answers one question: why will customers choose you instead of what already exists? To answer it, you first have to map the field honestly.
List direct competitors (same solution, same buyer), indirect ones (different solution, same job), and the status quo — often a spreadsheet or "doing nothing." For each, capture their positioning, pricing, strengths, and the gaps customers complain about in reviews.
A simple SWOT per competitor, plus a feature-and-price matrix, quickly reveals white space. Look for a segment that incumbents underserve or a dimension (speed, price, focus) where you can be clearly better, not marginally.
Modern AI tools accelerate this dramatically, pulling competitor details and customer sentiment from across the web in one pass. But the strategic judgment is yours: pick a wedge you can own, and build your whole message around the gap you found.