How to Conduct a Competitive Analysis with Google Gemini

Decisions about when, where, and how to expand a business are always fraught with uncertainty. The prospect of growing the business and reaching new customers with novel offerings is enticing, but a false step can be extremely costly.

A well-researched competitive analysis can reduce this risk by surfacing potential stumbling blocks at the very beginning of the brainstorming process. Historically, these analyses have been extremely time-consuming, as they have required business leaders to manually look through hundreds of pages of annual reports, painstakingly track competitor pricing, and synthesize consumer sentiment from social media and review websites.

With Gemini, organizations can quickly generate an initial competitive analysis report, helping leaders decide whether a new venture is worth pursuing.

Step 1: Prompt Gemini

To get the best results, you’ll want to be as specific as possible. Consider using a prompt that gives Gemini a persona and a clear objective, which will help ensure that Gemini approaches the task from the viewpoint of a business leader, rather than a casual searcher. Here’s an example:

I am a CMO conducting a competitive analysis. My company is considering expanding into [a new line of business]. Generate a list of the top five competitors in the [industry] industry and include their pricing, strengths, weaknesses, and target audience.

If you type your prompt into the “Ask Gemini” box, Gemini will return a high-level briefing in just a few seconds. If you want something more comprehensive, click on the “Tools” button and select “Deep Research,” then run your prompt. Gemini will create a research plan. Review the plan, suggest any needed tweaks, and then click “Start Research.”

For a Deep Research report, Gemini will produce a competitive analysis with citations and sources.

Step 2: Interrogate the Output

Gemini’s initial response or report should be treated as a starting point, not a finished analysis. While the model can quickly surface competitors, pricing models, and positioning, you still need to use your own industry and market expertise to evaluate and refine those insights.

First, simply check to make sure that Gemini’s output aligns with your knowledge of the space. Is the list of competitors complete, or are any key players missing? Does the pricing reflect what you’ve seen in the real world?

Ask Gemini to fill in any gaps. You might go back and forth several times, with each response containing more complete and nuanced information. This iterative process helps ensure that Gemini delivers the exact details you need to determine how to move forward.

Step 3: Create a Five-Year Plan

Once you have a clearer picture of the competitive landscape, you can begin to map out a strategic direction. Here again, Gemini can get you started. Try this sample prompt:

Okay, I am going to try to convince my CEO that we should expand into [line of business]. Draft a concise, competitive strategy outline for the next five years for the [industry] industry across North American markets with potential goals, strategies, and tactics.

You can also add any relevant sources so Gemini has more information about your organization. Gemini’s plan may include initial goals for market penetration, specific tactics to support strategic pillars, and a year-by-year execution roadmap. Just as with the competitive analysis report, you should bring your own judgment and expertise to this five-year plan. Build on what you find helpful, and push back on areas that feel weak or impractical.

Keep working with Gemini until you have an outline that is both realistic and aligned with your goals.

Step 4: Make the Work Your Own

Before presenting your expansion plan to leadership, revise it to include essential details that aren’t included in Gemini’s training data: your internal capabilities, budget constraints, existing customer relationships, and leadership priorities.

Replace any generic language with details grounded in your market knowledge, and adjust timelines or tactics based on what your team can realistically execute. You may also want to incorporate case studies or data points from your company’s previous efforts to strengthen your case.

With Gemini, you can complete the comprehensive background work needed for an expansion effort that succeeds in the real world.