How do you actually do a competitive analysis that gives useful insights?

I’ve been trying to improve our marketing strategy lately, and one thing I realized is that most people either overcomplicate competitive analysis or just copy what competitors are doing without understanding why it works.

I found this guide on competitive analysis that breaks it down in a pretty practical way — from identifying real competitors to analyzing positioning, SEO, content, and customer perception.

A few things that stood out to me:

• Looking beyond direct competitors
• Tracking messaging consistency
• Comparing customer reviews instead of just website design
• Using competitor gaps to shape your own strategy

Curious how others here approach it:

• What tools or frameworks do you use?
• What’s the biggest mistake companies make during competitor research?
• Do you focus more on SEO/content or product positioning?

Would love to hear different approaches from founders, marketers, and agency folks