What if I told you that you could strategically place yourself in a winning position with just a bit of research?
Well, good news. YOU CAN! It's called competitor analysis.
Entrepreneur defines it as:
“Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.”
Here’s how you can use this research to create a rockstar marketing plan, beat out your competition and conquer your industry.
During your competitor research, you'll uncover a variety of things they do better than you.
And you'll also see plenty of places where you’re already crushing the competition.
Ultimately, this part of the analysis should result in the beginnings of a SWOT analysis of you vs. your competitors.
You'll want to ask yourself several questions:
Acknowledge your skills. Improve your weaknesses.
This honest evaluation shows how you stack up right now and reveals a vision for your ultimate growth and success.
When you understand your competitors' brand, you understand your own brand on a deeper level.
It strengthens your brand strategy, which ultimately strengthens your business.
Market research firm AYTM says the following about brand strategy:
“By definition, brand strategy is a long-term plan for the development of a successful brand in order to achieve specific goals. A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions and competitive environments.”
What does the branding of your competition look like?
If the competitive landscape features brands with incredibly well-designed websites, brilliant copy, and highly engaging social media pages, then your marketing team must measure up.
You may offer great products/services, but you won't instill trust without a comparable brand strength to your competitors.
And if you're in an industry that lacks good branding, you just identified a major weakness of your competitors. See how that works?
Does that current competitive landscape fortify your company's long-term vision?
A pathway of improvement appears as you dive into competitor analysis:
Check in and refresh your competitor analysis a few times a year. It will reinforce your development decisions and help you remain on the right course.
Are you ready to win?
Understanding the competition enables you to make timely, educated and financially sound decisions.
You'll know where to invest for the greatest return. And you'll protect yourself from becoming dethroned during a surprise attack from competitors.
Stay proactive and you'll see success. It starts right here, right now.