A popular phrase in the marketing world states, “always be one step ahead of your competition.” But, how do you accomplish that? Develop a competitive analysis.

Why are your competitors outranking you? What are their strengths and weaknesses? What are their marketing strategies? All of these questions are answered through a competitor analysis.

What is a competitive analysis?

A competitive analysis identifies and evaluates your competitors in comparison to your business. More specifically, your analysis should include the following:

• Identifying your competitors and highlighting those that pose the biggest challenge
• Researching information about your competitors
  • i.e. pricing, financials, marketing campaigns and social media, company history, their marketed demographic, and locations they cover
• Evaluating their strategies
  • Determine their strengths and weaknesses to your brand’s

Why do competitive analysis?

Competitive research is crucial to your success as a business because it helps you create better marketing strategies. Moreover, it allows you to make educated decisions about your strategy and guarantees you can create competitive advantages. A competitive analysis gives you the ability to quickly identify industry trends and adapt to other marketing campaigns. As a result, all of these enable you to stay ahead of your competitors.

Conclusion

It cannot be a one-time thing. In short, frequently completing a competitor analysis gives your business the advantage to outsmart the competition. 

Today it is Lea Ann Allen’s turn to rock the porch with her Rocker Spotlight interview!

What is the biggest misconception about marketing today?

Marketing is not something you set and forget. It’s an on-going process. Brand-building is like planting a garden and then watering, weeding, fertilizing and trimming it constantly to help it grow.

What advice would you give to someone struggling with creating a brand identity? 

Take a look at your brand’s competitors and peers. What are they doing? Now, how are you doing it different? Show that. Tell that story.

One of the biggest lessons you’ve learned throughout your career?

Who you work with is more important than everything else in your career.

What does good marketing look like?

Good marketing makes a brand look like a person you’d want to be friends with.

If you could be anywhere in the world right now where would it be?

I am where I want to be.

If you could go to dinner with one person living or dead who would it be?

I go to dinner every night in my home with my husband and I wouldn’t choose anyone else, anywhere else.

If you could describe yourself in three words what would they be?

Resourceful. Analytical. Empathetic.

What is your favorite thing about FPM?

FPM values people. Really demonstratively values them.

Tell me about a major milestone in your life?

I worked 3 jobs simultaneously to put my son thru Columbia University with zero debt.

In what ways does the team at FPM have aligned values?

FPM team members respect each other’s individual lives, in everything they do.

How would you describe the culture at FPM?

Agile. Supportive. Enthusiastic.

How does FPM differentiate itself from other marketing companies?

FPM did not have to pivot their business model because of the pandemic, they’ve been a virtual team since their inception – making them ideal partners for understanding what the future world of work looks like now.

Fun fact?

I might have the largest yacht rock record collection in Dallas?

Thanks for tuning in to another week of Rocker Spotlight questions featuring Lea Ann Allen and her rocking time on the porch!