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. 

It is every business owner and leader’s goal to build a company that is both valuable and loved. It’s an easy goal to state; but not necessarily easy to realize.

Let’s take a look at 2019’s most valuable brands according to Forbes:

1. Apple
2. Google
3. Microsoft
4. Amazon
5. Facebook

And now here are the 2019 top five most loved brands according to Morning Consult:

1. Amazon – 4th most valuable
2. Google – 2nd most valuable
3. Netflix – 38th most valuable
4. Facebook – 5th most valuable
5. The Home Depot – 32nd most valuable
   

Note the crossover with the most valuable brands and most loved? That is a result of branding. So how do you create a company that is both valuable and loved?

You create an authentic brand.

Branding can mean different things to different people, so let’s clarify this and the value it can bring to your brand. Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors.

Your brand is derived from who you are, who you want to be and who people perceive you to be. How clearly and consistently it’s delivered at every point of contact is vital to how strong the brand can become.A strong brand creates brand equity, which is one of the factors that can increase the financial value of a company.  

If your company invests in its brand, you can achieve and enjoy the following benefits, to name a few:

• Higher price points and less pricing pressure

• Greater market value
• Reduced competition

• Increased business opportunities (partnerships, licensing deals, acquisitions)

So how do you get there?

We say it all the time, strong brands don’t happen by accident. Investing in your brand requires taking a close look at who you are and what you stand for, and then committing to delivering on that promise at every touch point.

Your brand must be both differentiating and emotionally relevant. Ask yourself, what do you do? How do you do it? What makes you different? These answers are the seed for your brand story, which becomes the litmus test for everything you say and do as an organization.

If an experience has your company associated with it, then it offers a specific and meaningful promise. It’s what your target audience (both customers and prospects) should expect, and it’s the culmination of feelings they have after an experience with you.

If your brand consistently delivers on its promise, then your target audience will come to trust it, and trusted relationships develop into emotional bonds that are hard to break. This loyalty to your brand means greater business success and reduced competitive threat.

The process we use to draw out and solidify your brand and its story is an extremely valuable effort for stakeholders and employees alike. If your brand needs some direction, we can help!