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.