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. 

We see it all the time. Businesses who bring us in and ask us to give them a marketing quick fix – a slight website facelift, some basic social media training, a piece of collateral – and think that it’s enough. And friends, I’m here to tell you, it’s not enough.

Although we are happy to collaborate with well-positioned partners on specific marketing initiatives, a marketing quick fix in lieu of a full marketing investment is ill advised. Spending time and dollars on a marketing band-aid is often a waste, when you haven’t done the work to flush out your brand or your audience.

There is no marketing quick fix. Good marketing is thoughtful, mindful, and multi-layered.

Good Marketing Begins With Branding

Everything begins and ends with the brand. Taking the time to identify your brand’s specific positioning and personality is essential. Your business must live and breathe your brand – without it you are dead in the water.

Know How You Fit in Your Market

Identifying your market and where you fit within the landscape is key. Knowing your competitors and their strengths enables you to differentiate yourself in your space.

Get to Know Your Audience

Understanding what motivates your audience is at the heart of any successful marketing program. Identifying your audience allows you to determine how and where to reach them.

Fine Tune Your Messaging

You’ve done all your homework, now you must use that knowledge to develop messaging that befits your brand, positions you well in your market, and resonates with your audience. Put that message front and center.

Track Your Results

A good marketing program should be monitored along the way to ensure you are getting the results you anticipated. If not, make mid-stream adjustments.

There are no quick fixes, friends. Marketing is important, and it’s a process. Do the work, and you will reap the rewards! If you’re not sure where to start, we can help!

The power of Disney branding is amazing. 

A mom sent me a message Sunday night during our three year old’s Frozen party, “Just caught myself driving with a crown on my head.”

There was a princess party and moms got to wear crowns. Just sayin’.

Let’s review. Successful brands have three key attributes: conviction, consistency and connection.

Disney does Disney branding so right.

The company forges a strong, emotional bond with its customers that ultimately creates customer preference and loyalty.

Four things to consider when building a strong brand that Disney does right:

1. Customer connection – Upon entering the gate of a property, you hear, “Welcome home.” Toto, we aren’t in Kansas anymore. What are you doing today to engage your customers or clients?
2. Employee engagement – I’m sorry, the “cast.” The company’s internal team is living and breathing the brand architecture. What are you doing today to feed your team so they deliver on your brand mission?
3. Technology – From the app and “Magic Bands” to drink refills, the company is embracing technology and rockin’ it. How are you embracing technology to further your team’s and your customer engagement? Apps help.
4. Research – Data, data and more data. Fill out the survey. It is about the experience. It is about the people. It is about asking if at every customer touch point you are experiencing the brand. Are you asking for customer/client feedback on a consistent basis?

Disney is being accountable for delivering on its brand promise.

Everything Disney is magical. Your brand can live that too if you believe in brand strategy and engage in brand and marketing strategies so your brand can deliver on its promise.