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. 

Dr. Stephen Covey taught us to, “Diagnose before you prescribe,” which is a simplified reason why you need internal research for your business. Also, the adage, “You don’t know what you don’t know.”

The internal research process in a branding or re-branding effort gives an honest evaluation via an outside, unbiased third party of your strengths and weaknesses so you can dig into your brand’s core.

After all, the worst thing you can do for your brand is to market a promise that can’t be delivered.

Is there another way for you to know that your brand strategy, promise, positioning and message are going to be on target?

Internal Research On Target

Internal research allows us the ability to monitor quantitative and qualitative results and provides a foundation for our decisions. It removes personal bias and places the focus on tangible data.

The internal research process also builds internal alignment and engagement. Folks take ownership of your brand’s progression. Your team becomes brand champions.

Here’s a glimpse into questions we ask during internal research:

1. Tell me about yourself and your specific role within the company?
2. How long have you been with INSERT BRAND?
3. What do you believe current customers/clients think of INSERT BRAND?
4. What does INSERT BRAND do for customers/clients that others do not?

Not rocket surgery or brain science? Now, why would we put that bit on our blog and share on social media?

We on the Porch know a thing or two about internal research. Our seasoned, experienced team has been in-house as corporate, regional and field marketing as well as been in leadership positions at global and local agencies.

Think of us as your marketing department. We can help with branding. Our team can develop marketing strategies and plans. Our experts also execute on an on-going or project basis – website updates, identity refreshes, collateral development, advertising campaigns, event and trade show management and execution, email marketing, social media and so on and so on.

“Cuz you know what they say:” Here in the South, we don’t hide crazy. We parade it around the front porch and give it a cocktail.

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.