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. 

Spring is a beautiful time of year to sit on the porch and watch flowers bloom and the green grass grow. While April showers bring May flowers (unless you’re in Texas, of course!), as spring turns towards summer, we must evaluate and adjust our strategies to keep our flowers blooming, our grass green and growing. We START watering. We STOP the weeds from spreading. We CONTINUE fertilizing.

This start, stop, continue approach can help you rock your 2018 marketing goals, too. As we near mid-year, there is still time to impact 2018 results. It is a great time to evaluate how your marketing plan is blooming. For your goals to flourish, you may need to STOP less successful strategies. You may need to START new strategies to sprout growth. CONTINUE the strategies that are thriving and helping you grow your “green” (revenue!).

Here are some tips for evaluating your marketing progress and pruning your strategies to meet your goals by the end of the year:

1. Get the lay of the land

Review your 2018 marketing plan. In the hopes of boosting activity (and ultimately revenue), were you going to start a blog or a newsletter, send email campaigns, try paid social media posts, or launch a referral program?

2. Water the roots

Review your internal business development process. How well is your team growing prospective clients to revenue-sprouting clients? How are you distinguishing yourself from the competition?

3. Plant seeds online

Review your website. Is your content up-to-date, optimized for mobile devices and appealing to prospects? This is a good time to add new content based on 2018 experiences to date. Adding success stories or client testimonials can sprout new opportunities and potential relationships.

4. Cultivate relationships

Review vendor agreements. If you are using third party sources to help you with certain aspects of your business (SEO or lead generation, for example) is it proving fruitful? Are the results, activities, reports and general communications meeting your expectations?

5. Grow your green

Review your financials. Are the marketing strategies you are using ultimately sprouting a growth in revenue?

6. Prune when necessary

Review what needs to START, STOP or CONTINUE. Asking the following questions will help you to determine which strategies are working and which strategies need to be pruned:

• What areas for improvement have sprouted and can be addressed proactively throughout the remainder of the year?
• Where have things failed to flourish or failed to deliver the results anticipated?
• What is thriving and performing at or above expectations?

START – Plant new seeds to realize your 2018 marketing goals.
STOP – Pull the weeds and stop unfruitful marketing activities.
CONTINUE – Grow and/or maintain the portions of your marketing plan which are thriving.