Competitive analysis can provide some vital insights into your brand and give you the edge you need to stand out and get new customers. Competitive analysis is going beyond just knowing that you have competitors. It’s taking a deeper dive into their strategy and gaining knowledge that can give you actionable items for your brand. Here are five things to look at when completing your competitive analysis.
- Identify your key competitors
You might know some of your competitors off the top of your head, but it’s important to research and see if there are any companies that you’ve missed because you aren’t coming up against them head-to-head at pitches or they aren’t nearby. Online competitors are an important group to keep an eye on. Search for keywords, in the news and on social channels to see who comes up. You might find some competition that you didn’t know existed. - Get a grasp on social
Your competitors’ social media presence and how they engage with trends can give you lots of information. Try social listening and look at their Facebook ads and monitor hashtags. This is how your competitors are directly communicating with your potential clients, and it’s all out in the public for you to review! - Scan for content
You can get ideas for PR and marketing content from your competitors. Don’t just review what they post on social, but also check out their blogs, press releases, guest articles, thought leadership pieces, pitches and more. See what’s getting picked up by news outlets or what is getting engagement and shares on social. Then, improve on their take with a “yes, and…” approach. Additionally, if something isn’t getting good engagement, that might be a clue to you that your brand needs to go in a different direction. - What’s going well, or not?
Check out what they’re doing well and what they aren’t doing well and then compare to your brand. You may visit their website and think it’s clunky or outdated. How does your website compare? You may feel their social media is too salesy. What about your posts? Sometimes seeing your brand through the lens of another can help you identify areas of improvement or success. - Key messages and takeaways
Now that you’ve investigated your competitors, identify some key messages and takeaways and then review those in relation to your brand. Does your message speak to your client? Are the benefits of your brand over your competitors clear? To get that competitive edge your target audience should be able to understand your value proposition and what makes your brand different. If it’s too similar or not as clear as your competitors’, you’ll want to adjust.
Size up the competition
These five steps are a great start to completing a competitive analysis. The results can give you strong insights into the strengths and weaknesses of your brand and give you actionable items to move forward with your marketing strategy.
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