Keeping an eye on your competitors helps you stay alert to sudden changes in the market, everything from the latest trends to how you position your brand or product as a leader.
So how do you usually do it? You check out their website, scroll through their Facebook or Instagram pages, and sign up for their newsletter. You might save a campaign or piece of content in a folder somewhere. Unfortunately, this is not enough.
You need to create a repeatable system that you can follow consistently and reference back to see if there are any changes, what's on the horizon, and, most importantly, how you react to these changes in the competitive landscape.
Over the next few weeks, we will discuss what to look for in a competitive analysis for your business and why. So follow our Linkedin page or website blog to access the free game plan we share each week. This game plan will help you start, run, and grow your online and offline business by staying one step ahead of the competition.
Let's kick things off with a brief definition of competitive analysis. Fundamentally you are comparing your competitor's marketing strategies. Why? Because you want to evaluate their strengths and weaknesses and how well they present themselves within the market. This information will help you understand what's an advantage and a barrier to you so that you can react accordingly to get a competitive edge. You'll also understand how your direct and indirect competitors execute their tactics, like pricing, creative, positioning, messaging, and distribution.
This information is invaluable.
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