Competitor analyses are used to understand how you should position your company and your products to maximize growth. Here is a simple process to follow to glean critical competitive insights.
Competitor analysis is a general term for the evaluation of your competitors. Companies will regularly assess their competitive position in the form of a SWOT analysis (strengths, weaknesses, opportunities, and threats) of themselves and their competition.
However, in the context of developing your marketing strategy, the analysis of your competitors is used to understand how you should position your company and your products. Freshwater is always here to help you develop a strong positioning strategy, so don’t hesitate to reach out.
Define your target market first
Before you can evaluate your products and services vs. those of your competitors, you need to define your target market and create useful segments, because you need to understand who you’re competing with for market share.
Because you’re going to address each market segment differently (which is what makes them different segments), each segment will have its own set of competing products or services.
Next, define your competitors
Start by listing your primary and secondary competition for each market segment:
Research your competitors as your customers would
Next, visit each competitor’s website, download any marketing materials they have, read any articles or press releases on them, and check out their social media accounts to determine:
Evaluate your competitors offerings vs. yours
Finally, list 3-5 of the most important benefits you offer each segment and rate your competitors’ relative strength on these benefits. Look for those benefits where you have the greatest advantage over your competitors, as those will be the foundation of your marketing messages to that segment.
If you’d like help analyzing your competitors, schedule a free 30-minute consultation.
Let us know a bit about yourself, your business, and the kind of marketing support you need, and we’ll be in touch.