Ever heard the saying “Keep your friends close, but your enemies closer”? This couldn’t be more true when it comes to researching for your new marketing strategy. Competitor Analysis is an important exercise when it comes to researching on how to make your business better. You quite literally make a list of all your direct competitors and compare their marketing strategies, offerings, and more. This gives you the opportunity to learn from them and see what you could potentially be doing better than them.
Competitor Analysis reports include:
Not only that, you can study their social media, print ads, commercials or just about anything else that they are doing to promote their business. If they have tons of followers on Instagram with really great engagement, it’s time to jump in and get a piece of that pie. Alternatively, if they have poor graphics or poor performing ads, you know that you will immediately be able to dominate that space.
Do they have really funny ads that are going viral online? Or maybe they have a really ugly website that gets no conversions? Right there are two major takeaways: your target audience enjoys funny ads, and your website needs to look really good in addition to being functional. Online customers spend 16-30 minutes comparison shopping before making their buying decision, comparing between 3-7 companies. It’s essential to make yourself stand out.
Once you’ve compiled all your research on your competitors, you now have a firm base on which to build all your strategies. They’ve done a lot of the testing to see what works and what doesn’t, so you have the unique benefit of learning from all of that without having to spend the money or time on it.
Running all their numbers, engagement and traffic sources gives you a goal to reach, then surpass. If you are seeing something they are doing that is not working, eliminate it from your strategy and give yourself the opportunity to try something new that they might not be doing.
Since your competitors have already done all the research for you as to what works and what does not, it’s time to take it to the next level: Do it better than all of them. When it comes to competitor analysis, we need to understand 5 key things: Our competitors, their claims, their sources of traffic, their successful ads and what makes them attractive to buyers. Once we are able to gather this through your custom Competitor Analysis report, we can then position your company, products and services effectively to compete and win your market-share. Consider it your blueprint to success.