Brand Booster 21 Day 10: Competitive Analysis

Brand Booster 21 Day 10: Competitive Analysis
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competitiveThere are many things to consider about your competition when you are designing a branding campaign. Many businesses fail because they do not consider their competition. You need to do proper research about your competitors, learn what makes you different, why the customers should choose you, and much more.

Researching the Competition

You must always research your competition before you begin your brand. Every business must know who their primary competitors are. It is important to know if your company is on top of the list in the industry or exactly where you stand.

When researching competitors it is important to be thorough and learn everything about them that you can. How are you similar? Do they have the same products as you? What types of ad campaigns to they use that are successful? What campaigns to they use that are failing?

We must have an understanding of our competition’s brand positioning. This is a visual investigation. Assemble the websites of all the competition who you feel are a threat or you admire. All who are relevant to your growth plans.

This investigation should be assigned to a sub-committee of the team. They in turn take a few of the names, go on-line and print out the home pages of their websites. Make note of any slogans, colours used in their logos and themes, types of pictures used, any unique selling points, etc. (see example)

When complete get back together as a complete group and mount the pictures in a lateral row around the room so that everyone can see them as a group. The Branding Team now can see the competitive environment is a simple glance. Similarities will be glaring. Document what was discovered – for instance what percentage used a specific colour, how many claimed to be the leaders etc.

What Sets You Apart From the Competitors?

A very important factor when you are researching competitors of your products and services is that it is that you have that is different. If you have to, make a list of everything you have that they do not and vice versa. Determine what it is about your company that works.

Many of the competitors left out a vital piece of information that they should be focusing on the product that they are not. This could be a perfect solution to getting a foot in and immediately ahead of the competitors.

When you determine the positive aspect that is different that sets you completely apart from the competitors it may be this information used for your ad campaign.

You never want to look the same as the rest of the companies in your industry. Don’t be afraid to step outside of the box and go different. This is how consumers will remember you. If you all look the same then it will be no difference to the customers when they make a choice that they are going to buy from.

Your Notebook To Do:

todo

Answer the following Questions and put the ACTIONS in your To Do Notebook

  • Make a list of all competitors that are a threat or admired.
  • What makes you different from your competitors?
  • Why should customers choose you?
  • Research your competition and find out who your primary competitors are.
  • How are they similiar?
  • Do they have the same products as you?
  • What ad campaigns are they doing? Are they successful? failing?
  • Print our the home pages of each competitor, investigate their colours used in their logos, themes, types of pictures used, any unique selling points
  • Document your discovers.
  • Determine what it is about your company that works.
  • use this information for your ad campaign

Comments

  1. Brian Jones says

    A very important factor when you are researching competitors of your products and services is that it is that you have that is different.

    What does this sentence mean?

  2. how are the competitors positioned?
    how do they promote/distribute/price their products and services?