Identifying and understanding your real competitors is critical if you want to successfully differentiate and position your company against them. Doing so will allow you to capitalize on their successes and failures while guarding against any threats they may pose. A good competitive analysis will detail your competitors’:
- Strategic positioning and personality
- Target audience
- Strengths and weaknesses
- Geographic influence
- Messaging and communications tactics
You should consider competitive analysis if you don’t know the answers to these questions:
- What benefits/advantages do your competitors have that you don’t?
- What benefits/advantages do you have that they don’t?
- What products and services do they provide? What prices do they charge?
- What do they do to enhance customer loyalty?
- Who are they targeting?
- Are they getting more publicity than you? How?
- How innovative are they?
- How many employees and offices do they have?
- How strong are their employees?
- Who is the owner(s)? What do they believe in?
- How do they treat their customers?
- Are they growing or losing market share?
- What are they doing that you should be doing too?
- What’s their kryptonite?
- What do they do that you can’t?
- What can you do that they can’t?
- What are they planning to do?
- What new products/services are they developing?
- What financial resources do they have?
We’d be more than happy to perform a competitive analysis for you. To schedule a meeting, click here.