![]() Follow each competitor’s customer journey. Read more: What Is a Brand Strategy? And How to Create OneĦ. What emotions do the brand elements evoke in customers? How would you describe the visual elements of this company’s branding? And how do those elements correspond to the brand’s values, voice, and personality? What values do competitors communicate through their messaging? ![]() What words, phrases, tone, and style does this company use in its messaging? If this company were a person, how would you describe its personality? Get to know your competitors by auditing their brand identities and getting a sense of why customers might feel connected (and loyal) to that brand.įor each competitor, answers these questions: Audit your competitors’ brand identities. Read more: Marketing Strategy: What It Is and How to Create One 5. What type of content do you see, including articles, videos, ebooks, reports, commercials, and digital ads? On what marketing channels do competitors publish organic content, including websites, landing pages, social media platforms, and email? What kind of digital or traditional paid advertising presence does this company have? What affiliate marketing or brand ambassador programs does this company offer to leverage the recommendations of satisfied customers? What social media influencers does this company partner with to leverage their authority, authentic content, and personal connections to target customers? This will allow you to create a marketing strategy that gets your brand in front of your target audience.įor each competitor, answer these questions: Evaluate your competitors’ marketing efforts.Įvaluate how competitors position themselves in the marketplace. What job openings do these companies list on Glassdoor, Indeed, or LinkedIn? What are their areas of expansion?Ĥ. How many years has the company been in operation? How large is the company, in terms of the number of leaders and employees? Review each competitor’s website and social media profile to gather the following information: Analyze your competitors and their business structures.īy examining how competitors structure their businesses, you can gauge how equipped they are to grow, gain market share, and earn customer loyalty in your target market. Identify potential direct competitors (those who sell a similar product to a similar audience) and indirect competitors (those who sell a different product to a similar audience). Using the information you gathered, make a list of up to 10 brands whose offerings most resemble yours and present your target customers with comparable alternatives. What brands and companies come up when you search "hydrating lipstick", for example? What comes up when you search social media channels for relevant hashtags or keywords? That way, you can easily identify existing brands that target customers might choose over yours. Start by reviewing your own business values, goals, branding, products, and services. ![]() Return to this framework regularly and apply the insights to develop your business. The sections below provide a competitor analysis framework for evaluating your industry’s competitive landscape. Understanding industry standards so that you can meet and exceed themįulfilling customers’ desires and solving their problems better than competitors Benefits of conducting competitor analysisĪ competitor analysis offers several benefits, including: ![]() Knowing your competitors in business analysis is important if you’re a business owner, marketer, start-up founder, or product developer. A competitor analysis, also called competitive analysis and competition analysis, is the process of examining similar brands in your industry to gain insight into their offerings, branding, sales, and marketing approaches. ![]()
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