It may not be the sexiest activity of marketing, but it is important when you want your business to grow.
After all you want your customers to keep buying and not consider a competitor’s offer.
When you know your differences with your competitors it is easier to develop an effective marketing strategy to keep your customers loyal.
One reason competitor analysis isn’t done is it can be difficult to know what to look at.
Here is a checklist on the areas you should look at:
- Competitors’ product or service features
- Competitors’ product or service benefits
- Comparison of your price to theirs
- Comparison of your product or service quality versus your competitors
- Your key point of difference to your competitors
- Key strengths
- Key weaknesses
- Your customer service versus your competitors
- Marketing tactics you and your competitors action
- Website comparisons
Just choose your top 2-4 competitors and you can do the analysis over time.
Look at the areas that differentiate your business from your competitors, especially their weaknesses.
You may have many similarities but it may be the 1 or 2 differences that make your brand or business more appealing to your target market.
Also make sure the differences are importance to your customers and not just what you think may be important or significant.
Once you have completed this and discovered your pot of gold, you can put in place actions to make your brand stronger and more successful.