Knowing your current and potential customers is a foundational piece of information for you to create your unique offering. In the process, not only do you see where you stack up, you learn how competition acts, whether it be how they approach a market or communicate a message.
The process of entrepreneurship and becoming a successful entrepreneur, among many other things means knowing your competition very well.
“A competitive analysis is a key step to understanding how you can win in an increasingly competitive world.”
What to Include in Your Competitive Analysis
- Business Strategy. While you’ll likely never know the exact contents of your competitor’s business plan, you can compile as much intelligence possible about how they do business through competitive marketing analysis. The most effective way to do this is through competitor profiling. Factors which should be included in competitor profiling include the following:
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- Segments Served: How does their customer base compare to yours?
- Market Share: Are they capturing the majority of customers in your industry? Is their customer base growing?
- Advertising and Campaign Themes: What topics, trends, and concepts are they actively targeting in content marketing?
- Channels of Distribution: Do they have a blog? Are they on social media?
- Pricings, Discounts, and Annual Specials: Is this intelligence listed on their website?
- Website Comparisons. A website is the backbone of your digital presence, and it’s critical to out-optimize your competition, particularly in an era where mobile optimization is so important. Competitive marketing analysis of key websites should include a look at the following factors:
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- Number of Pages: Do your competitors offer a wide array of landing pages, detailed information on pricing, and an about-us page?
- Navigation: Is the website easy-to-use? Was your competition able to match the user-experience to your buyer persona’s level of savvy?
- Social Integration: Are social media follow buttons included on site pages? Are there opportunities to share content or landing pages?
- Load Times: Does the website load quickly in all browsers, and on mobile-enabled devices?
- Targeting. Figure out who your competitors are trying to acquire, and pay especially close attention if it’s the same prospect you’re aiming for.While fast food chains Chipotle and Qdoba offer a similar product, Chipotle has effectively positioned themselves as an eco-friendly company.
With an understanding of your competition, you are much more well equipped to see how you are going to win.
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