What is a Competitive Analysis and Why Should You Care?
We are able to communicate and share information faster and with more people than ever before. Considering that speed and reach, it’s more important than ever to ensure your message is getting to the right people and not getting lost. You and your team spend so much time and money investing in your products and services to ensure that the best possible final product reaches the end user. With that type of investment you don’t want to risk going to market with an offering that just misses the mark, or is late to the table. That’s why it’s so important to stay on top of what your competition is up to and that’s where a competitive analysis comes into play.
So what exactly is a competitive analysis?
A competitive analysis is a method of identifying your competitors and researching their products, services and strategies with the purpose of assessing their strengths and weaknesses to provide strategic context to identify opportunities and threats.
The goal is to gather as much intelligence on your competition as possible allowing you to develop effective and impactful offerings and strategies. Once you have this information identified that’s when the fun really begins.
How will a competitive analysis benefit your business?
Every brand can benefit from taking the time to complete a competitive analysis. This process will help you identify your competitors, both direct and indirect, and become aware of their offerings and strategies. Investing in this type of research allows you to really get to know who your competitors are and how you could potentially get ahead of them. These types of analyses will help you to develop a clearer picture of the current offerings in the market today, your business’s comparative strengths and weaknesses and the trends within your market.
A competitive analysis can really help you get to know where the competition is outshining you and where they are falling flat. You may begin to see gaps in the market and this could lead you to develop products and services, or tailor existing ones, to meet those needs. It’s not just products and services, you can use an analysis to assess content strategy and engagement within that content. As well look at social media strategies and how they are marketing and promoting their brand.
Ready to get started?
As you can see, the potential opportunities are endless. Monitoring competitors regularly will assist you in keeping your business relevant and competitive in your industry, you just have to be willing to invest a little. Contact us to learn more.