Do you have Competitor Analysis in your Arsenal?
When I heard a while ago that Human Communications has a new service offering called “Competitor Analysis”, my first reaction was:
If you are as unsure now as I was then about what Competitor Analysis entails, don’t worry: I did all the leg work and found out for you. Ready? Here we go!
What makes your product or service stand out? How do you harness that uniqueness to make you stand out in the face of your competitors? It certainly helps immensely when you have insightful information on the competition.
How are they exploiting areas that you are not looking at? Are they capitalising where you are shrinking, and why? Where do they display weaknesses? There are a lot of questions to be asked. Human Communications’ new service offering, competitor analysis, will provide the answer.
First off, competitor analysis identifies who your competitors are. No brand operates in a vacuum – everything isn’t straight-forward and there may be some producers or service providers out there that you are not aware of. Considerations should include brand “language” and visual identity.
Ready to take a deep dive? Competitor analysis should look at the following in more depth: their profitability; how they have grown; their marketing objectives; current (and previous) strategies; organisational and cost structure (i.e. how much they spend on marketing); strengths and weaknesses; and their size.
When using competitor analysis to look at media mix, it’s of course very important to take into account social media pages too.
All the crucial information gleaned from competitor analysis will be presented to you as a brand audit. This will shine a light on where you fit into the marketplace and will help us formulate a successful strategy that will position your brand favourably. Where can you exploit gaps? Will it be effective to zig where they zag?
The key to keeping your brand fresh and innovative is a great brand strategy – and competitor analysis is an indispensable tool in this process. Here at Human Communications we are excited to be able to offer you this service. Want to know more? Make the Human Connection and contact us today. Find our details here: http://www.humancommunications.co.za/contact-us/