Brand competition is important for any business seeking to achieve a competitive edge in the market. To outshine the competition, it’s crucial to evaluate their strengths & weaknesses, & this analysis can help you identify both opportunities & threats. In this article, we present a guide on how to do brand competition analysis that will allow you to conduct a comprehensive analysis using a wide range of tools & resources.
Define Your Competitors
Defining your competitors is the first step in brand competition analysis. While this may appear to be a no-brainer, it’s essential to have a clear understanding of who your competitors are to determine the scope & focus of your analysis. Your competitors could be direct competitors, providing similar products or services as yours, or indirect competitors that offer substitutes for your products or services that satisfy the same needs.
To define your competitors, start by researching the market & identifying companies offering comparable products or services to yours. You can use tools like Google, social media, industry reports, & market research to find your competitors. It’s also crucial to consider your competitors’ size, location, & target audience, as these factors can impact their strengths & weaknesses.
Analyze Your Competitors’ Brand Positioning
Analyzing your competitors’ brand positioning is the second step in brand competition analysis. It involves understanding how your competitors position their brand in the market & how they differentiate themselves from other brands. This analysis can include evaluating their messaging, branding, visual identity, & tone of voice.
To analyze your competitors’ brand positioning, research their marketing materials such as their website, social media channels, & advertising campaigns. Pay close attention to their messaging & how they communicate their unique value proposition. Identify common themes & patterns in their messaging & any unique selling points they emphasize.
Analyze Your Competitors’ Online Presence
In the digital age that we live in, an online presence is a must for any business. Since your competitors are doing the same, analyzing your competitors’ online presence is the next step when doing brand competition analysis. It’s important that you realize how your competitors use digital marketing channels to reach their target audience & what results they get.
To complete this research, you need to analyze their website & social media platforms. Look for crucial metrics such as website traffic, social media followers, & engagement rates. Pay attention to their content strategy & the types of content they produce. Also, the frequency of posting is something that you should check. Search for any gaps or weaknesses in their online presence that you can leverage. For example leak of an engagement or a limited social media presence. Also, see what they are doing good & see if you can implement it as well.
Analyze Your Competitors’ Products & Services
Analyzing your competitors’ products & services is something you should do next. It involves understanding the features & benefits of their products or services & any unique selling points they have.
You should evaluate their pricing strategy & see if you are competitive here. See if there are any gaps or weaknesses in their product or service. This can be a lack of customization, a limited product range, or bad customer service. Analyze if there is any space for you to take their weakness into your strength.
Analyze Your Competitors’ Customer Experience
The final step that you should take is brand competition analysis. This is the process where you should analyze your competitors’ customer experience. Check how your competitors interact with their customers & how customers are satisfied with the customer experience.
You need to research their customer service policies & procedures. Evaluate their response times & the quality of their customer service. Look for any areas where they have a weak spot when it comes to customer service satisfaction. Responsiveness to customer inquiries is a highly important metric here. You can also search at customer reviews & ratings on third party platforms to get a sense of how satisfied customers are with their experience. The best would be to read comments & see what real people say here.
After you complete an analysis of all these key aspects, make sure to collect all key insights & opportunities for your own brand. See where you are stronger & see what you need to improve. This can be improving your product or service itself, improving customer experience, or being more present online.
Analyzing your competitors’ marketing & advertising strategies can provide valuable insights into how they promote their brand & attract customers. But not just that. When you understand their weaknesses & their good points, you can get a better picture of where your brand stands compared to the same metrics. This allows your brand to grow, make changes & emphasize your strong points. By understanding their approach to different areas, you can identify opportunities to differentiate your own brand & develop a more effective marketing strategy. With the right approach, you can conduct a comprehensive analysis that helps you stand out in the market & attract new customers.