The objective of a competitive analysis is to give your business the ability to set yourself apart from other companies in your industry. Once you have discovered what your competitors are doing, you can build the difference into your brand marketing. Our team at Clear Mind Graphics (CMG) will emphasize how your company stands out, as we exploit the findings of a comprehensive competitive analysis.
Your Unique Selling Proposition, or USP, is significantly improved by knowing how your company compares with other businesses who sell what you sell, and that is the importance of a competitive analysis.
Competitor Analysis is Big Deal
Brands in the past may have been unaffected to losing customers if their reputation was well established. That was before the advent of the Internet and social media! Now customer loyalty can be influenced by price, ease of shopping experience, negative customer reviews, or another brand perceived as trendier than your company.
For brands like yours to survive, you need to be aware of everything consumers think and feel toward your products or services, and how that affects success in your industry.
What is a Competitive Analysis?
A competitive analysis allows you to see the “big picture” when it comes to how your business fares for drawing customers compared to other similar companies. You begin a competitive analysis by determining who your competitors are, and what they are selling.
Benefits of a Competitive Analysis
CMG uses competitive analysis to perfectly position your company within your niche. When CMG conducts a competitive analysis, we set out to determine exactly where your brand stands with your target audience. We develop a baseline of how your audience views your brand.
For example, what is your company doing well? What would customers of yours like to see you change? The goal is to fully understand your company’s place in the marketplace and in your industry.
By undergoing a comprehensive competitive analysis, CMG will determine how your target audience feels about your competitors. How do your biggest rivals fare in their eyes? Where are they succeeding or failing? This information is essential to your competitive strategy.
We also need to identify any competitors that have been overlooked. For example, many hotel brands regret not knowing about Airbnb much earlier in the game, and retailers were not prepared for the powerful surge of Etsy, unless they had been monitoring consumer trends on social media.
A competitive analysis is not complete without examining category and industry trends. For instance, a superb way to beat your competitors is to be the first to embrace new technology, like AI. Your business could respond to any overarching trend about to catch fire.
Our highly capable team at CMG will put together a competitive analysis that will result in positing your business ahead of the pack and poised to be a leader in your industry.