It’s healthy to know your brand positioning within your market, and a Competitor Analysis is a useful way to identify opportunities and threats.
So, what exactly is a competitor analysis: how do you go about starting… and how can you use it to your advantage?
We like to use a system called ‘Competition Mapping’, and in this post we’ll explain how you can get started…
This is a relativity simple exercise (that can be more in-depth depending on your needs), that teaches you to view your competitors strategically, and then use your knowledge to provide a better service based on the gaps you have identified.
You can do this as a social media-only exercise, a marketing or PR-only exercise, or look at your competitors’ business as a whole.
How to get started:
- Pick your competitors to analyse – we recommend no more than 5 to start off with.
- Next, choose an area of business to review. (In our example below, we’ve chosen social media.)
- On a sheet of paper or in a document, draw up 2 columns. In one column you will look at your competitors, searching for their weaknesses or gaps in their service, and in the next, you will write down the ways you can positively counteract their approach with your own content.
- The purpose of this is to identify ways in which you can fill the gaps, so that your customers will come to you for what they need, instead of other brands in your space.
- Find 5 – 10 things that you would change. Go through everything and plot out how you can improve your strategy and positioning based on your findings. Think big… anything is possible!
- (Hint: during your analysis, try to ignore the amount of Fans your competitors’ have, how much engagement they have or any other metric. This is about you finding your own place in the market…one that is unique to you.)
- You’ll feel a great sense of confidence and pride when you see the ways you are different and unique. Use your uniqueness to your advantage!
Here’s a basic example of a Social Media Competitor Map in action:
Putting Competitor Mapping into practice:
Make a note of your findings and see how you may adapt your marketing goals to better position your brand to your target market.
This is a particularly useful tool when you’re looking at launching a new product or service, or indeed a new PR, Marketing or Social Media strategy.
If you’re ready to take your brand to the next level, we’d love to chat with you. Call us on 01305 458149 for a confidential discussion.
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