What Is A Competitive Analysis & Why Do You Need One?

Digital Marketing Has Made Performing A Competitor Analysis More Important Than Ever

Article written by Chris Yaremchuk

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When was the last time you had a competitive analysis performed for your business? More importantly, do you know what a competitive analysis is and how to do one efficiently? The process involves more than a quick look at a competitor’s website and social media presence. So, what is a competitive analysis?

Chances are there’s other businesses out there offering a similar service or product. Getting a leg up on your competitors is part of owning a business. The marketing strategies you use to gain that edge can make all the difference. If you know what your competitors are doing, you can do it on a larger scale. Even better, if you know what your competitors aren’t doing, you can do it and get that leg up higher.

It doesn’t matter how loved a company and its brand is – everlasting customer loyalty is never a guarantee. To stay on top, you need to know what your competition is up to. A lot of businesses we’ve worked with rarely perform a competitive analysis. Read on to find out why this is so important part to developing your marketing strategy and how to get started.

Why Don’t More Businesses Run A Competitive Analysis?

Most business owners end up running their own race. You become confident in your services or products. You get great feedback from your clients. You’re likely receiving informal information about competitors from clients and suppliers. You might even look at their website or social media every now and then. Based on this information you work on being the best you can be at what you do for your customers. So why do you need to worry about your competition?

The Importance Of Analyzing Your Competition

For any business, a competitive analysis helps determine competitors’ strengths and weaknesses. Your brand can use this essential tactic to make educated marketing decisions. Learn what kind of threats these competitors present to your financial well-being. You’ll also learn of opportunities that can be capitalized on. Competitors could be neglecting areas of their marketing you can take advantage of.

Your First Steps When Creating a Competitor Analysis

To conduct a proper analysis of your competition, determine who your competitors are. Are they location-based competitors? Direct or indirect? Any could be threats to your business in different ways. After you have compiled a list, organize competitors based on their level of threat. Break that list down further by organizing them into how much of a threat they impose offline vs online. Learn more about how to Create A Competitor Analysis & Improve Your Digital Marketing Strategy.

Strand Media Can Help You Develop Your Competitive Analysis

Still wondering, “What is a competitive analysis?”. Let us help. At Strand Media, we are a group of creative and determined marketing professionals. We specialize in developing and executing real strategies and deliver results. What is a competitive analysis? We can provide a detailed and comprehensive competitive analysis for your business. Our competitive analysis also includes recommended solutions. Stop guessing when it comes to your marketing strategy. Position your business to establish itself as an industry leader. You know who to call, we can’t wait to help you reach your goals! Contact Strand Media

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November 29, 2019
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