It’s a fast and fierce business climate these days. Aggressively low margins, revolving shares of the market, a shift in generational involvement … and, the fight for the top doesn’t stop there. Competition spills over into hiring and maintaining quality talent, and more. No doubt this endless bumping of shoulders with your competition just might rub you the wrong way.
While constant dueling is certainly not unique to your industry, it doesn’t have to be the crux of your business and marketing plan. In fact, it just might be the key to keeping you in the center of the ring. While you already know that having a good sense of business self-awareness is necessary, knowing what your competition is putting out into the world can be just as crucial to your game plan.
Conducting a competitive analysis is key to keeping your company alive and alert. A competitive analysis is a report founded on research of your competitors. It reveals strengths and weaknesses, and provides insight into your competitor’s brand, which helps you assess your business’s market position. Their strengths can propel you forward with a successful strategy. Their weaknesses show missed opportunities. Combining this information can help you determine their next move—and yours.
Competitive analysis is a common foundation important to all of VistaComm’s client relationships. Recently, we asked a client to name the three businesses they were losing projects to most often. Our research found each competitor had a larger staff, extensive portfolios and a long history. With this knowledge, we were able to build a strong case in favor of our client.
We crafted a strong story supported with visuals to show our client’s experience and success in the industry. We also launched a more substantial online presence to emphasize greater depth and variety in our client’s portfolio. Doing a deep dive on each competitor allowed our client to consider what truly makes their competition tick and what makes a customer take his business elsewhere.
Knowledge is power. It creates awareness, encourages differentiation and can help you further your niche. And while a competitive analysis is just one step in developing an effective marketing plan, it is clearly a critical component. Don’t let your competition distract you from your marketing goals and objectives. Rather, use it to make informed decisions on conquering your shared market.