The power of market and business intelligence allows you to expand your knowledge. Propel your company. And go where your competition does not exist. Conducting a competitive audit will help you collect invaluable data to better position and promote your business in a competitive and global marketplace.
Understanding your competitive environment strengthens your chances for business success. Here we guide you through the process and give you a complimentary competitive audit template you can use to get started today.
What Is A Competitive Analysis?
A competitive analysis is also sometimes referred to as an assessment or an audit. No matter the term, a competitive analysis is the the process of “identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service,” according to Entrepreneur.com. By conducting a competitive audit, you gain perspective on your competitors’ strengths and weaknesses, as well as a deeper understanding about their marketing strategies, positioning, pricing, products and services, and promotional methods. Equipped with competitive knowledge, you can more effectively communicate your key differentiators and target your competitive advantages to win new business and generate higher quality leads.
How Do You Conduct A Competitive Analysis?
Develop a list of the top 3-5 businesses that provide similar products and services to your target audiences and vertical markets. Then, use the template to gather information from competitor websites, online search engines and other materials you can access
Here are samples of information to review, however, based on your type of business and industry, areas to review will vary.
- What is their tagline?
- What are their key messages?
- What products and services do they offer?
- What marketing channels are they using to promote their business? For example, testimonials, case studies, social media marketing, blog, contests, events, white papers, webinars, videos, traditional advertising, digital marketing, Pay Per Click (PPC), TV, radio, print?
- What are their core competencies?
- What are their marketing strategies? For example, multi-channel marketing, product commercialization, affiliate partnerships, distributors or resellers?
- What is their pricing structure?
- What is their customer acquisition and retention strategy?
- How large are they? Revenue? Employee size? Geographic locations?
- Who are their key customers and target audiences?
Get Started Today
In today’s digital business environment, data is plentiful. The information you gather from a competitive analysis is invaluable and a critical component of a successful integrated marketing plan. Anything worth its value, takes time. A competitive analysis is no different. It takes time to do it right, and can be a bit tedious. However, the information you gather – which is far easier to do today than years ago with the evolution of the Internet – is useful and relevant to shaping your business marketing strategy. There is no excuse for a competitive analysis, as well as regular competitive scans, to be included as part of an integrated marketing strategy if you want to reap the greatest ROI from your marketing efforts. You must understand and know your target audiences, your industry and your competition.To get started today,inquire us about our complimentary competitive assessment template at https://www.christinamotley.com/competitive-analysis-template/. If you found this post useful, please share it with others, and as always, we welcome your comments and feedback.
If you would like some help creating or executing your competitive audit, I’m here for you and will be able to offer you insights to help you strengthen your brand, identify marketing gaps and get some easy wins with a few low hanging fruit ideas you can easily implement. Call 919-208-0963, or email email@example.com to inquire about our complimentary, one-hour consultation.