Competitor Research & Competitive Analysis
When building or growing your brand, you need to know what works and what doesn’t. The best way to do this is through a competitive analysis and competitor research, which will ensure you know key data points like pricing, customer issues, differentiators, strengths, and weaknesses. By including competitive analyses in our branding services, we ensure you have a comprehensive look at your competitors, so you can make informed decisions for your brand’s trajectory.
What is a Competitive Market Analysis?
A competitive market analysis evaluates your competitors in your market in order to understand their products and services and how they market them. A strong competitive analysis should not only inform you of what your competitors are doing right, so you can prepare your business to do it better, but also what your competitors are doing wrong, so you can avoid the same mistakes with your own brand.
Do you know everything you need to know about your competition? Let’s talk.
What are the Benefits of a Competitive Analysis?
A good competitive analysis should inform your brand strategy and position your business to capture a large market share from your competition. Additional benefits include:
Keep Your Brand Current
Every industry has trends in their market. By conducting a competitive analysis, you can better understand the trends your competitors are facing and the ways you can surpass their efforts.
Listen to Their Customers (Your Future Customers)
With so many review sites available to customers, it’s easy to see where your competition is meeting customer expectations and falling short. These learnings can help you build a stronger brand and convert their customers to your business.
Measure and Track Your Results
Competitive research is about more than beating your competition, it’s about establishing, meeting, and exceeding benchmarks set within your industry. Once your brand has launched, you should constantly be measuring your marketing efforts, your brand engagement, and your customer satisfaction to ensure you’re trending in the right direction and growing year over year. Of course, if you’re not sure how to measure your efforts, we can help with that, too.
Our branding experts will guide you through our competitive research process to ensure you have all the information you need to make decisions about your brand’s goals in order to beat your competition. Then, we’ll translate these learnings into marketing services that implement your learnings.
Take your piece of the market pie. Talk to our competitive research experts.
