The first thing we do when we bring a new customer into the TBA fold, is a competitor analysis. It’s such a vital tool that many customers overlook. They may look at their nearest and dearest competition – but often fail to overlook those who offer an alternative option for customers, providing a different solution to the same problem.
Understanding your competitors helps you set benchmarks, adjust your own goals and borrow their great ideas and turn them into something fab for you! It also helps you define where you sit within the competitive landscape – what makes you totally awesome and sets you apart! Start with 5 competitors and go from there… you will be amazed at what you can learn! Right let’s crack on.
Today we impart to you a Top 4 checklist – what you need to know when snooping your competitors!
- Brand Overview. This includes a short’n’sweet company overview – their positioning. Finishing with their brand equity – low-new entrant, mid-established, or high-dominant share. It’s here you might note if their offering is broad or niche.
- Marketing Strategy. A massive area. In this section we are looking at Target Market, Market Share, Tone of Voice and Brand personality. We also capture here the marketing channels – FB/Instagram/Google Display/You Tube/Website… you get the gist! Note down social handles and key metrics like followers/likes etc. Next, we check out their retargeting strategy and email sequence set up. We also have a section for website suitability – This is where we use our expertise in Website UX – but you can take those elements you think will work for your business here! Fab!
- Product/Service info. A super-short summary of their offering and pricing. Here we note locations they service and distribution channels.
- Or as we like to call it brand enhancer and reducer analysis. SWOT is so last year. By looking over what your competitors are doing well or not so well it is an opportunity to determine where you stand today within that competitive set. What you are doing that is enhancing your brand and what you are doing to reduce it effectively.
So, let’s get hacking.
This month take 2 minutes to add your competitors to your ‘pages to watch’ on Facebook. This Facebook tool is flippin’ gold! Let’s talk about it. The tool gives you insights into what engages your customers and should form part of your Facebook content strategy. To get there,
– go to your Insights Tab in your Facebook Business Page,
– click on ‘posts’ on the left-hand side and you will see 3 tabs – when your fans are online, post types and top posts from pages you watch
– click that third tab and add your competition’s Facebook pages here
And here you have relevant as info in your hot little hands. You can see in seconds which posts they’ve shared are getting attention!
Don your detective cap and learn from those smashing it! The headline here, rarely is there a new idea – shamelessly adopt best practise from those killing it in your space!
But if you want an impartial analysis or just don’t have the time – outsource it! We offer strategy sessions, including a thorough competitor analysis, from $599. Whatever your business objectives, give us a buzz!