Updated: Sep 11, 2019
Forget imposter syndrome…competitor analysis is a must!
I am lucky enough to work a wide variety of brands and so many refuse to look in depth at their competitors because they are
A) scared that they will be less successful and don’t want to face seeing that
B) think that they have none
C) think that they are better than everyone else
D) presume that customers want your products but you haven’t actually done any research to find out who these ‘customers’ are
This could not be further from the truth. Everyone has competitors and everyone can learn from others! Wouldn’t you like to know why they have consumers galore and if they haven’t WHY is that?
Part of this answer is due to their innate understanding of their target market and competitors which has helped them respond to what their consumers want and let them see the GAPS they could fill and how they can improve their pricing and overall marketing strategies.
Dedicating time to do your own market research should never be an afterthought as the information you can get on:
-how to differentiate your products
-set your pricing strategies
-your marketing and digital voice
-which digital platforms work best
-different sales channels you hadn’t even thought off
However, many brands (even the big ones) either rest on their laurels or think their passion for their brand is enough and the feedback of significant others is enough. Unfortunately, IT’S NOT! You aren’t ONLY selling to your significant others and passion is crucial but it doesn’t shed light on how others do so amazingly well.
Conducting your own market research can add serious value to your own strategy so regardless of what stage you’re at AKA you’ve launched and your products are flying off the shelves or they’re not moving at all here are some of the things you can start with today to help you build a stronger strategy whereby you can begin to fill a gap or strength your own position and marketing strategy.
Buyer personas and customer profiles are invaluable as is defining WHO your competitors are and YES it’s all well and good to want to start your competitor analysis with a $BILLION company BUT be realistic please and look at who is in a similar league with similar pricing to you now … then look at the super duper successful companies and see what they do well and how they do it on their digital pages.
What do they sell, what price point for what ml size, what social media platforms do they use, are their followers engaged, what call to actions do they have? What is their unique selling point?
SO ESSENTIALLY WHAT DO THEY DO WELL and then WHAT THEY DON’T…. what parts of their web/digital could be better, does their packaging have room for improvement, have they got a lot of retail locations?
This is just the tip of the iceberg but you will be the most informed brand owner ever when you do this in depth and more importantly feel more confident in the path you’re taking.
Don’t put something off because you are scared others do it better and you can’t keep up.
We all bloom at different times and we can all learn from each other!