Competitor Analysis
competitive positioning, product differentiation
What is competitive analysis?
How are your products superior to competing products? Do your target customers understand and appreciate those differences? [How about your own team?!]
The first step towards achieving competitive advantage is developing a detailed understanding of your own products as well as your competitors – overcoming any natural hesitation to tally their strengths AND honestly acknowledge your weaknesses!
What are some best practices & tips for competitive analysis?
A good marketing practice is to rate your products and services along a number of key dimensions that users care about.
Tabulating the data from this evaluation in a comparative matrix with competing products – both direct and indirect alternatives (e.g. water for your colored, sugary, fizzy drink!).
What are the key benefits of competitive analysis?
A regularly updated comparative product matrix is a critical tool for your product development / product innovation efforts. And also for developing marketing messages & web content to support your brand building, promotion, and sales efforts.
Competitive Analysis (along with SWOT Analysis) can yield a gold mine of usable information and insights – yet it is often overlooked or under-emphasized. An ongoing effort provides tremendous ROI – by elevating and enriching your business’s efforts in various key focus areas.
Competitive Analysis 101
Online Marketing
Analysis, Strategy, Plans for
Insights, Improvements, Innovations
A strategy-driven online marketing consultant can bring fresh perspective, sharp skills, and objectivity to enrich these critical analysis and strategy development efforts.
Contact us today to schedule an initial conversation about your needs & goals – and how we can partner together productively.
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