Why Conducting a Brand Competitive Analysis is Crucial for Your Business
As a business owner or marketing manager, you need to stand out from the crowd and connect with your audience. One way to achieve this is by conducting a brand competitive analysis as part of your brand strategy. A competitive analysis provides valuable insights into your competitors, their strengths and weaknesses, and the market as a whole. In this post, we'll discuss the features and benefits of conducting a competitive analysis tailored to the specific needs and pain points of business owners and marketing managers.
A recent study by McKinsey & Company found that businesses that conducted regular competitive analysis outperformed their peers in terms of revenue growth and profitability. One example of a business that used a competitive analysis to create more impact is Adidas. The sportswear giant conducted a competitive analysis and identified that sustainability was becoming increasingly important to consumers. As a result, they launched a new product line called Parley for the Oceans, which was made from recycled plastic waste found in the ocean. This unique selling proposition not only differentiated Adidas from their competitors but also resonated with consumers, resulting in increased sales and brand loyalty. By leveraging insights from their competitive analysis, Adidas was able to create more impact and strengthen their position in the market.
Identify your competitors. But don't stop at just the obvious ones, look for those sneaky indirect competitors too. Dive into their brand, products, pricing, target market, marketing tactics, messaging, and online presence. The more you know, the better your strategy will be.
Conduct a SWOT analysis. No, not SWAT like in the movies. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Evaluate your brand against your competitors and identify areas for improvement and potential opportunities for growth.
Assess market share data. How does your brand stack up against the competition? Knowing where you stand in the market can help you develop effective marketing strategies and improve your brand's position.
Analyse your brand positioning. Take a closer look at your brand perception, messaging, personality, and promise compared to your competitors. This will help you identify areas where your brand can differentiate itself to truly stand apart.
Conducting a brand competitive analysis is crucial for discovering insights and identifying areas y. By identifying your competitors, conducting a SWOT analysis, assessing market share data and analysing brand positioning, you can develop an effective brand strategy that differentiates your brand and increases profitability. To learn more about conducting a brand competitive analysis, contact us today!