In this video, learn ways to define and educate others in your organization about competitive analysis.
- Far too often, I hear marketers and their executives say we don't have any competitors or they say no one can do what we do. Sometimes I hear we're unique and in a class of our own. Think again. Your competitors are out there and they're watching you, so you have to watch them just as closely. A competitive analysis is the research, review, and final evaluation of your competitors. The information that you uncover from your competitive analysis will help you to create and maintain a competitive advantage. A competitive analysis helps you to strategize and outmaneuver your competitors. It's also important to know what a competitive analysis is not. After all, you're going to put time, money and energy into your analysis. So I want you to avoid the pitfalls. Where's what you need to keep in mind. A competitive analysis is not a one-time exercise. The market changes and so do the players. And a competitive analysis is not a full market research program. You still have to conduct other forms of research to learn more about your customers, through surveys, one-on-one interviews, communication audits, social media monitoring and a number of other practices to learn more about your industry and market. The key here is targeted research because a competitive analysis is not guesswork. You can't just make educated guesses about your competition. You have to roll up your sleeves to uncover data and information that reveals if your competitors are thriving or facing very real challenges in the market. Good research requires a level of expertise. In other words, a competitive analysis is not owned by juniors or interns. Sure, they can help with the exercise but you need seasoned professionals who know how to conducts research, capture data, analyze information and make an assessment on competitive activities to guide your marketing strategies. A competitive analysis is also an important part of your marketing plan. It's the part of your plan that helps you to understand what's working for your competition and what isn't. It answers questions like how are the competition excelling in the market? What are they doing to reach, engage and close the sale? Are customer praising their products or complaining about their experiences? Now, depending on who you talk to, the competitive analysis exercise has various levels of complexity and requires different resources. But regardless of the time and resources, what you need to remember is that competitive analysis is your opportunity to dig deeper. Conducting a competitive analysis shapes how you deliver products that go beyond any of your competitors' offerings, delivering products that exceed your customers' expectations. All of the information you uncover will help to make your product the product of choice.
- Explain the benefits of a competitive analysis.
- List three elements to include in a competitor profile.
- Recognize the biggest challenge when researching your own strengths and weaknesses.
- Recall the advantage of knowing your competitor’s strategies.
- Identify three elements included in competitor research analysis.
- Define the elements that make up the SOAR framework.