Conduct competitor analysis to understand positioning gaps
Analyzing your competitors helps you find gaps in the market and areas where you can position your brand better. This is critical for staying competitive, though it requires significant time and effort.
Pros
- Identify Market Gaps: By analyzing competitors, you can identify unmet needs and position your brand to fill those gaps.
- Improve Your Strategy: Competitor analysis enables you to refine your marketing strategy by understanding what works and what doesn’t.
- Benchmark Performance: It allows you to measure your performance against industry standards.
- Mitigate Risks: Understanding your competitors helps you anticipate potential threats and challenges in the market.
- Customer Insights: Gain insights into customer preferences and behavior from competitors' successes and failures.
- Enhance Branding: Helps to develop a stronger brand identity by differentiating yourself from competitors.
- Optimize Product Offerings: Allows you to improve or diversify your product line based on market demands.
vs
Cons
- Time-Consuming: Conducting a thorough competitor analysis takes a considerable amount of time and resources.
- Information Overload: The sheer amount of data available can be overwhelming and difficult to sift through.
- Constant Updates Needed: Market conditions and competitor strategies change, requiring ongoing analysis and updates.
- Potential for Misinterpretation: The gathered data can be misinterpreted if not analyzed correctly.
- Possible Ethical Issues: Competitor analysis might raise ethical concerns, especially if it involves covert tactics.
- Resource Intensive: Requires skilled analysts and specialized tools, which can be costly.
- Not Always Accurate: Information from public sources may not always be accurate or up-to-date.
Place in customer funnel
Awareness
Consideration
Decision
Retention
Advocacy
| Attribute | Strength |
|---|---|
| Brand | |
| Lead Gen | |
| Ecommerce | |
| Cash Cost | |
| Time Cost to Continue Activity | |
| Learning Curve | |
| Self Sustaining | |
| Volume | |
| B2B | |
| D2C | |
| Brand Safety |