Business Grow System
Week 04
- Perform a competitive analysis for your business
ADMIN NOTE:
Key Take Away
The Purpose
Competitive analysis helps you gain a better understanding of your competitors, your own strengths and weaknesses, and new opportunities in your market. This information can help you develop better strategies, make informed decisions, and ultimately grow your business.
The Reason This Matters
Competitive analysis is essential for businesses because it helps them understand the competition, identify opportunities, improve decision-making, develop better strategies, and stay ahead of the competition. By regularly analyzing the competition, businesses can stay informed and adapt to changes in the market to stay competitive and grow their business.
How This Will Benefit Your Organization
Identify your competition: A competitive analysis helps you identify your competitors, both direct and indirect. This helps you understand the competitive landscape and position yourself better in the market.
Understand their strategies: By analyzing your competitors’ strategies, you can gain insights into what is working and what is not working in your industry. This information can help you develop your own strategies and make informed decisions.
Identify your strengths and weaknesses: A competitive analysis helps you identify your own strengths and weaknesses by comparing them to those of your competitors. This helps you find opportunities for improvement and areas where you can differentiate yourself.
Discover new opportunities: By analyzing your competitors’ strategies, you can identify new opportunities to improve your products or services, reach new customers, and grow your business.
Improve your marketing efforts: A competitive analysis helps you understand your competitors’ marketing tactics, including their messaging, offers, and channels. This information can help you improve your own marketing efforts and stand out from the competition.
Who Should Do This
Your marketing department would benefit the most from conducting this analysis. The insights from this analysis can be used to strengthen the company’s Point of Difference and customer offering.
How Long To Allocate For This Task
This process can talk about a week to collect, collate, organize, and create reports to share with your team.
Action Steps
Performing a competitive analysis involves researching and analyzing your competitors’ strategies and performance to identify their strengths and weaknesses. Here are the steps to perform a competitive analysis:
Identify your competitors: Make a list of your direct and indirect competitors. Direct competitors are businesses that offer similar products or services as yours, while indirect competitors are businesses that offer substitute products or services.
Research their websites: Visit their websites and analyze their content, design, user experience, and functionality. Look for areas where they excel and areas where they could improve.
Analyze their keywords: Use keyword research tools to identify the keywords your competitors are targeting. Analyze the keywords they are ranking for and identify opportunities for your own website.
Monitor their social media: Follow your competitors on social media and analyze their content, engagement, and follower growth. Look for opportunities to differentiate yourself and provide unique value to your audience.
Review their marketing channels: Identify the marketing channels your competitors are using, such as email marketing, PPC advertising, and social media advertising. Analyze their messaging, offers, and landing pages.
Identify their strengths and weaknesses: Use the information you have gathered to identify your competitors’ strengths and weaknesses. Look for areas where you can differentiate yourself and provide unique value to your audience.
Develop a strategy: Use the insights you have gained to develop a strategy that will help you compete effectively. Identify your unique selling proposition, target audience, and marketing channels. Develop messaging and offers that differentiate you from your competitors and provide unique value to your audience.
In summary, performing a competitive analysis involves researching and analyzing your competitors’ strategies and performance to identify their strengths and weaknesses. This information can be used to develop a strategy that will help you compete effectively and differentiate yourself from your competitors.