Look, I know you may be familiar with marketing strategies for your business. Still, when you delve deeply into something, you lose track of the finer details.
Next thing you know, you’re too lost and overwhelmed that you don’t know where you went wrong.
Don’t worry. That’s what this article and I are for.
I will explain how to craft a Competitor Eposé, aka a Competitive Analysis, and why you need to know all about it to succeed in building a solid branding and marketing foundation for your business.
What is a Competitor Exposé or Competitive Analysis?
At its most basic, competitive analysis compares a business to similar businesses in the same industry or market. This involves taking an in-depth look at everyone’s strengths and weaknesses to see where improvements can be made in your business.
Let’s add more depth to that— a competitive analysis is a process, usually placed in a chart outlining your business’s strengths, weaknesses, and opportunities compared to your direct competitors within the same industry or market. By looking closely at each business, you can identify areas of opportunity to improve your business and position yourself within the market.
And finally, for those subject matter experts among you, a customer exposé is a process of evaluating and comparing the strengths and weaknesses of a small business to its direct competitors in the same industry or market. This analysis involves gathering information about competitors, including their products or services, pricing strategies, marketing efforts, and target audience. By conducting a competitive analysis, small business owners can identify areas to improve their business and differentiate themselves from competitors. This analysis can also help small business owners understand their competitive landscape, anticipate changes in the market, and make informed business decisions.
If you’re only at the first level of understanding, rest assured you will master creating a competitive analysis quickly.
Do you want to learn more from me? Check out my Diamond Branding Package to help you increase your business’s perceived value resulting in more sales.
Why Should You Care About a Competitive Analysis?
I’m all about free will and can’t make you care about branding and marketing foundations. Let me give you some compelling reasons to make it a part of your strategy.
A Competitive Analysis is important because:
- Reason #1 – this can help you identify what makes your business unique, making it easy to communicate your value to your audience.
- Reason #2 – it helps you stay ahead of your competitors and emerging trends within the market.
- Reason #3 – help inform business decisions about pricing strategies, marketing and sales.
- Reason #4 – build a foundation for your branding by thoroughly understanding your position in the market.
Important: Don’t think that because you keep an eye on your competitors by following them on social media. You will be able to understand the full scope of their marketing strategies.
The truth is, with an in-depth look at multiple channels and companies, you will have a much better understanding of where you fit in the market or where you would like to target in the future.
Competitor Exposé in Context
How a competitor exposé affects your business is just as important as understanding what exactly a competitor analysis is and why it’s essential.
Let me give you a real-world example:
A small service-based business owner, ex., a psychotherapist, is struggling to increase their client base and revenue.
The psychotherapist decided to get back to basics and conduct a competitive exposé to understand the strengths and weaknesses of their competitors and identify any areas for improvement within their practice. They research the top psychotherapists and mental health clinics in their local area and compare their:
- Marketing Strategies,
- Target Audience etc.
Their research reveals that their competitors offer a wider range of services and target specific niches, such as couples therapy or addiction treatment. They also noticed that some of their competitors offered online counselling services, allowing them to reach clients outside their local area.
They realized they needed to expand their services and target a specific niche to attract more clients. The business owner then decided to offer online counselling services specializing in anxiety and depression treatment. They also adjusted their pricing strategy to be more competitive within their market.
I include a competitor exposé within my branding package process. Some clients didn’t think it was necessary for competitive analysis to help craft a tailored brand strategy. But it is essential to build the proper foundation of your brand.
5 Tips for Conducting a Competitive Analysis
Raise your hand if you are still feeling lost. Be honest! 🙋♀️
That’s no problem; here are some extra hints and tips to get you on your way:
- Tip #1: Identify your competitors: start by identifying your top 3-5 competitors in your local area or industry. Research their services, pricing, marketing strategies, and target audience.
- Tip #2: Remember to focus on what makes you unique. Use the insights gained from your research to identify your unique selling points and areas where you can differentiate yourself. This could be by offering a specialized service or experience and targeting a specific niche market.
- Tip #3: Evaluate your pricing strategy and compare it to your competitors. Consider adjusting your pricing to be more competitive or to reflect the value you provide.
- Tip #4: Monitor industry trends: Keep a close eye on industry trends and changes in the market to stay ahead. This could include monitoring changes in customer behaviour, emerging technologies, or shifts in the market.
- Tip #5: Using this information to inform your branding and marketing strategy: Use the insights gained from your competitive analysis to inform your strategy. This could include adjusting your messaging to highlight your unique selling point or targeting a specific niche. Want some help? Schedule a discovery call! Together, we can chat about your business goals and see what we can do to improve your brand’s position within the industry.
Let’s wrap this up, shall we? The key takeaways to remember from this post are to thoroughly do your research to conduct your own Competitor Exposé to help you discover your unique selling point, improve your business and position yourself within the market.
At Broadbent Studio, I make it my mission to help female entrepreneurs create strong visual presences to tell their story of who they are & what they love & empower them to live a life they adore!
If you would like to work with me, please drop me a line here. I love hearing from other female entrepreneurs.
Pssst, you can also check out my Diamond Branding Package. It includes a competitor exposé where we will dig deep so that you can see what your competitors (max. 5) are doing for advice, see what not to do, and look for any missed opportunities in your industry. Knowing about your competition is crucial because it allows us to analyze your industry to be mindful of our findings when creating and positioning your tailored brand.
Oh, and come say hi on Instagram and join the community!