What Does It Mean to Have a Pulse on Your Competitors?
June 2, 2022 |
June 2, 2022
Is there really such a thing as friendly competition? In the world of digital marketing, we’re here to tell you the answer is, without a doubt, yes! It may come as a surprise to some, but skilled marketers understand there is plenty to go around if and when your marketing strategy is designed to meet the needs of your exact business and the audiences you serve.
Read on to learn what a holistic approach to a competitor analysis looks like, how to find growth and learning opportunities among your competitors, and most importantly, how to stand out by keeping two steady fingers on the pulse of your competitors at all times.
So, what is a competitive, or competitor, analysis anyway, and how —and why — would you conduct one? MailChimp describes a competitor analysis as “ a scouting report for your business —a tool for designing a game plan that helps your company succeed.” Here at PHOS Creative, we add that a competitor analysis helps a company identify strengths, weaknesses, opportunities, and threats within their industry, which is a key aspect of developing a great strategic marketing plan.
Conducting a competitive analysis is the first step to figuring out who your competition is, which will help you determine how to harness and pivot their strengths and weaknesses into wins for your company. A thorough competitive analysis helps determine where your brand can grow, what your brand can learn, and how your brand can shine.
Often, competitors pave the way for many growth opportunities. If you haven’t been viewing your competition in this light, you’ve been letting valuable insight slip through your fingers!
It’s common for companies to ask, “What is my biggest opportunity for growth?” Before asking this question, though, it’s likely that you or your team developed a set of business goals you hope to achieve over a certain period. Identifying your company’s growth opportunities by analyzing your competitors is one way to develop a roadmap of how to achieve your desired business objectives, especially objectives tied to overall growth.
Analyzing things that your competitors are doing well and seeing great results from help you pinpoint opportunities for growth with your audience and within your industry. A holistic way to do this is by comparing data points pulled from the competitive analysis, comparing keywords, measuring engagement, looking at ad placement, utilizing tools like SEM Rush, and so on, depending on the type of industry you are in.
Below is a list of questions to ask yourself to find where current opportunities may exist:
Remember, one of your company’s strengths may be a competitor’s weakness, but don’t let that lead you to believe a competitor’s strength is automatically your company’s weakness. All the resources are there for you to figure out exactly how to do what they’re doing just as well, if not better!
We’re going to call the flip side of the growth opportunities marketing coin learning opportunities. Just as we can evaluate what is working well for our competitors, we can learn from their mistakes and where their efforts fall flat.
Below is a list of questions to ask yourself to figure out what you can learn from your competitor’s shortcomings:
Find the gaps and fill them with your awesome services and or products! Becoming an industry leader requires bravely walking into the uncharted, answering questions that haven’t been asked, and finding solutions to problems your audience may or may not even realize they have.
What is a value proposition? HubSpot defines it as “s a short statement that communicates why buyers should choose your products or services. It’s more than just a product or service description — it’s the specific solution that your business provides and the promise of value that a customer can expect you to deliver.”
So, why are we talking about competitors and value propositions in the same breath? Because keeping a pulse on your competitors by performing a competitive analysis, for example, can help you pinpoint your company’s unique value proposition to help you stand out amongst your competition.
Value propositions, when developed and executed, value propositions help strengthen brand authority, increase customer loyalty, and help companies successfully navigate and achieve their strategic objectives sustainably. To narrow in on your company’s unique value proposition, it is imperative to have a pulse on your competitors and what you bring to the table that they don’t!
Our team at PHOS Creative utilizes the holistic marketing concept and understands the importance of staying in the know regarding market trends and industry competition. Allow PHOS to help your company discover opportunities, excel where others can’t, and be a light in your industry.
For more on harnessing your company’s unique value proposition into a successful marketing strategy, read our blog, How to Develop a Customer-Centric Marketing Approach, or reach out to us today to schedule some time to connect!