![]() ![]() Only 24% of people answer all 5 questions correctly. Once you’ve discovered your competitors’ branding weaknesses, it may become easier to see your own mistakes and opportunities for growth. If it doesn’t… well, that’s critical data, too. Who is this business? What is their brand voice? Are there particular “personality” traits or values that stand out? Are there clear visual cues that support those traits and values? Do they have a strong logo? What is the most important brand message on their website?Ī well-composed business website should reveal the competitor’s brand positioning. Knowing how the competition is pricing their products and services is likely to reveal essential pricing trends that will help you price your products appropriately. That may or may not be a model you want to embrace. Some businesses build their entire brand around competing on price. What is your competitor charging for comparable products? Are they consistently charging more or less than your business? Are they building in additional value through gifts? Or do they lean on discounts to lower their prices? How do their prices compare to your other competitors? Do they offer a robust refund policy or money-back guarantee? Research their pricing (including discounts and gifts). Rose-tinted glasses are not your friend here. You must have a clear, unbiased understanding of how your product or service really stacks up to the competition. Identify the products or services your competitor offers.ĭo they offer a wide range of products that support up-selling and cross-selling? Do they provide the same or similar products to yours? How are they different? Do they offer any products or services that you don’t? (And vice versa.) What are their unique selling propositions? How do they compare on quality and ease of use? Take note of the following topics when reviewing a competitor’s website. ![]() As every business’s online ambassador, websites should be dense with valuable pricing, product, and branding information. The more comprehensive your research is, the better equipped you’ll be to draw informed conclusions and design effective strategies. ![]() This step will represent the bulk of your effort in your competitive analysis. Now that you know who your competitors are, it’s time to start gathering the information that will allow you to make informed decisions about your own business. This will give you the most accurate picture of your competitive landscape. So, start with a broad view and then narrow your list. If a potential competitor targets customers who are not your customers, they’re not truly your competition. So, how do you tell who your actual competitors are? ![]() You may be missing out on a crucial group of competitors simply because you’ve kept your scope too narrow.īut, it’s also possible to cast your net too wide. When conducting a competitive analysis, take a broad view of who your competitors may be. And, they’re also competing against every other non-cola beverage. But, they’re also competing against every other beverage brand that makes cola. This task may be more challenging than you expect.įor example, Coke’s most obvious rival is Pepsi. After all, it’s challenging to create a go-t0-market strategy unless you understand your competition. You’ll need to do this even if you’re just starting your business and working on your business plan. The very first step to any competitive analysis should be to identify your competitors. ![]()
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