Competitive analysis - Knowing what your competitors have to offer just makes sense. But you'd be surprised just how many companies guess and get it wrong, and it hurts! Maybe it's time to pear up?
Performing a competitive analysis is a relatively easy chore, and I say chore because completion is not something that can be done in a couple of hours. But, certainly, with all the available on-line information about your competition, it is something that even a non-marketing person can do.
Rarely do we find products or services that are absolutely identical, there's always a difference that may give you an edge. However, it’s not just the differences in the products that make them distinctive, it’s how they are presented, and that in itself could be the edge you need to make a positive difference.
Take the guesswork out of the equation, look at your competition a little closer. If you understand the benefit enhancers as they apply to your specific customer target profile, and you can see the visible holes in your competition's marketing presence. Then you can ensure those holes are replaced with something that will make it easier for your customers to see differentiated value when they are looking at you.