Are you different? Your customers need to know - Competitive analysis

Your customers need to know what makes you better than all the rest? Best price, best quality, best service...You may have some basic ideas about what you are up against with your competition, but you can be assured that your potential customers will know more, even if it's not obvious. Take the guesswork out, apples-to-apples there's always a difference.

What does a competitive analysis do?

A competitive analysis gives you the ammunition you need to ensure that your sales proposition has weight when comparing your company to the competition, it summaries who you are in the market and it helps provide clarity and confidence to your staff. It also gives you a good foundation for the creation of meaningful content for your marketing materials.

A competitive analysis is an essential component of a marketing strategy and plan, it’s an assessment/comparison between a business and its competition as it relates to its products and services, warranty, professionalism and the way the company does business. It helps to lay the foundation to a competitive marketing strategy that focuses on fixing a companies weaknesses and promoting its strengths.

It doesn’t have to be rocket science

Performing a competitive analysis is a bit of a chore, and I say chore because it’s not something that can be pulled off in a couple of hours. It requires an objective and bias-free approach to research that collects and rates a variety of observable and measurable competitive company traits.

It can entail a quick simple visit to the competition’s websites, or it can be an in-depth process of SWAT analysis, customer review analysis, visual brand analysis and interviews with customers that went with competitive products or services in order to find an ideal more lucrative position.

How it will help you:

• Identifies market and marketing opportunities
• Identifies competitive threats
• Identifies competitive weaknesses
• Identifies problem area that may be diminishing product value
• Provides insight and potential improvements that could move the business to a more favourable marketing position
• Provides support for an effective marketing strategy and plan

Differentiating the “Me Too” Companies

Rarely do we find companies that operate exactly the same. They may sell the same products but there is always a difference, and that difference will make or break a sale. One company may provide a more open opportunity to demonstrate it’s products, another company may provide superior product knowledge, and another company may provide free service and support. Understanding how your competitors enhance the customer experience provide opportunities for improvement and an increased potential for customer wins.

Complementary competitive analysis

Depending on the nature and scope of potential work for new customers, we will perform a competitive analysis of their three top competitors absolutely free.

If you are an Ottawa area business thinking of ramping up your marketing efforts, you qualify for a free no obligation analysis. Contact Ladybird-digital for more information.