Stand Out! How a Competitor Analysis Can Help Grow Your Business

If you haven’t done a competitor analysis yet for your business, add it to your to-do list. 

Conducting competitor (or competitive) analysis involves examining your competitor’s marketing, products and pricing, culture, and customer reviews to gain insight to strengthen your own methods.

The purpose of a competitor analysis is not to make you feel your business is inadequate, but to highlight areas for improvement in your marketing strategy.

Doing so will help you better understand the market you’re in, identify industry trends, discover your business’s strengths and weaknesses, and also set expectations for future growth each quarter. 

Understanding Your Market

As a business owner, you should continue to be a student of your market’s competitors in order to outperform them. Having a better grasp of your competitors will reveal where the gaps are and where your target audience is underserved. 

Guessing is not a business strategy. When you understand your market, you can take the guesswork out of marketing and sell to your clients’ needs.

Identifying Industry Trends

In addition to understanding your market, you want to be knowledgeable about your industry as a whole and see how it’s moving. This will allow you to capitalize on trends that align with your brand.

However, always keep in mind that just because your competitors are doing something doesn’t necessarily mean that you should do it. In fact, it could mean that you should do something different in order to stand out from the crowd.

Discover Strengths and Weaknesses

A huge part of being a successful business owner is being able to recognize and acknowledge when something isn’t working and adjust accordingly. Celebrating what’s working well and assessing what needs improvement is an intricate balance that is essential to the growth and success of your business. 

Don’t get so caught up in the day-to-day of running your business that you fail to set aside time to provide necessary feedback to your team for improvement. 

Set Expectations for Future Growth

Once you have the information, it’s time for implementation. You can do this by ensuring that your competitor analysis includes companies that are bigger than yours so you know what areas to aspire for growth in. Having a model for success will help you plan for scaling your business in the quarters and years to come.

Performing a competitive analysis is tedious, time-consuming work, but it’s well worth the investment. 

Let’s be honest: you’re a rock-star business owner. Your clients need your focus and attention, and trying to do a competitor analysis yourself will only take away time from what you do best.

At Brand-It Strategies, we’re all about the numbers and the details. Marketing is our what we do and we take pride in leveraging the data to make important decisions that will guide the growth of your business.

With our competitor analysis, we deliver an in-depth, multi-page document reviewing the ins and outs of your business vs. your competitor’s – key information that will help catapult your brand to the next level. 

Our Competitor Analysis is a deep dive into:

• Website Performance
• SEO Analysis
• Social Media Strategy
• Website Analysis
• SWOT Analysis

Along with a full rebound strategy.

When you trust Brand-It with your competitor analysis, you will receive clear direction for your business that is rooted in tangible data, which will yield increased clients and sales.

If you’re ready to eliminate the guesswork from your marketing strategy and start scaling by using proven data and methods, let’s get started.

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