As a market researcher, I got my first experience in market research with competitive analysis. When I started I had no steps on how to do it but only a template.
I agree with another comment which mentioned examples. I feel like I can relate to each step and they're all gold, but examples are so important for a video like this.
Thank you for the content! I wonder how can I do it when my business is design and strategy? I know my competition, and check their websites and can see some clear gaps but I'm having a hard time discovering their offers their differentiator and positioning strategy as well as the customer service. Any Tips please? Thanks!
If you're having a hard time identifying their position then chances are, they simply havent done it well enough. Their messaging should speak to a certain outcome and experience their audience will get that they dont get elsewhere... Put yourself into the shoes of their audience and ask... "Does this brand really compel me to want to do business with them over the rest?"
Hey there, Stephen! Question... Is it really necessary to look at secondary and tertiary competitors if we have enough primary? If so, what exactly are we looking for with those ones? Thanks!
If you're having a hard time defining what they do well, then you shared audience is too and this in itself is a gap (They might not have taken the time to position themselves) - What outcome do they speak to?
Hi Steven, I find this process good, but is there a way to show us how this process works. Is there any case study or is there a book that can explain in detail with the help of case studies. Or some examples from Different streams. It could be of great help. Also if you recommend any books to read, that can help. Thanks for your help in advance!
Absolutely... I break this framework down in granular detail in 150+ videos with case studies, tools and deliverable socuments in Brand Master Secrets... brandmasteracademy.com/brand-master-secrets/ Here are some of the top Brand Strategy books I recommend brandmasteracademy.com/best-branding-books/
How to do a competitive analysis: 1. Capturing tool 2. Identify your top 10 RELEVANT competitors. 3. Categorize them by primary, secondary - Solve the same problem with a different solution, and tertiary - Solves a related problem with a different solution. 4. Experience your competitors by being in the audience's shoes. 5. Analyze their visual brand physically and digitally. Identify their message, personality, and characteristics. 6. Study their messaging - Find differentiators, key benefits, and themes, and how they share it like is it bland, fact sharing, or by using a storytelling framework. 7. Examine human brand persona - Check if their personality is in line with the visual brand, messaging, and tone if it is professional or not. 8. Engage in their content strategies - By whatever it is, see how they deliver it: If they are planning to solve problems with techniques and processes or if they are doing content just for the sake of it. 9. Analyze their marketing - What ads they are doing, how do they promote it, their free content, and Look at opt-in pages, if they have a lead magnet go for it and analyze their email. Overall, identify how good they are at converting audiences to leads. 10. Experience their offers - Analyze if it is free entry, what are they offering, how do they justify it, what comes with it (Discounts, etc.), and how do they incentivies you in becoming a customer. 11. Uncover their differentiator and positioning strategy - Look for Underlying themes and what do they want the customers to see on how different they really are. If you can't see it, then it's not your fault but theirs. 12. Study their fulfillment and customer service - Buy their products and experience them for real. Followed by talking to their customer service to know what it really feels like. 13. Analyze their reviews. It helps by making decisions for your differentiation. Find positive reviews = Desire, negative = fear. 14. After the spreadsheet full of info, perform a SWOT analysis. Look for gaps you can utilize and the strengths that can be integrated into our own.
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As a market researcher, I got my first experience in market research with competitive analysis. When I started I had no steps on how to do it but only a template.
I agree with another comment which mentioned examples. I feel like I can relate to each step and they're all gold, but examples are so important for a video like this.
Will include more next time. For the meantime, please check other contents on our Channel.
Very informative but it'll be great to explain with some practical examples. Thanks for the video
You're welcome
This was awesome, thanks!
You're very welcome!
Thank you for the content! I wonder how can I do it when my business is design and strategy? I know my competition, and check their websites and can see some clear gaps but I'm having a hard time discovering their offers their differentiator and positioning strategy as well as the customer service. Any Tips please? Thanks!
If you're having a hard time identifying their position then chances are, they simply havent done it well enough. Their messaging should speak to a certain outcome and experience their audience will get that they dont get elsewhere... Put yourself into the shoes of their audience and ask... "Does this brand really compel me to want to do business with them over the rest?"
Hey there, Stephen! Question... Is it really necessary to look at secondary and tertiary competitors if we have enough primary? If so, what exactly are we looking for with those ones? Thanks!
If you're having a hard time defining what they do well, then you shared audience is too and this in itself is a gap (They might not have taken the time to position themselves) - What outcome do they speak to?
Hi Steven, I find this process good, but is there a way to show us how this process works. Is there any case study or is there a book that can explain in detail with the help of case studies. Or some examples from Different streams. It could be of great help. Also if you recommend any books to read, that can help. Thanks for your help in advance!
Absolutely...
I break this framework down in granular detail in 150+ videos with case studies, tools and deliverable socuments in Brand Master Secrets...
brandmasteracademy.com/brand-master-secrets/
Here are some of the top Brand Strategy books I recommend
brandmasteracademy.com/best-branding-books/
Thought you were a nun for a second... Should be 'The Nunja 14-Step Framework'. :D
👍😀
How to do a competitive analysis:
1. Capturing tool
2. Identify your top 10 RELEVANT competitors.
3. Categorize them by primary, secondary - Solve the same problem with a different solution, and tertiary - Solves a related problem with a different solution.
4. Experience your competitors by being in the audience's shoes.
5. Analyze their visual brand physically and digitally. Identify their message, personality, and characteristics.
6. Study their messaging - Find differentiators, key benefits, and themes, and how they share it like is it bland, fact sharing, or by using a storytelling framework.
7. Examine human brand persona - Check if their personality is in line with the visual brand, messaging, and tone if it is professional or not.
8. Engage in their content strategies - By whatever it is, see how they deliver it: If they are planning to solve problems with techniques and processes or if they are doing content just for the sake of it.
9. Analyze their marketing - What ads they are doing, how do they promote it, their free content, and Look at opt-in pages, if they have a lead magnet go for it and analyze their email. Overall, identify how good they are at converting audiences to leads.
10. Experience their offers - Analyze if it is free entry, what are they offering, how do they justify it, what comes with it (Discounts, etc.), and how do they incentivies you in becoming a customer.
11. Uncover their differentiator and positioning strategy - Look for Underlying themes and what do they want the customers to see on how different they really are. If you can't see it, then it's not your fault but theirs.
12. Study their fulfillment and customer service - Buy their products and experience them for real. Followed by talking to their customer service to know what it really feels like.
13. Analyze their reviews. It helps by making decisions for your differentiation. Find positive reviews = Desire, negative = fear.
14. After the spreadsheet full of info, perform a SWOT analysis. Look for gaps you can utilize and the strengths that can be integrated into our own.
Super valuable 👍