Building Your Brand Strategy
When it comes to building your brand strategy, understanding your competitors is as important as knowing the secret ingredient in your grandma’s famous cookie recipe—it’s the key to success! After all, if you don’t know what’s out there, how can you stand out?
To illustrate, think of it as two ice cream trucks rolling through the same street on a hot day. Both are ringing their bells, vying for customers, but only one gets the most attention. Why? Because they’ve nailed their strategy—better flavours, bigger scoops, or simply cooler vibes!
Your Competitors
By learning about your competitors, you’re not just staying in the game—you’re upping your branding strategy, perfecting your marketing strategy, and polishing your brand design like a diamond.
8 Things Every Business Owner Should Know About Their Competitors
1. Who are your competitors?
Your competitors fall into three buckets:
Direct Competitors
They offer the same thing as you and operate in the same market.
Indirect Competitors
Think alternatives or substitutes—like almond milk to cow’s milk.
Emerging Competitors
The new kids on the block. They might seem small, but they can shake things up!
2. Their products and services
Do a deep dive into what they offer:
- What’s their product range?
- How’s their quality compared to yours?
- What’s their USPs—are they screaming luxury, or are they all about affordability?
- And don’t forget: what are people saying about them in reviews?
3. Market position and target audience
Understanding their market position is like figuring out their social media bio. Are they the trendy start-up, the reliable classic, or the budget-friendly option? Dive into who they’re targeting (demographics, lifestyles) and how they’re perceived.
4. Their marketing and advertising strategies
This is where things get spicy!
- Are they crushing it on instagram, or is linkedin their playground?
- Are their ads popping up everywhere, or are they rolling out low-key influencer collabs?
- What keywords are they ranking for on google?
5. Sales and distribution channels
Do they sell online, in-store, or both?
- Are they running loyalty programs or offering jaw-dropping discounts?
- How far do they ship—local, national, or worldwide?
6. Customer feedback and satisfaction
Reviews and comments can be a goldmine of insight. Find out:
- What customers love about them.
- Where they’re falling short (a.k.a. Your opportunity to shine).
- How well they handle complaints and inquiries.
7. Strengths and weaknesses
Think SWOT analysis:
Their Strengths
- What do they crush? (e.g., excellent branding strategy or standout customer loyalty).
Their Weaknesses
- Where do they slip up? (hint: use these gaps to your advantage.)
Their Opportunities
- What trends are they ignoring that you can pounce on?
Their Threats
What challenges do you think they face? (e.g., aggressive pricing strategies, new innovations, or expanding into new target markets.)
8. Innovation and Trends
Are they riding the wave of the latest trends, or are they stuck in the past? Look out for:
- Cutting-edge tech they’re using (ai, automation, etc.).
- How often they launch new products or services.
- Whether they’re jumping on movements like sustainability or community-driven branding.
Where to find all this juicy info
Ready to play detective? Here’s how:
The internet is your bff
Stalk their website, social media, and reviews like you would an ex’s instagram (we’ve all been there).
Competitor analysis tools
Tools like semrush, spyfu, and similarweb make this a breeze.
Mystery shopping
Try their products/services to experience what they’re offering firsthand.
Industry reports
Read up on market trends to get the bigger picture.
Why should you care?
Without competitor analysis, you’re like a chef working without tasting the dish—how will you know if it’s any good?
Here’s what competitor analysis does for your business:
- Find gaps in the market: discover opportunities to offer something unique.
- Benchmark performance: compare your progress and set ambitious (yet achievable) goals.
- Make informed decisions: fine-tune your branding, pricing, and marketing strategies.
- Gain a competitive edge: stay one step ahead by being proactive, not reactive.
Ready to stand out?
Understanding your competitors is the ultimate cheat code to refining your branding strategy. Furthermore, it helps with crafting a killer marketing strategy and acing your brand design. So, what are you waiting for? As a result, you can turn that knowledge into action and make your business the most irresistible scoop on the block!
Need help analysing competitors or shaping your branding strategy? Get in touch with me – I’ll help you stand out like a neon sign in a sea of plain billboards!
“Don’t be afraid to be different.
Be afraid of being the same as everyone else.”
