There’s no doubt that building your own brand or platform is hard work. To be successful, the process takes time, effort, and maybe most importantly – strategy.
Yet one of the most overlooked tasks in building your brand that’s often overlooked is keeping an eye on your competitors.
Occasionally keeping an eye on what other brands are doing well (and not so well) can open doors of opportunity for you. Here’s what you need to know about doing a competitor analysis and how to get started today!
What is a competitor analysis?
So who exactly should you be analyzing? Your competitors are the brands, authors, platforms, or businesses that have a similar audience or offer as you.
When you do an analysis, it’s not just about checking out their social media accounts and calling it a day. Your analysis takes a look at their brand inside and out so that you’re less likely to miss out on new trends and tactics.
A Competitor Analysis will also help pinpoint your competitors’ strengths and weaknesses. From there you can identify how your brand can grow and what you can do better or differently.
Have an hour this week? You have time for an analysis. Here’s a quick start guide!
So when was the last time you took an in-depth look at what your competition is doing? It’s about analyzing
7 Easy Steps to Do a Competitor Analysis
1. Take a look at your niche or offerings. Search those on Instagram, Facebook, Google, etc., and see what results you get. From there, you can determine a few of your direct and indirect competitors.
2. Research your competitors. What sales tactics are they using on social media? What marketing tools are you seeing them use? What’s the tone of their copywriting? The helpful website features they offer? Jot these down in a spreadsheet.
3. Take note of their pricing and perks. Are they similar to yours? How do their offerings differ? Which perks are they promoting regularly on their website and socials? Write those down.
4. Analyze their level of engagement. Is their audience talking back to them? Take a look at customer reviews, feedback, and testimonials, too. Take note of your findings.
5. Review results. Highlight or bold the points that stand out to you for each brand.
6. Identify areas of improvement. Based on your discoveries, how can you use this information to improve your own platform? Create a plan based on your notes with doable due dates to ensure you stick with it!
The Benefits of a Competitor Analysis
- Helps you identify your brand’s value and uniqueness.
- Creates a benchmark against competitors.
- Determines the supply and demand for your market or niche.
- Allows you to identify new trends.
- Helps you to uncover great marketing strategies.
So what are you waiting for? Now that you know the benefits of a Competitor Analysis there’s no better time than a new year to start.
Need a little help? Our Red Bird Social team offer a Competitor Analysis in our Digital Brand Audits! Reach out today right here to talk about how we can help you!