Do brands need to have strong knowledge about their competitor’s activities to make better marketing decisions?
Today, all brands and Organizations have to operate in a very competitive and fast paced environment. Brands are always looking for opportunities to hop on and gain competitive advantage in the industry. On the other hand, some of the brands think that it is best to get on with their own plans and completely ignore the competition, while some of them become so obsessed with tracking their competitors that they even use illegal methods to get the information. Brands that have strong knowledge about their competitors and their activities, helps brands to make better decisions for their marketing strategies.
For a brand, the primary goal by analyzing their competitors is to find out the strengths and weaknesses of their competition, so that the brand can make knowledgeable decisions about their own marketing strategies and fight with the threats from their competition and avail any opportunities that is offered to them because the competition is neglected some factor.
Today, we will be providing you some tips so that you are able to analyze your competition on digital media and gain the benefits from it. Before we tell you anything else, we would like to clarify one important factor i.e. do not compare product specifications while analyzing your competition (it’s not about the product comparison, it is about finding out the strengths and weaknesses of your competitors).
You need to know some of the things before competitor analysis. Rather, you need to ask these questions to yourself before proceeding with competitor analysis:
J.H. Davidson (in his book “Even more offensive marketing”) have categorized the sources of information for competitor analysis in a very nice way:
1 – Recorded Data: is easily available in published form such as:
2 – Observable Data: requires activities to collect information from different resources such as:
3 – Opportunistic Data: requires planning and organizing and can be collected from:
The question is: How do you analyze your competition in this age of digital media and put in use the data you have collected.
Here is the list of some popular techniques for competitor analysis that can keep you updated about your competition’s weaknesses and strengths:
If you are able to engage your fans through your content and timely response, there are definitely more chances for your brand to be at the top of the industry and popular among the lot. Our tip is, do not distracted from your marketing strategies and goals, while focusing on your competitor’s activities.
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