Your competitors…what are they doing and what makes you different from them?
Most companies know that they need to differentiate themselves from their competitors, in order to gain competitive advantage in the marketplace.
But how often do you take a look at what your competitors are doing and what their brand represents?
We have come across examples very recently whilst carrying out a competitor analysis for two clients, where we have revealed some information that they weren’t aware of.
The first example is a client who had suggested a new tagline he was keen to use with his brand refresh. Whilst carrying out our analysis, we discovered that one of his competitors had recently started using that exact tagline.
The second example is a client who said “we don’t have any direct competitors because we are so unique”. On further investigation it was found that their business was unique when it was established, but as they hadn’t reviewed the market recently, they were not aware of competition that had emerged in the last few years. And they had also not considered other companies as competition, who offer a different type of product but for the same need in the same market.
So the first two rules when trying to stay ahead of your competition are:
- Know who your competitors are
- Make sure you review them regularly so you know any changes they have made
The next thing to look at is what makes you different to them?
Obvious differences are the products and services offered, but what also makes a difference to customers is the brand as a whole and what benefits it gives to them.
Assuming you know what your brand says about you (as discussed in a previous blog post), you can then compare it by carrying out competitor analysis and answering the following questions:
- What are your competitors’ perceived brand images?
- What impression do their visual identities (logos) give?
- What do their websites and other promotional materials represent?
- What are their brand values, brand personality and brand promise?
If you think there are too many similarities between you and any of your competitors, it may be a good idea to look at your brand strategy and perhaps refresh your branding. If you think this may be beneficial for you, please call me on 0116 232 5931.
Until next time,