It’s Week 10, and our thoughts have moved to competitor analysis. When you started up and produced your first business plan, did you identify your competitors? And have you kept that up to date?
Completing this analysis forms a vital part of your marketing plan. Don’t let it be a one-off activity. Here’s our tips on how to put together a comprehensive analysis that will help inform your business strategy.
And if this sounds great but you won’t have time to do it before next Christmas, let alone this one, then Hour Hands can help. Simply give us a quick brief and our research team will put together a detailed report that will make a difference to your business. Why not check out our case studies to see how we’ve helped other businesses?
Identify the competition
Start by identifying who your competitors are – you could do this from a potential customer’s point of view, using search phrases someone might use to find services like yours. You could also look at other sources of information, such as directories.
Once you’ve drawn up your list of competitors, it’s time to work through questions such as:
- How does their website compare?
- Is their branding strong and consistent?
- What products or services do they sell?
- What geographic area they operate in?
- How does their pricing work?
- What makes their product unique?
- What are the benefits of their product or service?
- Which market segments are they targeting?
- How they market their services – what channels do they use and how often?
- What type of content do they have?
Develop additional questions that fit with your business and market. Be thorough, objective and positive.
Look in the mirror
Also assess your own business. You’ll be able to see where your strengths and weaknesses lie, and where your product or service fits in. Think about:
- How your service compares? How is your company different from the others on your list?
- Do you review your marketing effectiveness? Do you know what works?
- Make sure you repeat what works, but don’t be afraid to try new things.
- Collaboration – don’t be too quick to avoid the competition; it might be beneficial to collaborate if your services are complementary.
- Are you thinking of entering any new markets? If so, competitor analysis will be invaluable for your planning.
Hour Hands Research Packages
The sheer volume of content on the internet means that research can take far longer than it needs to. Don’t waste your time ploughing through poor quality or unnecessary information. Hour Hands can take your brief and find the information you need, quickly and efficiently. To give you a guide, our competitor analysis research package costs just £100 and will provide you with a detailed report covering at least 10 competitors, but we can source information on anything you need – just contact us and we’ll get started!