At Vibrant Imagination we strongly believe that competitive analysis is the process of categorising and evaluating your competitors value propositions to understand their strengths and weaknesses in comparison to your own.
In other words, it’s not a complicated idea. The better you understand your competitors, the better chance you have of beating them.
The concept might be simple, but the process is more complicated. A competitive analysis can cover a whole range of areas, data, and disciplines. In addition to this, it helps you gauge how to curb competitors and refine your strategy, which is important for start-ups and for those businesses that want to expand into new markets.
Some of these will be more important, depending on your type of business. Above all, the more exhaustive you are the more effective your competitive analysis will be.
At Vibrant Imagination we will help you undertake a competitive analysis. As a result, combining these findings with your own understanding of your industry and business, and together we can create something really powerful.
Your competitive analysis should include:
Identifying your competitors.
Obtaining information about your competitors’ brand and value propositions.
Brand awareness – the percentage of your target market that are aware of your competitors.
Evaluating their strategies – determine their strengths and weaknesses relative to your brand’s.