If you were trying to sell your home, you’d take the time to scope out the neighborhood. Then, you’d probably look up other homes on the market and see how your house compared to your neighbor’s. The same concept applies to professional competitor analysis. In this analogy, your competitive market is your neighborhood, and you’re looking to see how other businesses measure up compared to your products and services. 

Carrying forward our real estate analogy, trying to sell your home without a professional agent can be confusing and lead to complicated mistakes. You could say the same about amateur competitor analysis. That is why we at Planted Marketing offer our professional competitor analysis experience to help you scope out the market and better position your business for success. This article discusses the benefits of competitor analysis and how our services can help promote and grow your small to mid-size business. 

Importance of Competitor Analysis

Competitor analysis works to achieve several things. From figuring out the pros of your products to seeing where your competitors excel, tracking your competition can have several upsides. First, it allows you to see your success and failures from an objective standpoint. In some ways, competitor analysis turns the business owner into a potential customer, tracking down the best parts of each business before making a purchase. Finally, you can see what works in your favor and what areas need improvement by seeing your business in an impartial light.

Next, competitor analysis helps identify ways to shut out the competition. Are your competitors angling for a new niche? Are they marketing themselves as eco-friendly? These are opportunities for your company to wiggle into the same niche and lock them out before they gain more customers. Since the marketing business is a dog-eat-dog world, any advantage you can find over your competitors can help skyrocket your business to new heights.

However, conducting professional, comprehensive competitor analysis can be difficult. That’s why we at Planted Marketing offer our experienced competitor analysis service to help your business grow. So let’s examine our services and how competitor analysis can benefit your company. 

Planted Marketing’s Competitor Analysis Approach

Before we dive in to learning about your competitors, we take time to fully understand all the ins and outs of your brand. It’s important for us to feel like we are integrated into your team and branding so we know exactly what approach to take. Once we’re fully aligned, we begin identifying competitors.

Analyzing your competitors can be a really in-depth process but here’s a quick summary. We look at their entire branding, where they’re marketing online, who they’re speaking to and how they’re speaking to them, what their advertising and sales are like, and so much more. We also make a list of what they’re doing really well and what we think they’re lacking. We document all of our findings and send to you along with a strategy around what to do with all of this information!

Monitoring your competitors is a key ingredient to growing a successful brand. If you’re ready for some help in taking this first step, send us a message!