The Importance of Competitor and Industry Analysis
Everyone wants their business to climb to the top of the ladder right? So research your major competitors and know your market! Don’t want to be caught lacking when it comes to development and growth within your own space, and you might even pinch a few ideas along the way.
Competitive Analysis is fairly self-explanatory, and no its not who can analyse better, but rather who am I competing with in my market, what are their strengths and weakness and how does my business compare. Seeing what products work or don’t work in your target market before producing something can be crucial, however there are other aspects worth looking at like marketing channels, campaigns etc. You can find some more examples in our Marketing Trends to Consider for 2022 post.
-Do your competitors outsource certain parts of their business like Web Development and hosting or Brand design and end up with an advantage because of it? If this is the case we may be able to help, check out our redesign and rebranding of PI Inc. for an idea of what we can do.
Be unique & Boost engagement
Being unique is a great way to push your brand to new heights. In order for you to be truly unique, you need to know what the rest of the space looks like, in other words, there’s no point to going in blind and thinking you’re something new and exciting! If you only recycle other ideas, you are much less likely to take off than the ones who did the same thing first! Here are some suggestions to keep your business unique:
- Listen to your customers, try to interact as much as possible over various channels. For a detailed look into why the customer is so crucial to development, check our Why Customer Feedback is Essential blog.
- The key is creativity, think about constant change to keep your product or service fresh to entice new customers at the same time as retaining your existing ones.
- Find your competitive advantage, where is your business better than others and how can you emphasise that to ensure success in the future?
Patterns (or trends) that occur within your business space would be YOUR Industry Trends, whether this is Pricing, Consumer Needs, Growth or Decline in a relevant market and much more!
Knowing your industry is more important than ever these days due to the prevalence of Social Media and Technology in everyone’s lives. A fast adaptation to modern marketing strategies is not only key to keeping in touch with customers, but will also allow effective analysis of how competitors may use their digital presence to benefit their growth. You can see how you could use digital means effectively in our other article, New Year New Me – Contemporary ideas for your digital presence .
Digitalization has sped up significantly over the last year or two, what with us all locked up with nothing else to do, everyone is online! Quite frankly if your business hasn’t caught on yet.. where have you been? Having your business available online makes you accessible on a global scale if you wanted to be, and considering people spend most of their days at home at the minute, this can only work in your favour.