This Month’s LEAP Recap: Conducting a Competitive Analysis
Competitive analysis, also known as competitor analysis, market analysis, or environmental scan, is the process of evaluating your competitors in relation to your own brand. This analysis helps you identify key differentiators, strengths, and weaknesses of your competitors, providing a clear picture of the competitive landscape.
Why Perform Competitive Analysis?
Identify Core Differentiators: Understand what sets you apart from your competition.
Assess Competitor Strengths and Weaknesses: Learn from both the successes and failures of others.
Enhance Strategic Planning: Use insights gained to refine your business strategy and operations.
Conducting a Competitive Analysis
Define Your Objectives: Clearly state why you are conducting this analysis. Are you honing your brand, launching a new product, or targeting a specific competitor?
Profile Your Business and Competitors: Document the key aspects of your business and those of your competitors, including business models, locations, and other relevant details.
Analyze Marketing Efforts: Review your competitors’ websites and marketing materials to gauge their competitive advantages, target customer groups, and marketing strategies.
Evaluate Products and Services: Compare what is being offered by your competitors and at what price points.
Perform a SWOT Analysis: Identify the Strengths, Weaknesses, Opportunities, and Threats related to your business and your competitors.
Session Highlights
Identifying Competitors for Creatives: Creatives should look for businesses with shared consumer groups, similar business models, or those offering similar services.
Expanding Geographically: To identify competitors when planning to expand, look for businesses that you aspire to emulate.
Understanding New Markets: When entering a new geographic area, engage with local experts who can provide insights into the competitive landscape.
Key Takeaways
This session underscored the importance of competitive analysis in any business strategy. By understanding your competitors, you can better position your business, anticipate market changes, and identify opportunities for growth and innovation. Whether you're a creative looking to stand out, or a business owner planning to expand, competitive analysis is an invaluable tool in your entrepreneurial toolkit.
If you missed us this session, you can check out a recording here:
Join Us Next Month!
Join us for next month's session, where we will discuss Creating a Consistent Presence on Social Media on Monday, July 8th at 1:00pm. Come ready to take another LEAP forward in your entrepreneurial journey.
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