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During my marketing career, I have been lucky enough to be exposed to a number of different roles and responsibilities, including as a Product Manager. I have a sincere appreciation for competitive analysis, and the data gathered in examining the products and services of an organization’s competition can be invaluable.

But one component of marketing strategy that tends to be overlooked is how is your competition going to market. One of the best activities that any organization can conduct is to deeply study the marketing tactics of each of your key competitors. My advice would be to ask yourself:

  • Who are your competitors?
  • What products or services do they sell?
  • What is each competitor’s market share?
  • What are their past marketing strategies?
  • What are their current marketing strategies?
  • What type of media are used to market their products or services?
  • What are each competitor’s strengths and weaknesses as they go to market?
  • What potential threats do your competitors pose?
  • What potential opportunities do they make available for you?

Over the last eighteen months, we have conducted a number of competitor audits for our clients, and the results enable for targeted and effective marketing planning. With the information gained from the competitor audit, an organization can intelligently decide where to allocate their marketing resources to make the most impact to their targeted audiences.

Our process includes an analysis of the industry, any specific B2B or B2C marketing trends that are applicable, and then an in-depth breakdown of key competitors in specific tactical areas. Distinct opportunities can then clearly be identified for any organization, and I encourage you to consider an analysis of how your competitors are going to market when you have your next marketing planning discussion.