With the number of businesses in the world clocking the 200 million mark, we’re not short of choices regardless of which product or service we need.
No matter where you are, how small your industry, or how specific your niche, chances are there are plenty of businesses offering the same thing to the same people, possibly at the same price.
Smart brands understand this and do the necessary due diligence.
They identify what their target audience already has in the market in the way of choices, and they specifically avoid offering the same.
They go out of their way to become the consumer and view the choices in the market from those consumer eyes.
They experience the market as the consumer, in order to fully understand the market landscape including where the market is served well and where it’s underserved.
Comprehensive competitive analysis provides brand builders the information needed to make strategic decisions by answering critical questions such as:
What opportunities exist?
What are the gaps?
How do we fill the gaps?
What are the market trends?
What features should we focus on?
What benefits do we promote?
How does our audience feel?
Where is our audience being let down?
How can we stand apart from our competitors?
Without an effective competitive analysis, the answers to these questions would be based on a guess at best.