Creating a Competitive Analysis
What Makes Your Business Unique From Your Competitors?
A competitive analysis compares your business’ service or product offerings with your closest competitors who offer similar products or services, sometimes within the same or similar market segment. It presents the data so that it’s easy for a reader to compare products and service offerings across different comparative criteria, so that you can better understand who your competition are, how they are positioning themselves in the market, and ultimately how you will uniquely position your own brand.
I make it simple. Utilize this nifty Competitive Analysis Worksheet to map out your competition, and create a branding blueprint around:
- Who are the major competitors in the market within your area of focus? What products or services do they offer?
- What segments of the market does each of them target (target audience)? What strategies are they utilizing to reach their target audience?
- Have there been any major market changes in the last 5 years that have affected those companies?
And a few more key questions to get your thinking about how to uniquely and successfully position your brand!