Infuse Zeal

It used to be that companies had to rely on personal networks, industry analysis and observations from marketing events like trade shows to get a feeling for what the competition was doing.

Now, we live in an age where you have more solid data at your disposal. This removes the guesswork out of competitive analysis.

Here are your three stepping stones to successful competitive analysis:

Step One: Use Real Data

A lot of information is available to you now. Put that to the use.

1. Who is searching for the services and products that you offer?
2. Where are they?
3. How well do you benchmark against competition in pulling these people to you?
4. What is your competition doing for the marketing? How and where do they advertise? What kind of content do they create, and which channels do they use to build their exposure?

Get this information, and you can accurately assess your current competitive position. Not only that, it gives you a clear plan to sharpen your competitive edge.

Step Two: Measure and test – Grow and Gain Insights

While running your marketing campaigns. This will enlighten you with a lot of insights as to how your prospects think and behave. Do this not only for your online campaigns, but also offline campaigns. Web analytics and qualitative testing tools are huge assets for this.Use that to develop your competitive edge.

Step Three: SWOT Analysis

Do the SWOT analysis. This simple tool packs a lot of power not only to organize your thoughts and data, but also to provide framework for strategic insights.

With these three steps you will have a solid competitive analysis for effective marketing.

Focus on the first step today, which is to get market intelligence. See more on it the video below.





We would love to hear your ideas on this as well. How do you conduct your marketing competitive analysis?