It’s important to understand what is happening with your business. The first thing you should be doing is researching your competitors, studying your own brand’s strengths/weaknesses, so you can brainstorm and plan accordingly with your team. When you understand the entire business in and out, it makes it so much easier to work on what’s best for your brand.
There’s 2 ways I work on brand analysis: 1st is Research and Analysis of primary competitors and 2nd is creating a SWOT Analysis chart. You might get surprised how your entire vision for your brand could change after completing this analysis.
- Research and analyzing your competitors
– List your top 5 to 10 competitors in your market.
– Find out what their targeted customers are.
– Categorize all their products and services.
– Create a summary of their price points for every category.
– Determine the unique selling points (USP) of your competition.
– Identify their strategies that you think that they use effectively.
DIRECT COMPETITION is the competition among companies that offer products or services of the same categories. Researching about direct competition is important because it helps distinguish the USP and create differentiation. It also helps save time when building up a customer profile for your brand or business.
INDIRECT COMPETITION is the competition among companies that offer products and services that satisfy the same results such as reveal untapped opportunities, understand your audience better and create new marketing plans plus open up collaborations!
2. Create a SWOT Analysis – After studying your competitors, a SWOT analysis helps you create a specific plan of attack. A SWOT means Strengths, Weaknesses, Opportunities and Threats. Basically, you make 4 boxes with strengths on the upper left, weaknesses on the upper right, opportunities on the lower left and threats on the lower right. Here’s what you write in each box:
– What advantages does your brand have?
– What does your target market see your brand as a strength?
– What is the 1 thing that your brand does better than anyone else?
– What type of resources do you have that others don’t have?
– What’s your brand’s USP?
– What disadvantages does your brand have?
– What do people in the market see as your weakness?
– What can you improve on as a brand?
– What factors make you lose sales?
– What should you avoid doing as a brand?
– What opportunities do you see?
– What specific trends are you aware that others are not seeing?
– What local or online events can you leverage on?
– What changes are happening in the following: technology, government policies related to your field, social patterns, population profiles, lifestyle factors and product specifics
– What are the obstacles that you are facing now?
– What changing tech and trends might threaten your business?
– What are your competitors doing much better than you are?
– Does your company have bad debts or cash flow problems?
– Is any of your weaknesses a serious threat to your business growth?
A SWOT analysis can be timely and overwhelming for first timers, but it helps you have a better understanding of your own company which means making the right or better choices for your brand overall. It’s one of the most highly used types of analysis companies partake in, big or small. Getting used to doing those at least 1 to 2x a month as a whole makes a world of difference if you feel you are getting lost somewhere in between your business efforts.
Question of the day: How do you make an analysis for your brand?