Are You Underestimating the Power of a Competitive Analysis?

[Most companies have the best intentions when they set out to create a marketing plan. But there is one thing that we consistently see underestimated – and, in many cases, overlooked by many in the marketing services industry. That is a thorough, non-biased competitive analysis. We are not referring to an understanding of your competition from your own perspective, but a thorough understanding of your competition through your customer’s eyes.
Here’s how we suggest you format your competitive analysis:

  1. Take your top three to five direct competitors in your category. Be sure to include yourself on that list as well.
  2. Now, pretend you are a customer looking for that product or service within your category.
  3. Start by doing a little research on each company, just like a real prospect would. Look at each company’s website. Look at any printed literature, ads, mailers or other form of communication. Do a keyword Google search. Compare creative styles and messaging. In other words, find everything you can on each company.
  4. Next, actually shop each competitor, including yourself. Go through the motions and experience that a prospect would experience. And be sure to keep a non-biased attitude, just like a customer would.
  5. Now, for the most critical part of this exercise, ask yourself, truthfully, who would you buy from and why? Warning: The truth may be eye opening.

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How does Challenger Branding market differently than a leading brand?

About Gumas

As a full service branding, advertising and interactive agency, we help Challenger Brands take on their industry gorillas and win.

Gumas is an award-winning, full-service advertising agency generally recognized as the country’s foremost experts on Challenger Brand Marketing®. We are dedicated to helping you take on your industry gorillas to quickly generate the greatest results from your marketing investment.

From research, strategy development, award-winning creative design, web development, digital media (including search, social media and everything in between); our goal is to create a marketing strategy specifically designed to help build your unique Challenger Brand. All the marketing support you need under one roof.

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