Competitor Analysis- is it really that important?

I recently attended a webinar with the General Assembly and it opened up my eyes to the importance of competitor analysis.

So before we begin, let’s define what competitor analysis actually is…

Competitor analysis allows you to identify who your primary competitors are by researching their products, sales, and marketing strategies. 

Why is competitor analysis important?

By doing this, you can create solid business strategies that improve upon your competitor’s. It will also help you to gian a better understanding of your potential audience.

It’s most effective to pick 20 competitors to compare to and get ideas from.

5 Direct Competitors 

These are brands or companies who are as similar to your brand as possible. 

Some key questions to ask yourself are… 

    1. What platforms are they on?
    2. How often do they post?
    3. What aren’t they doing well?
    4. What ARE they doing well?

All of these questions are extremely important to know when researching your competitors and will help you to identify key areas where you need to improve

It also helps you to identify anything that your brand are doing well and how you can use that to capitalise further.

10 Industry Competitors

You want to find TEN companies/brands who are in your industry.

This means that they won’t be selling the same product as you but they sell a product to the same audience.

It’s important to befriend these companies on social media.

Why you may ask?

Well, a huge part of social media is tapping into audiences that other people in your industry may have.

It’s also important to consider teaming up with some of these brands.

Things to think about…

  1. Who you can work with?
  2. Which companies that compliment the services/products that you provide?
  3. Can you use them to create some joint content or do some giveaways with?

All these will help to combine you with other companies, which in turn will grow your audience and credibility.

5 companies/ brands you look up to

It’s important to also look at brands which are completely unrelated to your industry.

This is because they will still have useful methods which you can implement into your social media strategy and help you to be a pioneer within your industry!

Want to find out how to provide the most value to your followers?  Get in touch today to find out how ONQOR can help to create a bespoke social media strategy for you!