Kelly Robbins
Analyzing your competition
Copyright (c) 2007 A Marketing Connection
The who, what, where, when, why, and how
Knowing your competition allows you to identify a niche and
develop your own unique selling proposition (USP). Clearly
defining and understanding the core value you offer your
clients can depend on your having a firm grasp of your
competitors' strengths and weaknesses.
Where do you start?
1) Make a list of your competitors. Think big in this step.
Don't just think about your direct competition; think about
indirect competition in other industries as well. For
example, as a copywriter I could list my competitors as
fellow copywriters that do freelance work. But I don't want
to stop there. Other potential competitors may include
large ad agencies, small ad agencies (each may play a
different role with clients), technical writers, a
company's in-house writers, journalists, and even
fill-in-the-blank templates you can purchase on the
Internet.
2) From this broad-based competitive list, list specific
companies you compete with. For example, in the "other
copywriters" category, I may list Sally Field, Shelby Foot,
and Joe Blow. Under the large agency category, I may have
only one or two large agencies I run up against when
bidding on projects. Follow this procedure until you've
gone through all the competing industries. Some may have no
direct competitor and that's OK; acknowledging the
potential is there--and getting the "big picture" of where
competing business may lie--is what's important.
3) From this long list of competitors, pick your top three
and do a detailed competitive analysis. These are the three
you should also use for your marketing plan.
Gathering information
The next step in a competitive analysis is gathering
information through competitive intelligence (CI). CI is
the practice of gathering, analyzing, and disseminating
information on what the marketplace requires (the demand),
about how and you and your competitors meet these
requirements (the supply), and how each strives to meet
market needs better than others (the competition).
Gather marketing materials, visit stores, call and ask
questions. These are common ways to collect competitive
data. I go straight to Web sites and find almost everything
I need there.
Here are a few things to look for while gathering
competitive information:
What products/services competitors produce Who their target
audience is Guarantees, pricing, hours of operation, and
delivery options Overall, how do they position themselves
(cheapest, best value, fastest, unique, patented, etc.)?
What is their USP? After collecting this data, do a little
analysis. What is your competition really good at and what
is it not so great at? Are there any holes in their product
offerings? A niche they're missing? How does your business
fill in the gaps?
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Author of Healthcare Copywriting Secrets Revealed, Kelly
Robbins is an award winning copywriter and marketing
coach/consultant. She also publishes The Healthcare
Marketing Connection
e-zine on healthcare marketing tips. Contact Kelly to
receive her free report, "5 critical things you must know
when writing for the healthcare industry" -
info@KellyRobbinsLLC.com or 303-460-0285.
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