When it comes to building a successful business, understanding your competitors is a crucial aspect that should never be overlooked.
In our monthly Marketing Clinic, Zara Deegan, Founder of EXT MKTG and Claire Hutchings, Founder of Chime Agency shed light on the importance of identifying and analysing competitors. By examining their direct quotes, we can explore why knowing your competitors is essential and how it can benefit your overall business strategy.
Unveiling the Playing Field
Zara emphasises the significance of recognising who your business rivals are. “Do you know who your competitors are? Who is your proposal next to when a client is thinking, who to go with?”
Identifying your direct competition allows you to position your business effectively in the market. Whether it’s a battle of prices or the communication of services, being aware of who you’re up against helps you understand where you stand.
Gaining a Competitive Edge
Claire reinforces the idea that knowing your competitors’ strategies can give you a huge advantage. She highlights the importance of finding “white space” where your competition isn’t present. And enabling you to differentiate yourself and say something different to your target audiences. By analysing their approaches and messaging, you can carve out a unique position and tailor your marketing efforts accordingly.
Analysing business rivals not only helps you differentiate but also reveals new opportunities.
Claire suggests, “But it also helps you find different tactics and channels that you can exploit within your marketing.”
By closely studying your competition’s tactics and channels, you can discover untapped areas where you can excel. This knowledge allows you to optimise your marketing strategy and potentially outperform your rivals.
Collaboration and Partnership
Interestingly, Zara and Claire highlight the possibility of viewing competitors as collaborators or partners.
Claire explains, “Getting a bit cosier with your competitors isn’t necessarily a bad thing. If you start viewing them through the eyes of being collaborators with you as well.”
By fostering a collaborative mindset, you can explore mutually beneficial opportunities and drive the entire industry forward. Identifying potential partners among your competitors can lead to strategic alliances and joint ventures, expanding your reach and influence.
The Power of Competitor Analysis
Zara and Claire stress the significance of conducting thorough competitor analysis as an integral part of the planning and strategy process. They discuss the valuable insights gained from studying competitors’ websites, LinkedIn pages, call-to-actions, case studies, testimonials, thought leadership content, and social media presence.
This analysis enables you to understand your competitors’ strengths and weaknesses, identify gaps in the market. And then craft a comprehensive marketing plan.
Understanding your Competitors is Everything
Recognising your competitors and comprehending their strategies and positioning is crucial for any business striving for success.
Zara and Claire’s insights highlight the immense value of competitor analysis. By understanding your competitive landscape, you can differentiate yourself, uncover new opportunities, and even explore potential collaborations.
So, take the time to assess your competitors. And utilise the knowledge gained to refine your business and marketing strategies. By doing so, you’ll be better equipped to thrive in a competitive marketplace and achieve your long-term goals.
Claire Hutchings is an award-winning marketing consultant and Founder of Chime Agency. She supports agencies and consultancies to turn up the volume on their own marketing strategy.
Zara Deegan is founder & Director of EXT MKTG, an agile B2B marketing agency built to service time-poor business owners of creative agencies