A competitor review and gap analysis are done to give you a clear understanding of the commercial landscape your brand, or business, is working in.
By researching main competitors you can gain insights into their products, sales and marketing tactics, the channels and platforms they occupy and frequency of activities (launches, promotions, discounts, experiential and so on).
Whether you are looking to gain new market share or retain the slice you dominate, understanding what you are dealing with is half the battle to having the upper hand.
- Value Proposition
Clearly communicating the product or service you promise to deliver to your customers is what makes your product attractive to this target audience. We can help with identifying the differences and benefits of your positioning to someone else’s.
- Staying Relevant
There is no reason why you can’t also do what your competition are already doing, especially if it is producing fantastic results. There may be room for both of you in this segment, so why not replicate what has already been proven to work.
- Fill the Gap
You may spot opportunities that no one else is making the most of yet. Jump in there and be the first!
- Benchmark Yourself
By looking at others and your own past experiences, you can compare performance of new initiatives and get a feel for their worth - very valuable in deciding on ROI and future plans.
- Listen to Feedback
Typically, customers only complain or share a positive review if they feel strongly about a situation – so take that feedback onboard! Customer reviews (of your own, but also your competitors’ products/services) are invaluable data, so make the most of it.