The most successful market plans consider competitor research. Make sure that your marketing plan incorporates these key components.
Competitor research is all about brand placement. Knowing and understanding how others are succeeding and falling short can help you to position yourself exactly where you want to be.
Below are some reasons why you need to undertake research about your competitors:
Download the attached Competitor Analysis Worksheet and use the following list to determine who your competitors are.
Discuss what products/services your competitors are offering. Create a list of each and outline their pricing strategies?
Depending on what type of businesses you are analysing, this could include their annual turnover, the number of employees, their social media following or their blog followers.
What makes them stand out from the crowd? How have they positioned themselves uniquely? What about their brand makes people attracted to them? Is it a product, service or personality that stands out? Does their brand personality make it a unique experience?
Discuss what is making their business successful, and what their strengths are. Do they produce fantastic content? Do they provide excellent customer service? Do they have unique talents that few poses?
What is their business missing or lacking? Are there any areas that you would improve if you were in charge? Do they update their products regularly enough? Is their branding outdated?
Now that you have completed your analysis, you can start to see how your plans compare to others out there, while you build your marketing plan.