Competitive Analysis

Some believe they should focus on their own core actions and grow a bigger pie for the whole industry, and others see competitors as all-out enemies. Whichever side you’re on, it’s helpful to have context when evaluating your competitors’ successes and failures in the marketplace.

There are some marketing actions all companies have to take to become viable. These include publishing a Web site; creating news stories; initiating social media efforts; developing advertisements for print, broadcast, interactive, and/or search; and creating content and publicly available newsletters.

Analyze your competitors’ marketing—see which efforts work well, and understand why stakeholders like them: What is their primary messaging? Why does or doesn’t it work? Which products or services compete directly against your own? What are the price points? Are there public partnerships that help distribute their offerings? How loyal are their customers?