Here's how you can effectively conduct competitor analysis for brand strategy projects as a project manager.

Identifying rivals is not just about recognizing direct competitors but also understanding the broader competitive landscape. Market Research: Start with comprehensive market research to identify brands offering similar products or services within your industry or niche. Keyword Analysis: Use keyword research tools to uncover competitors ranking for the same keywords or phrases related to your industry. Social Media Listening: Monitor social media platforms to identify brands that are actively engaging with your target audience or sharing similar content. Industry Directories: Explore industry directories and listings to discover competitors operating in your space.

?? Competitor Analysis Simplified! ?? Some questions to ask when identifying competitors include: 1?? Who are your direct competitors? The ones you bump into in every bid. 2?? Who offers similar products + services? Those not-so-obvious brands that sneak into your space. 3?? Who sets the gold standard? The aspirational brands you look up to. 4?? Where to dig deeper? Start with industry directories to expand your list. Nail your brand strategy by knowing not just who you're up against, but how to stand out. ??

As a project manager, conducting a competitor analysis is key to building a strong brand strategy. This involves identifying your competitors through research and customer feedback, then deep diving into their offerings, messaging, and market perception. By comparing this information in a matrix and conducting a SWOT analysis, you can discover your brand's unique strengths and opportunities to stand out from the competition. This will guide you in crafting a brand strategy that seizes market opportunities and positions your brand for success.

Never say that you don't have competitors. A competitor isn't just someone that is building a product that is similar to yours, it is anything that can possible take the time away from using your product or service or the money away from purchasing your product or service. For instance, for some incredibly expensive watch brands, such as Piaget, they cannot just think of other watch brands as their competitors. Private jets, luxury cars, etc. are all also competitors.

Conducting competitor analysis for brand strategy projects is essential for project managers. Begin by identifying competitors and gathering data on their products, pricing, and marketing strategies. Perform a SWOT analysis to understand strengths, weaknesses, opportunities, and threats. Benchmark your brand against competitors and identify unique value propositions. Stay updated on industry trends and monitor competitors' activities. Communicate findings effectively to inform strategic decision-making.

One powerful tool I've employed to differentiate brands is the strategic use of color data. Often, brand colors are chosen based on subjective factors like color psychology and cultural associations, leading many competitors within the same category to adopt similar hues. This scenario presents an opportunity to pivot to underused colors in the category, instantly setting the brand apart. For instance, when working with Volaris, a Mexican budget airline, we analyzed the color schemes of airlines worldwide. We found that blue was overwhelmingly common, while purple was least used. Volaris adopted purple, a decision driven by data, which significantly contributed to its successful market penetration by making it instantly recognizable.

Pay close attention to your competitors product range, how they price things, how they run their marketing campaigns, and where they sell their products. The goal is to paint a detailed picture of how they function and the way their customers perceive them. Quality data is what makes a good competitive analysis Remember, this isn't just about copying what they do, it's about understanding why they do it

???♂? Double click on your competitors... ???♀? Step 1: Grab your list of top 5-10 competitors. Step 2: Start your investigating. Gather key assets like websites, social posts, press releases, and videos. Step 3: Organize them into neat folders for each brand. ?? Ask yourself: What touchpoints define each competitor? Which visuals scream their brand? What words do they live by? The deeper you dig, the better your insights.

You need to go beyond what other people are saying or discussing regarding your competitors. It is one thing to look for shallow publicly facing information such as customer reviews or social media, but you need to dive deeper than that by looking at their financials when at all possible. Conduct in-depth research by analyzing your competitors' financial reports, attending industry events, and engage with their customers through surveys or interviews...Track their digital marketing strategies, and SEO tactics. Why are they doing what they are doing? Is it working? Advertising may be flashy and stands out, but for a lot of companies regardless of the adspend, up to 80% of their traffic might be from SEO.

Time to gather intel. Dig into their websites, customer feedback, and press releases. See what they're saying on social media too. Look at what they offer, their pricing, their campaigns, and how they deliver. Build a detailed picture of their operations and customer perceptions. Good data collection sets the stage for insightful competitor analysis.

Go beyond just identifying what they sell, analyze the how and the why behind their choices. Look closely at the specific features, what benefits they emphasize in their marketing, and how they position their overall quality level. For example, Dyson revolutionized a relatively mundane category. Traditional vacuums focused on price and suction power. Dyson analyzed what people truly hated about vacuuming: loss of suction over time, difficulty maneuvering, bag changes, etc. They focused their product innovation on solving these pain points, even if it meant a much higher price point. This strategy worked because they identified a need others had overlooked

Look for gaps in competitor offerings that present opportunities for differentiation. By identifying areas where competitors may have overlooked customer needs or preferences, you can tailor your own offerings to capture market segments they have not effectively targeted. For example, in a competitive landscape where clothing brands focus on sustainability and quality, conducting competitor analysis may reveal a lack of inclusivity in size ranges. This insight can inspire the development of an inclusive sizing range as a unique selling point.

When analysing competitor offerings, stop focusing on features alone. Describe a competitor's product ONLY based on customers' emotions while using it. -Research your competitors' failures, not just their successes. What did they launch that flopped? Look for gaps in customer understanding you can fill. -Buy their product. Not just to use it but to take it apart (figuratively). What design choices were made? Where did they invest vs. cut corners? -What have they added, removed, or rebranded? This shows you their response to market shifts you might be missing. -Find the "invisible" offering. For example, is it speed? Community? Luxury? Identify the intangible things a competitor sells, then determine how you can outmanoeuvre them.

Assess how each competitor differentiates themselves from others. Examine their unique selling propositions, brand promises, and key messages. Identify their brand personality, tone of voice, and visual identity elements. Compare their positioning to your own brand's positioning for insights into areas of differentiation or potential overlap.

Evaluating how your competitors position themselves in the market is key to understanding your own potential place within it. What channels do they use to communicate their brand to the world? Once you have a handle on their positioning, you can begin strategizing your own differentiation and finding underserved areas of the market ready for your distinct approach. Best example for this is Dove.

Analyse whether their positioning ACTUALLY works. Are customers buying the image, or is there a mismatch? How do their customers talk about them in casual conversation? ("It's the easy option," "It makes me feel fancy,") That's their actual positioning. Gather their press releases, social posts, and email newsletters. Create a word cloud—what are the most emphasised terms (even boring ones!)? This shows what they want to be known for. Read customer reviews. When they recommend a competitor but add a caveat ("Their product is great, but..."). This shows a gap. Map the Extremes. Are they perceived as trendy vs. reliable? Innovative vs. safe? Charting these opposite poles shows where there might be whitespace to position yourself.

Regularly update your analysis to capture any significant changes. Use LinkedIn alerts and Google Alerts to monitor news about competitors. This helps in staying proactive rather than reactive.

Analyze the marketing and communication strategies employed by your competitors. Examine their advertising campaigns, social media presence, content marketing efforts, partnerships, sponsorships, and influencer collaborations. Look for patterns or tactics that they are using effectively and consider how you can adapt or differentiate your own strategies accordingly.

Actively monitor them for product launches, changes in their messaging, or even events like mergers, which can signal a major pivot for them. This kind of intel gives you vital clues as to where the market might be heading.

Don't just track what your competitors DO; analyse why they're doing it. Track your competitors' hiring patterns. Are they suddenly investing in data scientists or content creators? Can you spot patterns that give you a head start on their next launch or pivot? Track what they DON'T change, too. Are they stubbornly clinging to an outdated model, ignoring a new technology? Understanding WHY they resist change can reveal untapped market needs. On the other hand, their rigidity might create blind spots you can fill. Ignore the "big news" and focus on the tiny tweaks. A small pricing shift or a new social media voice. These often reveal a significant strategic change before the press release announces it.

Identify any innovative approaches or trends that your competitors are embracing. Look for new product features, technology adoption, service enhancements, or process improvements. Assess how they are leveraging emerging trends and consider if there are opportunities for your brand to adopt similar strategies or differentiate through alternative approaches.

Initially. I consider competition the entire market, brands, products that can make expenses, my brand's target group. Second, direct competition and also indirect competition that can make similar promises. The analysis is divided based on the priority of competition. Direct-indirect-generic competition. At the same time, the changes taking place must be monitored. New products, new brands, competitive offers, rebrandings, etc.

When we help "smedium"-sized businesses analyze competitors, we're looking at two main areas: (1) messaging and (2) imagery. What are they SAYING and what is their imagery saying ABOUT them? It's a good way to get a feel for the competitive landscape you're moving in. We ask clients to look for aspirational competitors - those who have something about them that they like. An element (or two) they wish to incorporate. Example competitors can be direct or in completely different geographies or even industries. The goals are (1) inspiration direction and (2) to create a style and voice that both helps you feel unique and compelling to your target while at the same time is both true to who you are and who you're becoming as a brand.

Just wrapped up your competitor analysis? Create a brand audit report—it’s your roadmap to sauccess. Here’s what to include: Visual & Verbal Identity Analysis: How do you and your competitors look and sound? Market Landscape Overview: What’s the common ground? Where do you shine? Strategic Opportunities: Spot those unique positions and plan your next big move. Craft a report that not only shows where you stand but also where you can lead.

I then analyze the websites of the competition to see where they rank for top keywords. I have a fabulous tool that digs into the code of the site and compares the title tags, images, schema, keyword mentions, etc. Also I look at the ADA web accessibility. Then we get to work on the site, resubmit to the search engines with changes and watch it rise in visibility.

7. Identify Areas for Differentiation Analyze what your competitors excel at, but also pay close attention to areas where they might fall short. This includes aspects like features, customer service, pricing models, and overall brand messaging. Take example of Apple vs. Samsung, Apple positions itself as a premium brand with focus on sleek design, seamless user experience, and brand exclusivity whereas Samsung offers a wider range of products at different price points, appealing to a broader market, including budget-conscious buyers.