On Competitive Assessments

When was the last time you did a competitive assessment on your brand? There are a lot of reasons to do one every couple of years. It's not just for when you are expanding or opening new locations. A competitive assessment can help you gain clarity and focus in your marketing strategy and help you increase the impact of your strategy and budget.?

Here are 5 benefits of conducting a competitive assessment.

1. Visual Audit - How does your logo and visual brand elements stack up to the competition. Are the fonts, message and colors strong enough to compete? Does it deliver on your brand purpose and ethos? Do you look like you're ready to win in the mix?

2. Identify Gaps or Weaknesses - Are there services or products your competitors are providing that you aren't???Is it something your customers have been asking for? How do they describe their services and products? Are they taking market share from you? Where?

3. Identify Your "Only's" - What is unique about you that can differentiate you from your competition? Is it an offering, team, purpose, location, service or core value? Might just be your customer experience is better - whatever it is, find your unique differentiators.

4. Improve Marketing Strategy - Refine your strategies, message and investments based on what you have identified. What are your "only's" - how can you weave that in? What are you missing and need to shore up? Are you unnecessarily investing in areas you own, or that aren't really a focus for you? This will help you prioritize and spend on the right things.

5. Increase Market Share and Grow - A competitive assessment will help identify where you need to improve, where you are strong, and what opportunities are before you. It will help you see where you can leverage your brand better to gain new customers. It's not always a total market domination, but sometimes even a 1% gain in share results in big $$$.

This is part of the process we do in our Discovery Packages. It's a vital step to really understanding where you stand in the niche and to help you strategize smart growth.?? Want to get a copy of our Competitive Assessment Template???No problem, just reply or DM me and let us know and we'll send it right over.?