It can feel like your competitors have the secret to success, all while you’re struggling to attract new buyers. With a competitive analysis, we’ll identify competitors in your industry and region, and generate strategic insights into what makes their audience tick. The analysis will also include what your competitors are doing right — and wrong — so you can do it better.
What is a competitive analysis?
A competitive analysis is the process of evaluating your competition — the businesses and brands that occupy the same space as yours, and that seem to have a slight advantage (that marketing “secret sauce”). Using this analysis, marketing teams can pinpoint what makes their product or service stand out, what competitors are doing to attract customers, and how they convinced their customers to convert.
True competitive analyses include a product or service audit to see what stands out about their offering, plus profit, growth, marketing campaigns, and sales numbers. But to acquire that level of information, you already need to know who your competitors are and how much competition they really represent. After all, competition isn’t just about brands that seem to be doing well; it’s about which brands rank high in search, which ones have a huge social following, and which ones are drawing on your target audience.
Competitive analyses, when done right, can show a marketing team what they should be doing to speak more directly to their ideal customers, and also highlight which areas in the market aren’t saturated so they can provide their customers what they really want (and aren’t getting anywhere else). Can you say “Win win”?
If you want a competitive analysis that does all that, V9 is here to help.
What to expect from a competitive analysis
Leveraging the expertise of our market experts, V9 kicks off any competitive analysis by sitting down with your team to identify competitors. This will include listing brands you know in the space, where they operate and sell, plus the keywords they’re using (and ranking for). We will also perform our own competitor hunt, searching keywords, phrases, and websites to ensure that all of your biggest competitors have been pinpointed for our analysis.
Once we have this in-depth competitor list created, we start evaluating which brands are your true competition, and who is just making noise. By looking at what they offer, how it differs from your brand, and how they’re driving conversions, our experts can craft stronger, more specific personas that allow you to see exactly who is buying from your competition and why. These personas also tell you if those buyers are the ones you want to be targeting, or if you want to find the other fish in the sea.
One of the most enlightening components of V9’s competitive analysis is reporting on competitor successes and failures. While we always want to know what other people are doing right, we also want to know what flopped — so you can avoid those same pitfalls. Our team of marketing experts can also pinpoint major holes in the market, where competitors aren’t meeting target buyers’ needs. From there, your brand can provide the perfectly curated campaign to fill those holes… and make it easy for buyers to jump ship straight to your brand.
And, as any marketing agency worth its salt knows, competitive analysis isn’t a one-and-done deal. It’s an ongoing process that tracks your progress against the competition, but also monitors new competitors as they come up. By tracking your keywords, current rankings, and competitor activity, we empower you to keep one eye on the prize while we watch your six.
Is a competitive analysis right for your business?
A competitive analysis isn’t like cheating on a test or playing dirty. Instead, it’s just smart marketing. A competitive analysis from V9 will give you a market advantage and provide the steps your team needs to really get traction on your next marketing campaign. Instead of just treading water, you will understand your target audience and their needs better, and be able to meet them with content, ads, and other marketing efforts that make them want to buy from YOU.
Get started on your competitive analysis from V9. Contact us today.