“Competitor analysis” – what is it?
A competitor analysis is an in depth look in to the competitors of a business to identify their strengths and weakness and any strategic opportunities.
Is a competitor analysis essential?
It should be a vital part of your company’s marketing plan. By undertaking a competitor analysis, you can benchmark your business, learn from your competitors’ strengths and take advantage of their weaknesses, establish the level of service your target audience expects, what they engage with the most and determine a niche to set your company apart.
It plays a key role in informing your overall strategy and setting out your business goals.
Investors and key stakeholders will be particularly interested in a competitor analysis; they want to know that you are both realistic about your positioning in the market and thinking strategically about what direction you need to be heading in to future proof your business. Here is a useful article from Entrepreneur which also gives you an overview.
How do you do it?
Firstly, you need to know who your competitors are; a minimum of three competitors should be identified at local level and at least one at national level.
You should then determine where each holds an online presence across the various social media platforms. On each platform, you should note the number of followers, the kind of content posted, the level of interaction and whether it’s positive or negative, the level of humanisation (Do they sign off with a name or initials, do they address followers personally?), what tone they use, how often do they talk about themselves etc.
Once you gather the data you should plot it into a matrix and give each factor a score reflecting their attainment. From this, you will be able to identify who are the leaders in each area, what your target audience responds to the most, what everyone does well (bare minimum requirement) and what nobody does well (strategic opportunity).
To compete in the world of business you have to know your competitors! For more information on our services please click here, call us on 0161 826 7181 or email info@bizwizuk.co.uk.
By Erran Taylor, Digital Marketing Manager
Nothing tells a story quite like video and as demand for video marketing continues to rise there is no doubt that companies are looking to use video. Video should be part of a marketing strategy and companies know it and are starting to adopt this technology.
To quote NY Times, and USA Today Bestselling author, Lewis Howes,“Video can seem like just another challenge to overcome, but I see a major increase in my business and brand awareness, all from the power of video.”
Digital marketing is forever evolving and looking at new features such as YouTube cards and Facebook video, these have the ability to make your brand more engaging and accessible than ever before. But, understanding the strategy is essential for your business.
Even LinkedIn has just started rolling out a native video feature for its timeline. What does that mean? You can create video on the move from your mobile app (and soon desktop) and share it as an update.
So, you have clients and you have products, or services right? Why not use video to get your message across:
Top tips
Look at available platforms to ensure that your content is on the right channels. Not forgetting to optimise your video for SEO using keyword descriptions and tags and consider a landing page on your site where your video will sit.
The quality must be spot on.
More top tips
Don’t think that just because your video is on YouTube views will magically appear. You now need to create a marketing plan to determine the best possible reach.
We encourage our clients to experiment to find a fit that works for them. Make no mistake, video marketing is one of the most powerful technologies that exist right now. The fact that you can leverage visual storytelling to engage and connect with your audience is key.
We recommend Capture 1, experts in all aspects of video and animation production. They can help you create a professional video to showcase your company. Please contact me by email or by telephone on 0161 826 7181 and I will be happy to discuss your future marketing requirements.
By Ann Davies, Director
What is a “competitor analysis”
A competitor analysis is an in depth look in to the competitors of a business to identify their strengths and weakness and any strategic opportunities.
Is a competitor analysis essential?
It should be a vital part of your company’s marketing plan. By undertaking a competitor analysis, you can benchmark your business, learn from your competitors’ strengths and take advantage of their weaknesses, establish the level of service your target audience expects, what they engage with the most and determine a niche to set your company apart.
It plays a key role in informing your overall strategy and setting out your business goals.
Investors and key stakeholders will be particularly interested in a competitor analysis; they want to know that you are both realistic about your positioning in the market and thinking strategically about what direction you need to be heading in to future proof your business.
How do you do it?
Firstly, you need to know who your competitors are; a minimum of three competitors should be identified at local level and at least one at national level.
You should then determine where each holds an online presence across the various social media platforms. On each platform, you should note the number of followers, the kind of content posted, the level of interaction and whether it’s positive or negative, the level of humanisation (Do they sign off with a name or initials, do they address followers personally?), what tone they use, how often do they talk about themselves etc.
Once you gather the data you should plot it into a matrix and give each factor a score reflecting their attainment. From this, you will be able to identify who are the leaders in each area, what your target audience responds to the most, what everyone does well (bare minimum requirement) and what nobody does well (strategic opportunity).
To compete in the world of business you have to know your competitors! For more information on our services please click here, call us on 0161 826 7181 or email info@bizwizuk.co.uk.
By Erran Taylor, Digital Marketing Manager