Every solid brand understands its competition in depth. If your brand wants to cultivate a successful niche in the industry it serves, knowing the competition will help you differentiate your services and stand out.
Each time we conduct a brand fitness assessment with a client, we have them think through the following questions about competitors of their business, association, or nonprofit:
Who are your closest 3-5 competitors?
Think more deeply about this question. Don’t just select the largest, most popular companies in your industry. Instead, think about your niche. Which organizations compete with your brand in specific market segments? If you offer multiple products or services, identify who competes with you across each product line.
In which ways do you compete?
The competitors of your brand obviously offer a similar product or service, but how else do you compete? Areas to think about include geography, online, price, quality, features, service, speed, distribution, employee recruitment and retention, and brand awareness.
Where are your competitors stronger and weaker than your company?
Be honest! It is rare for a brand to excel over its competition in all areas. Use this exercise as an opportunity to analyze and learn from others in the industry so you can improve and close the gap! Also, identify the weaknesses of your competition. Then, exploit them and work to stand out even more.
Understanding your brand’s competition helps further clarify your brand value proposition, and informs strategic decision making as you climb to the top of your industry!