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Conducting a Competitive Analysis Helps Get Your Business Ahead

by in +toolbox

“It is my business to know what other people do not know.” – Sherlock Holmes

The goal of a good marketing strategy is to capitalize on what makes your service or product unique. To understand why your product is better than the competitors’ you first need to know what they’re up to.

Conducting a competitive analysis may seem like you need a private detective to get the job done. But in reality, all it takes is some good research.

Why should your business conduct a competitive analysis?

  1. It pinpoints your competitor’s messaging.
  2. It clarifies where you stack up against competitors.
  3. It helps identify areas of opportunity.
  4. It builds a road map for positioning.

To get started it’s important to stay organized, with a strong plan of action. But it can get a little dicey when examining multiple competitors. That’s why Red Caffeine has developed a competitive analysis template just for you. This template will help you analyze and fully understand each of your competitors’ messaging strategies, their products and/or service offerings, how they position themselves in the industry, their web presence and their social media activity.

Ready to get started? Just click HERE to download our template and become the Sherlock Holmes of competitive analysis.

About The Author

Jimmy Merritello
Jimmy Merritello - View more articles

Jimmy Merritello is Strategy Lead at Red Caffeine. He loves guitars and electronics, his switch from iOS to Android-vanilla, coffee, and sports. When not researching competition or fusing ideas into marketing strategy, he’s usually exploring web tech and checking with Emre to seek the truth. Connect with Jimmy on Twitter and LinkedIn.