Do you know who your competitors are and what they are doing in your sector? Well you should! A competitor review is not only a great opportunity to review your competitors’ marketing efforts but to see what they are doing, who they are working for and how they are doing it.
Using tools such as Google Business, Linkedin company profiles and Companies House there isn’t much you can’t find out….
Who are your competitors?
When you’re developing a competitor review, you need to pinpoint who within your industry is a direct or aspirational competitor. Being vague about who is in the arena for your services means that your competitor review will not be as useful and applicable to your marketing needs.
Using platforms like LinkedIn enables businesses to spotlight other successful businesses within the same sector industry. A quick search on Google Business is a must to develop a competitor landscape, whilst Companies House provides the internet details of directors, addresses and financial history.
What makes a good competitor review?
When you’re completing a competitor review you should be looking to gain specific insights into the competitive landscape to be able to utilise this knowledge and gain a competitive edge. Review the competitor’s website, social media accounts and search listings to discover the following:
Client Relationships
Learning about the ways in which your competitors engage with their clients is essential to your competitor review. Seeing which social media platforms they use, what they post and how they engage says a lot.
Reviewing specific website aspects, such as case studies, testimonial quotes or live chat, will ensure that you can attract the right audience.
Analysing the Message
As well as seeing your competitors’ engagement, you can also read into their messaging. You can gain a deeper understanding of your competitor’s brand identity and values.
This insight can help you refine your own messaging strategy to differentiate your business in the marketplace. Highlighting where your Unique Selling Point (USP) sits within the market offering.
Staying Informed
A competitor review can give you an idea as to the changing nature of your industry. Where are the new services being offered, what are the newest messages being sent out.
Keeping your finger on the pulse of your industry can ensure you don’t get left behind and are up to date with emerging trends.
Why does a competitor review matter?
In essence, a competitor review matters because it provides essential insights into your rivals’ strategies, market positioning, and customer engagement. This in turn enables you to make informed decisions, identify market gaps, benchmark your performance, improve your marketing efforts, understand your target audience, stay competitive in a constantly changing landscape, and mitigate potential risks, ultimately contributing to the success and growth of your business.
Need marketing support?
If you need help with a Competitor Review of your business, get in touch with The Marketing Associates.
At The Marketing Associates, we specialise in strategic freelance marketing support for professional service practices.
If you would like to discuss your business’s marketing requirements with an outsourced marketing consultant, then please do not hesitate to contact Tabitha Beasley at The Marketing Associates:
Tabitha@themarketingassociates.co.uk or call 01233 720379