Building a strong impactful brand with loyal customers requires a lot of effort and strategy building. Brand competitive analysis is a critical step in creating the right strategy. There are many ways to do the competitive analysis and tools to help your business in this step. You must know what information you will get from it, and how to use it effectively.
Basics of Brand Competitive Analysis
To do an effective brand competitive analysis some basics need to be followed. Starting with building the brand objectives, to have clear goals to follow. Knowing your direct and indirect competitors is the basis for starting the process of competitive analysis. To know how many brands you have to keep following, and are in the market with you. Also difing the key information to collect about your competitors is an important step too. To be able to know what you are comparing your brand with the others in the market. Choosing the channels and platforms that you will collect the data from, is essential too. So you can choose the right tool to collect data with through the channel.
Key Metrics for Effective Brand Competitive Analysis
There are key metrics that you need to track to do an effective competitive analysis.
- Market Share
You should know your competitor’s market share, to be able to know yours. This indicates the needed efforts to have a bigger market share.
- Brand Awareness
The brand awareness is an important metric to measure. This helps you know the popularity of each brand among customers. And what the brand is known for.
- Social Media Metrics
The social media is used by every brand now. That is why tracking your competitor’s social media is essential. To compare it with your social media performance, and spot the differences.
- Customer Sentiment
The customer opinions and feelings towards the brand indicate their satisfaction and complaints. So you have to do a sentiment analysis to know what satisfies the customers in your competitors.
- Content Performance
The content presented by the competitors and its effect on customers is an important metric to measure. To be able to understand what attracts the target customers and what they don’t like.
Tools For Competitive Analysis
To do a brand competitive analysis you will need to use smart tools that are specialized in that. Or you will need a lot of human resources and time to export the data. The competitive analysis tools provide a lot of features to ease the tasks for the business, with the ability to adjust them. These tools try to service different industries, so they work on making the tools available in different formats. In addition to the ability to change the framework and reports formats, to be suitable for different user’s needs. The results of these tools don’t contain any human mistakes. With all these features the tools are the best option for any business to do competitive analysis. The best tools now are AIM Insights, SimilarWeb, and SpyFu.
Results of Brand Competitive Analysis
Doing a competitive analysis will provide you with insights and data that could change your performance. These data are based on brands with the same market and target customers as yours.
1.Insights into strengths and weaknesses
The analysis of competitors provides insights into the strengths and weaknesses of other brands. This helps to choose the right strategies and techniques to learn from another brands.
2. Target audience understanding
Tracking the competitors enhances the understanding of the audience. With tracking the audience behaviors with the content of the competitors, and their opinions about the industry.
3.Managing crisis
By learning from the competitor’s mistakes, you can avoid them. And be able to control crisis by building a strategy to react faster when there is any problem.
4.Improve customer experience
Knowing what your customers are missing in the market from your competitors, will help you provide it. To be able to serve them and help offer what they are expecting.
The Future of Competitive Analysis
Most brands now conduct competitive analysis, indicating that the need for tools to perform this process will increase. These tools will be smarter in the future, and more adjustable. Different industries will need to use it and will need to change its features to match their requirements. The competitive analysis will provide more insights and detailed information about the competitors. This will help build a strong strategy to compete in the market and win more customers. Also building the brand reputation depends on finding the unique points in your brand, which is done by comparing your brand with competitors. All these needs and more will be satisfied in the future, with the development of competitor analysis techniques.
Conclusion
To build a strong brand you should do a lot of market analysis, that includes the competitors. All the techniques and strategies involve different steps or produce different results. You have to be aware of all the factors that you are looking for in the competitive analysis. And find the right technique and tools that will match your business needs. Also, think about the way of using the tools and how it could be easy and useful for you. You can start now by asking for a demo from AIM Technology and know who to do a brand competitive analysis.
FAQs
- What kind of key information should be collected about competitors during the analysis?
Information about their strategy in the market, and how the target audience reacts with them.
- Why is brand awareness considered a critical metric in competitive analysis?
Because it indicates the position of your brand in the customer’s mind, and how many loyal customers you have.
- How do social media metrics provide insights into competitive performance?
Tracking the brand performance through social media shows how popular and engaging is it with customers.
- What is the role of customer sentiment analysis in brand competitive analysis?
It indicates how satisfied are the customers with your competitor’s brands, compared to your brand.
- What advantages do competitive analysis tools provide?
It provides adjustable features to export data about competitors, in a short time without any mistakes.
