When you are getting ready to conduct a competitive analysis, it is important that you record your findings in an organized and structured manner. Creating competitive profiles, is an important step to know your competitor better than you know yourself.
Every competitive profile should at least contain:
- Basic information
- Products and services
- Marketing & advertising scheme’s
- Sales information
Competitor’s Basic Information
This is the first detail that you need to profile and it should include Legal name/brand name, address, website, phone number, social media profiles, … Descriptions of the company can be found in their about section or in bio’s on social media.
Legal information like founding date, legal structure and number of employees should of course be added as well. Look at how much funding your competitors has received and when and who has invested.
If you want to understand the philosophy and belief your competitors hold or strive on, determine their mission and vision. Listing this vision and mission statement, will help you to determine their strategy and tactics.
Products and Services Pricing
What does your competitor offer? A product or service? B2B or B2C? List their most important features and try to get product demo’s, FAQ-video’s,…
Don’t forget to determine which technologies they use. This will give you a better insight into your market and trends in the future.
Another key bit of product information? Their pricing. What packages do they offer? When do they give discounts on products and services? Do they underprice or overprice compared to you?
bonus TIP: ADD Customer Reviews
This is one easy and cheap way to know your competitors. Find out what their loyal, potential and former customers are saying about them: both the good and the opposite commentaries.
Marketing and Advertising Schemes
What marketing strategies do they use and what kind of customers do they target most of the times. How they advertise their products and services and what is exclusive about their advertisements. Do they focus more on mouth-to-mouth, door-to-door, television broadcast, radio broadcast or social media marketing and advertising?
You may also want to document their resources. Their management style, employees’ personality and attitudes, the types of machines and equipment they use, their educational requirements, financial practices, production location etc.
Go deeper into their content. Find which topics they write most about. How frequent do they post blogs? Do they offer webinars, ebooks or events? Can you subscribe to their mailings? Take a look at their CTA’s and discover how they are generating leads.
Find out how they sell to their customers. Do they give discounts –if yes, what is their discount policy? If they offer physical products, what is their shipping policy? Determine their sales team, how large it is and how they operate to ensure goods get off the warehouses and counters quickly.
Dare to BE graphic
Add screenshots, video’s and other documents when possible. If there is any other notable information that needs to be documented, record and organize them appropriately.
Leverage those profiles to gain intelligence
Creating competitive profiles should never be the end-goal. Use them as the basis for your competitive analysis and start to know your competitor better than you know yourself. When you gather information in a systematical way, you will be able to leverage all that information to grow your business in a sustainable way.