Marketing Minute 032: “Competitive Analysis” (Marketing Strategy)

There are some so-called marketing “gurus” who are saying that you shouldn’t worry about what your competition is doing, and that you should only focus on, and feel good about, what you’re doing to serve your customers.

While this type of strategy might be easy in the short term, and might make you feel good in the short term, it can be devastating to your long-term marketing success.

“Competitive analysis” is a key element in both protective and opportunistic marketing strategies, and regardless of the size of your business, or your business unit, you should be performing some type of competitive analysis on a regular basis.

From a protective position, you should evaluate how your competition is either actively or passively moving into your particular market space in the minds of your customers.

From an opportunistic perspective, you can examine your competitors’ perceptual positions to determine whether you want to move your brand’s offerings into those spaces to capture some of that market share.

In the long-run…
You cannot effectively compete if you don’t know the competition,
and you need to know it from the perspectives of your customers.

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