Competitive Analysis is Key to Highlighting Your Brands White Space
Conducting a competitive analysis is a high priority for your business plan. Understanding the competitive set and researching the category provides strategic data points. Understand how your competitors message, what they are selling, promotions, relationships, and brand identity. By evaluating the competition you can create advantages and unique selling propositions that play up your strengths. Competitive research allows you to find the white space and problems to solve for your target audience. Look closely to what is happening with competitors, in your category and adjacent like-minded brands so you can see the path that is ahead of you.
Why Is This Deep Dive Important?
-Gets you out of your bubble - many times you start talking to yourself with no outside stimulus and that can send you down a rabbit hole that you didn’t need to check out -Keeps you relevant and understanding the movement in your category and with the competition -Allows you to see openings for new ideas and innovation - product development, customer service or messaging ideas.
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