What is a Competitor Analysis and why is it necessary?
A creative competitor review takes a strategic look at your competitors. This comparison enables you to view their strategic direction and discover their marketing messages. You’ll also learn where their focus areas lie. In a world of clutter and parity offerings, it is more important than ever before to create a unique space for your brand in your chosen market.
The only way to do this is to have intimate insights into what your competitors are doing and saying in the market. A creative analysis therefore reveals the following insights into your competitors:
- Their brand strategy
- Their positioning
- What their brand is all about
- Their target audience
- Their advertising messages
- The mediums they use to market their product
- Their creative communications
- The tone of their communications
- The objectives of their campaigns
Most importantly, once you know what your competitors are doing, you’ll be able to ascertain how it affects your brand and what should you do about it?