Every business has competition, and ultimately that competition leaves a broad and clear blueprint of how they are growing their business – especially online. Our team is made of experts in reverse engineering online marketing strategies, tactics and the various models for most businesses. However, the idea of the competitive analysis is not to determine their strategy alone – it is to leverage that information to create opportunity to dominate your market and improve your position.
A competitive analysis looks into a variety of key metrics, including a thorough look and audit of your own data. The analysis is a comprehensive multi-part model that looks into each channel, technology, system usage, etc. to determine where adjustments can be implemented to create positive value in your brand.
The goal of every competitive analysis is to improve your business. Often times, the easiest route is to simply listen to customers and prospects and simply improve your business practices and find areas to continually infuse value into your customer’s business. Our team’s analysis is designed to understand what is right and what can be fixed, often that alone can create growth for your business. The data however, creates an acceleration model that can improve your business in ways that create more opportunity for you and ultimately – your customers.
A competitive analysis is a first step in understand where your business lines up against actual and perceived competitors. Our model of auditing, analysis and reporting is designed to integrate the analysis results into the overall strategy for your company. NFY Interactive, Inc. works to find areas of immediate, short-term and long-term changes that improve your brand value and authority as they align with your vision and goals.
Your competitors can tell you more than can ever imagine and provide a detailed map on how you can improve your online marketing strategy. All visible online marketing leaves a transcending footprint to those that understand how to unpack that various channels and research the data that is available. Our company rarely finds information that radically transforms strategies that we are currently managing, but there are opportunities to open new channels or pull back on others based on the the story we can build on your competitors.
The first step is to identify your competitors. There are actually two groups that they fall into, these are your actual and perceived competitors. This view is not only how you view them, but how your customers view them as well. If a business that you feel is not a direct threat to your market share is demonstrating to your customers that they are a viable option, our team will help build an effective method to ensure your market share remains. This profiling approach also helps our team understand additional opportunities that will improve your ROI and build your customer base.
The competitor profiling leads into a competitor array; where we can detail out the various data points to understand the market, the customers and the opportunity available. The array is designed so that our teams can help your company build upon its success, develop new channels for growth and ultimately dominate the markets through smarter and well-defined marketing. We can help you build an effective online marketing strategy that includes a comprehensive competitive analysis.
Strategy & Execution
Once your competition has been defined, plotted and analyzed the next step is to review and develop a strategy that will create an opportunity for your business to become a market leader. The strategy will focus on the strengths of your business and determine the best approach to leverage those in the online marketing efforts. Often times an existing marketing strategy is already in market, our approach is to integrate directly with this model and data to create a more refined approach.
Once the review and strategy are completed, the plan to implement is created to provide a road map to help ensure that each element is reviewed and integrated into the model. The goals area always simple; to improve ROI, improve market share and establish your brand as the only expert voice for your industry. The plan becomes the blueprint that we can return to on a regular basis to determine next steps for the overall strategy as well as have a foundation for the elements and channels that were added, changed or removed. This will help ensure that each tactic and all revenue spends are held accountable to the model and the goals set forth.
Our team can help with every facet of your online marketing, strategy, competitive research, execution and more. Once your plan is mostly in marketing, tracking the various success indicators is critical to ensure that the data aligns with the expectations and goals of the strategy. Ongoing review and refinement is part of the process, to improve upon the wins and turn down the channels that do not produce as expected. This ongoing approach provides additional opportunity to create new concepts and cultivate the strategy we have in market. Let’s connect today to discuss next steps on improving your online marketing and market share.
Ongoing Review & Reporting
The ongoing review is critical in ensuring that the various models and processes are working to build towards your business goals. Our team has a well defined approach that tracks specific key indicators that will help your business continually outperform your competitors. As time passes; industry and competition change or morph into something new or different. Part of the ongoing tracking is to ensure that your business strategy is helping to define or redefine how online marketing processes are defined.
New competitors or old ones can also adjust strategy or implement new processes that can impact your business quickly. Often times, there is a flailing approach that can hurt your business – but when leverage properly, can be utilized to position your company on a more solid foundation; while allowing the flailing to chip away at the bottom line of your competitor. To learn more about this concept and how our team can quickly identify opportunities to help position your company as the go to, contact us today.
If you are looking for additional competitor analysis resources, we recommend: