Doing a competitor analysis is an integral part of our branding strategy. It’s good to know what businesses are in the same industry as our clients, what they are doing, and how we can differentiate. So when it comes to competitors, how do we define competitors?
Location. Location, location, location. Where is your competitor located? How close? How far? Are they more accessible?
Branding. What is their branding like? This can range from anywhere between the brand messaging, brand perception, or brand reputation. Do they have a tagline? Is there website consistent with their social media pages?
Involvement. On some level, businesses need to be involved. This can mean community involvement, environmental involvement, or industry-specific involvement. Does the business give back? Does the business attend industry conferences?
These aren’t all of the factors we consider when determining competitors, but it’s a starting point.