How to do Competitor Analysis well
This article asks how to do Competitor Analysis well. We offer guidance to Competitor analysis.
By: Octopus Intelligence
You are walking down any English high street. You look at the shop fronts. If you take in the retailers' names, you will struggle to determine where in the country you are. Same old shops, selling the same old stuff. If you find a high street with local shops and unique boutiques and cafes and bars, they tend to stick out. In Pre Covid London it seems there was a competition taking place. Between Costa, Leon, Pret and others. A match to see how many units they can get onto each line of shops.
Looking and being different from all of your competitors will differentiate you. Many companies in your sector. And even professional services firms usually look like each other. The one's who don't stick out. Thinking accountants Cooper Parry in the UK immediately spring to mind. There are many reasons for this. They believe their customers like the look and feel; they have been in the industry a very long time. Change and being different is very risky.
Differentiation can be compelling and provide you with an excellent competitive advantage. However, it's dangerous to change without knowing what your competition is doing. What they're planning to do. And what competitors have already tried and failed to do. You are just shooting your cap gun at the moon.
Competitor Analysis isn't a quick tick box exercise. Allowing you to move onto the more exciting stuff. Such as design, digital marketing, product development and team and client Zoom calls.