Comparative analysis is one of the most useful tools for companies looking to dive into an already well-established industry. Even if you’re already an industry trailblazer, there’s so much benefit to analyzing what businesses in your industry are doing. We do this for our clients using the SWOT method, helping them see the strengths, weaknesses, and opportunities of their company and the threats of their competitors.
Up To Date On Industry Trends
Avoid any disconnect with your customers by observing what other businesses do. Before deciding on anything that could influence the way your audience views your brand, find what’s working and what isn’t. Watch for common trends between your competitors. Are they all taking the same approach? Are there noticeable differences between brand voice, identity, and community reach? If there are, and they appear to be working, think about what your company can replicate, in your own way, to match your desired brand representation. It may not give you explosive results right away, but you’ll be creating a niche environment that better fits the audience you’re trying to interact with.
The ways you try to promote and advertise your product or service can say a lot about your company. The way your audience reacts to what you do says a whole lot more. Are your followers retweeting, liking, subscribing, or interacting with your posts and uploads? Are they avoiding you and doing all of that with your competitors? It’s crucial to uncover what is connecting with your potential customers and what drives them away. Things like corporate-looking websites, and stale or outdated memes can really drive away younger audiences. If you’re already naturally connecting with a ton of customers, keep maintaining that strength! Otherwise, reduce the threat of someone swooping in with a clever joke and stealing your audience.
Utilizing Social Media
Social Media! There’s no debating its usefulness and ease of access. So why are so many companies avoiding content creation? Facebook, Twitter, Youtube, Instagram, TikTok, and many other platforms are easy, affordable stages to talk about what you do or what you offer. Take a look at your rivals. If they have mastered holding the attention of the audience you need through 60-second TikTok dances or comedy sketches on Youtube, it may be time to write up some dad jokes. Don’t rip off anyone’s style, but take some time to create your own and really mold it into your company’s social media content marketing strategy. Try to meet the online traffic halfway there. If you show up in their feed because your audience is sharing your content, you’ve already built community trust and a popular reputation.
Performing a SWOT Analysis allows you to catch up, keep pace, or gain an advantage over your competition. Need help completing one? Michigan Creative is happy to help! To learn more about our creative strategy, MC Greenprint, or stay up to date with the latest marketing trends and tips, subscribe to our monthly newsletter, The Creative.