Published on : 25 October 20212 min reading time
To stand out, you need to determine on what level you need to be different. In order to gain the upper hand over other competitors in the industry, companies must first analyse them one by one. This method is essential for any company that wants to stand out. Competitive analysis allows you to determine the strengths and weaknesses of your competitors by decoding their sales and marketing approach. To be different from your competitors, you also need to conduct a thorough review of potential customers to find out more about their needs. With this, you can present a service or product that is tailored to your customers’ expectations.
Identifying your competitive advantage
After examining the market, you need to find out what makes your business stand out. To do this, you need to consider the specifics of your offer such as price, taste, functionality, loyalty programme and delivery time, i.e. find out what makes you special and what increases the value of your product in the eyes of customers. Therefore, a prior analysis of your target market needs is very important. Sometimes it is necessary to adapt your marketing strategy to develop a whole competitive advantage based on your strengths.
Creating a strong brand identity
To communicate your competitive advantage to your customers, you need to create a more consistent brand identity which can outline your uniqueness in the marketplace while demonstrating the reason your company exists. In addition, a strong identity will allow your business to differentiate itself from the competition by being more recognazable. For this reason, determine the colours and fonts to use to produce a unique brand universe.
Differentiating yourself from the competition is important to keep your business going. In doing so, you can conduct a market analysis, discover your competitive advantage and create a strong brand identity.