Competitive Analysis
Competitive Analysis: The First Building Block Of Strategic Planning
At Praxis, before we roll up our sleeves and plunge into brand positioning for our clients, we dip our toes into the competitive environment to gain valuable marketing intelligence.
A Praxis Competitive Analysis involves researching major competitors to gain insights into their products, sales, and marketing tactics. Executing stronger business strategies, fending off competitors, and snaring market share are just a few of the benefits of this activity.
Once we learn the ins and outs of how the competition operates, we can identify potential opportunities to gain the upper hand in marketing for our clients.
Here are a few more benefits of a Praxis Competitive Analysis:
- Informs future marketing efforts by identifying a product’s unique value proposition and what makes that product different and better than the competition’s.
- Identifies what a competitor is doing right – information that is key to helping our clients stay relevant in their marketplace.
- Uncovers where competitors are falling short — which helps identify areas of opportunity for our clients.
- Reveals, through customer surveys, how our clients’ products and services are perceived vs. those of the competition, and offers the chance to improve those perceptions.
- Provides a benchmark against which to measure growth.