When it comes to branding, it’s important to understand your competition, so that you can position yourself in the market, to stand out from competitors and provide something different.
If you don’t offer anything different, if you just look like everyone else, than attracting new customers is nothing more than sheer luck. You’ve got to give prospective customers a reason to buy from you rather than someone else. This is often referred to having an unique selling proposition (USP).
Who are your competitors?
- Direct competition similar products and services. Local, national and international competitors
- Business Competing for same customers but direct competition
When you’re evaluating competition, answer 4 questions….
- In what ways are they better than you? such as pricing, style, reputation, customer service, choice, quality
- In what ways can you deliver a brand experience that trumps theirs? Better quality, better service, specialised advice, make buying a pleasure rather than a choir and if so how?
- What do you think the brand of this competitor stands for?
- What are you going to stand for that is different from them?
One additional step to take: Become a customer of one of your competitors and use the questions above to access them.
Also consider, if you think you have no competition at all there might be a good reason.
- Branding 101: start here
- Assessing your brand
- Finding brands authentic purpose
- Brand strategy
- Brand purpose, vision and mission
- Branding: talent
- Brand values
- Differentiating your brand
- Focusing on your ideal customers
- Developing brand – six legged spider
- Brand positioning
- Brand story
- Brand name
- Crafting the Internal brand positioning statement
- Shaping the external brand positioning line