Once a Day Marketing™ featured video blog: Strategic Brand Analysis: Competitors
Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today is Recon Thursday and we are continuing our three-part series on strategic brand analysis using David Aaker's model. Today in part 2 we look at competitors.
The two components of competitor analysis include brand image/positioning and brand strengths/vulnerabilities. It’s important to know where your competitors stand today and where you think they will be in the near future. Determine how your competitors are advertising. Where and what are they advertising? What is their message? Which consumers are they targeting? This is important knowledge to have when you build your strategic brand in the future.
Next determine what you feel are the strengths and weaknesses of your competition. As you develop strategy, you may want to avoid areas where a competitor is very strong. An aspect where they are weaker may provide an opportunity for you to exploit.
You can’t develop strategy to defend against your competition if you don’t know what they are up to. As you continue to learn about your competitors, groupings will emerge we call a brandscape. Make sure your positioning is unique and share that message with your customers.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email email@example.com. Listen to Ask Those Branding Guys every Monday at noon (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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