September 6, 2012 at 6:00 AM
By James Glover
Once a Day Marketing
James Glover, That Branding Guy, provides the inspiration and ideas for you to market every day in his Once a Day Marketing video blog. Tune in daily to his short, entertaining and practical marketing and branding tips and watch your organization become more successful.
Hello there, I’m Jim Glover, That Branding Guy for Once a Day Marketing. Today is Recon Thursday where we often look at your company, your market and your competition. Today we’re going to specifically look at your competition using SWOT Analysis.
I previously created a blog about SWOT so I’m not going to go into great detail but essentially SWOT stands for strengths, weaknesses, opportunities and threats. It’s a great analytical tool to use on your competitors’ brands to identify possible ways to gain footholds on the competition.
To perform a SWOT analysis on your competition, identify a few of your top competitors and list them. Then think about what are the strengths of their brands, what are their weaknesses, what opportunities have in their own market, and what threats are they facing?
Create a matrix of your responses and carefully analyze all those factors to see if you can determine where you might be able to establish a competitive advantage.
I’ve talked a lot about the 7Ps of Marketing. You can even integrate the 7Ps thinking into your SWOT effort. Perhaps look at your competitor’s product or their pricing or their promotion to determine what their strengths, weaknesses, opportunities and threats are with each one of the Ps. The more you know about your competition the more you can create an effective strategy to combat whatever you think they are trying to do.
You may not get every little factor right but at least you are thinking about your competition and you are moving in the right direction to defend your market place and to be positioned to capture more market share.
That concludes Recon Thursday. Join us tomorrow for Digital Friday. To discuss an online or face-to-face service engagement and enhance the marketing and branding for your organization, contact James Glover: (505) 501-1330 or email@example.com. I’m Jim Glover, That Branding Guy, for Once a Day Marketing and we’ll see you next time.
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