In order to understand your offering better, try qnd study what others in your competitor ecosystem are doing on the marketing and branding front.
Sometimes people think it may be a cute thing to do – to understand the the marketing assets your competitors are creating, but it is the fundamental strategic route to unlocking business opportunities for your business.
I have always loved the SWOT analysis and the rose, but, thorn approach in unlocking competitor insights.
SWOT Analysis is Strengths, Weaknesses, Opportunities, Threats.
It’s as elucidating as it gets.
Now let’s get to Rose, Thorn, Bud:
- Rose – new opportunities and winning signs
- Thorn – What didn’t work out for your competition
- Bud – The ultimate creation and manifestation of your dreams
In either routes, there’s always that needs to be enhanced or something missing in your competitors marketing arsenal to get the right traction.
Branding, especially, of not just the images but also the overall design and packaging should be studied diligently.
Where your competitors err is where you evolve as a promising player.
And then, find your market, untapped, unexplored, with a fine dent in it.
Photo by Giorgio Trovato on Unsplash
