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How to Conduct a SWOT Competitive Analysis
The first step in starting a business, doing a product launch, or launching a crowdfunding campaign is to preform a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis.
In a similar manner to how a customer shops for products and services by making decision trees, this exercise allows a management team to begin identifying their competitors and making a list of the competition’s strategies in order to analyze their own company’s relative strengths and weaknesses and make adjustments when necessary to move their company’s name to the top of the list.
A SWOT analysis is also a key document that companies really should develop prior to working with an advertising, public relations, social media or any other type of marketing firm because it is a critical document that is used to communicate the management team’s knowledge of both the client’s strengths and opportunities as well as their competition’s threats and weaknesses to the agency-of-record.
If your company does not have one of these documents, Front Page PR will be happy to help you build one. With these evaluations, Front Page PR can then begin to ascertain what makes your product or service unique – and therefore what features and benefits we can utilize to create marketing messages that will appeal to the correct target audience.
Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer’s dollar. For each competitor or strategic group, list their product or service, its profitability, growth pattern, marketing objectives and assumptions, current and past strategies, organizational and cost structure, strengths and weaknesses, and size (in sales) of the competitor’s business.
At the same time, while doing marketing research via Google, it is also wise be begin building a Message Map for media interviews and Frequently Asked Questions sheets for both internal private use as well as external use for customers and the media.
Common SWOT Analysis Questions:
- Who are your competitors?
- What products or services do they sell?
- Where are they currently selling their products?
- When are they selling to customers?
- How do your products compare on price?
- Why are they currently buying the competition’s products?
- How do your products compare on quality and reliability?
- What is each competitor’s market share?
- What are their past marketing strategies?
- What are their current marketing strategies?
- What type of media is used to market their products or services?
- What type of budget are they spending on their marketing campaigns?
- What are each competitor’s strengths and weaknesses?
- What potential threats do your competitors pose?
- What potential opportunities do they make available for you?
Once we have identified and prioritized your SWOT results, Front Page PR can use this information to develop short-term and long-term advertising, PR, social media and marketing strategies for your business. After all, the true value of this exercise is in using the results to maximize the positive influences of your business and minimize the negative ones.
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