13 November 20
One of the keys in creating a brand strategy is to conduct competitor analysis. Before you plan a brand strategy, knowing your competitors will help you in predicting their behaviour. As stated by The Chartered Institute of Management Accountants in “Competitor Analysis: Topic Gateway Series No.21”, the competitor’s strengths and weaknesses, as well as the opportunities and threats for your brand is the main process of a competitor analysis.
Well-known as one of the leading branding agencies in Indonesia, Milestone believes brands need to follow the current trends when forming their strategy. Analyzing the brand’s competitor is vital in creating the best brand strategy with the aim of communicating the brand’s intention. The first thing in analyzing your competitors is finding out who your competitors are. It can be a brand who owns the same or a similar product as yours. After you have figured out your brand’s competitors, the next step is to list down their strength, weakness, opportunity, and threat. Be detailed with your analysis. Your competitors’ previous campaigns, their social media engagements and their next target consumer should be included in your research. Looking at their consumers’ behaviour can be necessary.
You may ask, “why do we have to look at other brands when we can focus on our own?”
Focusing on your brand is a must, but living in your own bubble without paying attention to other brands will not help you grow. Even when your brand receives positive feedback from the public, knowing what your competitors are up to will help you in deciding which step you have to take to be ahead of them. Competitor analysis is important, not only to know their strategies, but you can also predict their next move. When you have recognized your competitors and their strategies, you will know your vulnerable areas compared to your competitors. By recognizing those areas, you can develop the vulnerability for your interests.