How To Do A Competitive Analysis [The Ninja 14-Step Framework]

Importance of Competitive Analysis: To build a strategic brand that stands out, it's crucial to conduct a competitive analysis. With millions of businesses in the market, understanding competitors and audience choices is essential for effective brand positioning. Framework Overview: The video introduces a 14-step framework for competitive analysis, emphasizing the importance of having a systematic approach to gather information about competitors and market dynamics. Relevance of Top Competitors: Identifying the top 10 competitors is a key step. Relevance is emphasized, ensuring that competitors are chosen based on how closely they align with the brand, rather than just their market presence. Comprehensive Analysis Areas: The framework covers various aspects, including visual brand elements, messaging, human brand persona, content strategy, and marketing strategy. It suggests going beyond digital analysis, encouraging physical visits to competitors if applicable. Strategic Decision-Making: The ultimate goal of the competitive analysis is to gather insights, identify gaps and opportunities, and use this information for strategic decision-making. The focus is on creating a unique brand by addressing the weaknesses and gaps observed in competitors.