The problem with traditional competitor analysis is the overtly complex, detailed report produced by the end of it.
One that probably doesn’t even get looked at, one that just gathers dust. A 50-page document produced, only to meet this fate isn’t an effective use of resources.
Well then, what is?
A document that rates our competitors on the 6 most basic and important factors in a straightforward, no-nonsense way.
In this case, the accessibility of the content matters more than its depth. At times like this, it’s better to be concise.
So, which factors do you need to look at, and how do you rate them?
In order to score them, rate all factors on a score of 1 to 5. 1 being the lowest, 5 being the highest. The higher the score, the better the competitor’s messaging and positioning ranks.
Here are the 6 factors you should be looking at:
- Unique POV:
To figure out your competitor’s unique POV, ask yourself these questions by reviewing their website:
- What do your competitors have to say that is revolutionary or unheard of before?
- What is their POV/stance/narrative on the challenges in the market?
- Does their POV make the buyer feel that they are the only solution to their problem?
In order to understand their UVP, you need to answer the following questions:
- What is the unique selling point that they consistently promise in their copy?
- What sets them apart from you, or anyone else on the market?
- What is their differentiator?
Other than the website, you can also find this information on review sites.
3. Content quality:
Here, you’re rating them on the basis of multiple factors. While this is a subjective metric, you should score them on the basis of:
- Consistency in Tone of Voice
- Authority, actionable quality of content
- Depth of content
This includes all their marketing assets like podcasts, webinars, whitepapers, publications, etc. Score them on the variety of assets used, their quality & relevancy.
5. Distribution channels:
Here are a few questions you can ask in order to rate their distribution channels:
- Where do they distribute their content & assets?
- Do they follow a multi-channel approach?
- Do they repurpose their content?
- What do they use paid distribution, organic, or both?
Here, rating them isn’t the goal. First, list their overall weaknesses. Evaluate them in detail because these can be opportunities for you to outsmart them and win the race.
And, that’s how you do competitor research in a quick, non-convoluted way!