COMPETITOR RESEARCH
“You have to start with the basic premise that you need to know what your competition is doing.”
Guy Kawasaki
August already, where does the time go! Life has been quite hectic at the studio lately with some amazing projects in full swing. From logo designs to cheese packaging and facilitating a series of brand development workshops, every day has included a new challenge and an opportunity to get the creative juices flowing and I am so appreciative of all the amazing clients working with me to bring their creative ideas to life. It’s all such a rewarding experience.
This month, I thought I would share with you some of the content from the workshops I am running on competitor research. For many small businesses, competitor research is often put at the end of the to do list because it seems like an impossible task that doesn’t add value. But that couldn’t be further from the truth. Understanding your competitors is one of the key pillars to success! So this month, I am going to teach you the importance of competitor research!
Let’s get started!
Warmly, Alysha
Owner, Wow Studios
TABLE OF CONTENTS
Exciting News – Awards Update
Let’s Talk Branding – Competitor Research, why it’s important.
Upcoming Workshops – Competitor Research – Coming Soon!
Past Stories – More blogs about branding.
Client Spotlight – Meet Kane, from Kane Air.
Feel Inspired – Jessica Walsh.
EXCITING NEWS
LOCAL BUSINESS AWARDS UPDATE
Last month, as many of you know, Wow Studios was once again nominated for the Local Business Awards Outstanding Solo Operator.
Sadly, we didn’t take home the trophy this year, but we are incredibly grateful for the opportunity to be a finalist and to receive such wonderful support from our valued clients, friends and community.
It was a true honour to stand beside so many strong business owners, and we want to extend our congratulations to them all on their nominations and special congratulations to Amanda Margo Photography for taking out the win.
LET’S TALK BRANDING
COMPETITOR RESEARCH;
Why it’s important!
A business competitor is described as…
- A rival business whose activities have the potential to reduce another business’s market share.
- A competitor can be any person or entity that is in the same or similar industry, or which offers a similar product or benefit to the customer.
Competitor research enables you to understand your competition in detail, get to know your industry/market and gain a deeper understanding of what marketing strategies work with your target audience.
What Competitor Research Involves
Competitor research involves studying your competitors’ products and services inside out and back to front! Evaluating their pricing strategies, packages and sales tactics. You also want to gain an understanding of their target audiences, distribution channels, online presence and overall business strategies. It is vital to stay ahead of the game and you should be actively engaging in competitor research at least every six months.
The Goal of Competitor Research
The goal is to get a sense of your competitors’ strengths and weaknesses, discover untapped opportunities and determine where you can shine over your competition. Understanding your competitors also gives you an advantage when it comes to your sales pitch. If you understand your competitor and their offering thoroughly your better prepared to answer the tough questions like ‘Why should I choose you over XYZ’. Plus, it’s also a great way to get inspired and generate marketing ideas you can put your own spin on.
How to go about Competitor Research
First, you need to identify your competitors, and you do this by brainstorming and research! Get creative and think outside the box. Remember your competitors are not just the other businesses that do exactly what you do, you also have indirect and replacement competitors that sell different products and services that solve the same problem you try to solve.
Once you settle on the list of competitors you want to research its time to delve deep. Jump online and get to know more about them and their offering. Check out their website and dive into their social media accounts. What are they offering? How do they sell it? What do they say makes them special? Read, watch and listen to their posts and read through the comments and reviews. You can learn a lot about your competitors and your market by listening to what their subscribers have to say!
Key Research Points
Offering:
What products or services do they offer? What are the key benefits and features?
Selling Points:
What are their key selling points? What do they use to entice customers to use their product or service?
Location:
Are they a local business, interstate or international? How do they reach their audience and deliver their service?
Advertising:
Where do they advertise? What strategies are they using?
Social Media:
What social media channels do they use and what do they post? How do they get people engaged?
Target Audience:
Who is their primary and secondary target audiences? Who do they focus on selling their products or services to?
Once you have collected this information, compare them against your business and offering. How do you compare? Where do you sit in the market and what are your strengths and weaknesses. Learn from what you learn to further enhance your offering and make you stand out above the competition. It may seem like a lot of work but what you can learn and how it can help you shine makes it worth the effort.
Need a little more help or want to teach your team how to do competitor research? Give us a call. We run 1-1 sessions and group workshops.
UPCOMING WORKSHOPS & EDUCATION NEWS
Coming soon – How to do Competitor Research. Enjoyed this month’s topic but want to delve deeper. Wow Studios will soon be locking in dates for our next branding masterclass. Reach out now to express your interest and find out more. info@wowstudios.com.au
WANT TO LEARN MORE, CHECK OUT SOME OF OUR PAST STORIES
Who is your target audience? If you answered ‘everyone’ or ‘we cater to a wide audience’ you need to rethink your response. If you target everyone, you’re really targeting no one.
Jam packed full of simple to understand and super useful and actionable data on ANZ consumer trends, this report highlights information every small business owner needs to know to be successful in 2024.
In this digital age, competition it seems is more rampant than ever and your customers have the upper hand. They can compare pricing and features at the click of a button, read your reviews and delve into your backstory all before they even have breakfast.
CLIENT SPOTLIGHT
PLEASE WELCOME KANE FROM KANE AIR
This month I chatted with Kane who is absolutely thriving as a small business owner to see what tips he had to offer!
We recently did a refresh of his brand and gave it a more modern feel. Soon incoming, pics of the new lookly branded truck in action!
Tell us a little about your business?
Kane Air is a small business based in South-west Sydney. We specialise in all things HVAC – from installation, service and repair of air conditioning systems designed to service your home, to central plant systems designed to cool the whole office, or entire buildings!
Why did you setup your business?
I felt that my room for growth working in another person’s business was limited. I wanted the ability to apply myself to my work and see the fruits of my labour grow in front of me. The benefit of coming and going from work as I pleased was also appealing, however it seems I tend to spend more time working than originally intended!
What makes your business different?
Unlike a lot of other tradies in my industry, I was gifted with an extremely talented team to learn my trade with as an apprentice. I was able to develop crucial skills that most young blokes aren’t given the opportunity to do and thus I am often able to provide solutions that aren’t in the scope of a lot of tradies. This means I am able to give much cheaper repair solutions to my clients.
What brought you to Wow?
I wanted to deal with a familiar and trustworthy business that provides great results without a lot of fuss. I was looking for someone I can trust to help me, so I don’t have to go into this process blindly.
What was the collaboration process like?
It was great. Very straight forward without any hiccups at all.
Any last words?
Thank you, Alysha, for helping me present my business as intended.
FEEL INSPIRED
This month, Jessica Walsh a designer based in New York caught my eye. Her bold and vibrant designs really draw the eye and the playful nature of her creations brings a cleaver twist and that both inspires and excites.
CREATE THE UNEXPECTED, DELIVER HAPPINESS!
WOW STUDIOS – WE BRING YOUR CREATIVE IDEAS TO LIFE
