HIIT 5: Map Your Competition

Companies that solely focus on competition will die. Those that focus on value creation will thrive.” – Edward de Bono

Keeping an eye on your competition is healthy. It can give you an understanding of the market, and what they’re after - fuelling your ambition and drive to do better.

However, just understanding what your competitor is doing isn’t good enough.

You need to know how you’ll be adding more value than they are; what improvements you’ll be making to your products or services to give you that edge on them.

A solid competitive analysis from a branding perspective includes asking yourself:

• Who are your primary competitors and how are they branding themselves?

• What sets you apart from your competitors?

• What's the value add you bring to the table that will separate and elevate you above the competition?

• What is the messaging gap between your competitors and therefore the unique positioning you can own in the marketplace?

• What are the key points of differentiation that belong in your brand identity?

• What kind of brand visuals, imagery, photography, styling, appearance, fonts and colours are you incorporating into your brand to help you standout from the crowd?

• Are there any brand visuals, imagery, photography, styling, appearance, fonts and colours to avoid in your new brand because your competitors use them?

• What more enhancements can you make to your products, offering or service to give you that edge on them?

The more you know about your competition, their offering and service and how it compares to you, the better judgments and planning you’ll be able to make and the more ready you’ll be to embrace new opportunities.

However, you should never let the competition get into your headspace. I’d advise that you consider an annual review of your competition and realignment accordingly followed by a complete focus on what you need to deliver.

This means keeping your eye back on your own lane and stopping all comparisons with the competition.

If not, you could become obsessed with your rivals and take your eye off the prize – missing out on your goals altogether.

Think on it.