This is important because it cuts through my own biases. I may fear my ankle-biting, low-cost competitors but how do I know whether they are really affecting my business unless I ask the important question. If I ask my clients how they feel about my competitors and they respond with high praise for my company, what have I to fear and why should I change my strategy? I pray the my relationship will be like this at all times and that I never lose sight of my clients being my priority.
My strong brand identity suddenly affects my bottom line and gives me a competitive advantage.
All of this is fine if I am happy where my business sits at the moment. However, if I want to grow, make more money, and obtain a bit more of the market share in my industry, then I need to not only make sure that my brand is solid but ensure that my growth does not affect by branding or my brand identity. I can use the testimonies of my clients to assist me in stepping up, raising prices and getting excited about who I am and my business. This means I do not have to do a negative campaign against my competitors.
I think that an analysis of my competitors, if anything, should clearly reveal what I have that is different than who they are. That enables me to strengthen that brand message. What I want to make sure of is that my brand - in product and service - continually outperforms my competitors. It could also reveal a marketing medium that I have not yet engaged in - like social media for example.
Another sub point that comes from checking out your competitors communications is to see what they might be saying about you? Hopefully they are not discrediting you.
After all of this research - confirmation and new ideas - it would be time to look at my USP. Basically, it is a statement that declares what I am actually selling - not just my product or service. It is a unique opportunity to distinguish myself from my competitors using my strengths. These are the examples that come to mind - Charles Revlon, founder of Revlon, said that he sold hope, not makeup. Some airlines sell friendly service while others sell on-time service. Neiman Marcus sells luxury and Wal-Mart sells bargins.
