Why Competitive Gap Analysis is Important
Whether you are looking to gain new market share or retain the slice you dominate, understanding the strategies of your competitors is a crucial first step. A detailed competitive analysis helps you uncover what is working for them and, more importantly, where the untapped opportunities lie for your own business to grow.
Benefits:
- Identify Your Unique Value Proposition: We help you clearly define and communicate the unique strengths of your product or service, positioning you to stand out from the crowd.
- Discover Untapped Opportunities: We spot opportunities that no one else is making the most of yet, allowing you to be the first to fill the gap and capture new market share.
- Benchmark Your Performance: By evaluating your competitors’ successes and failures, we can compare the potential performance of new initiatives and get a feel for their worth before you invest.
- Leverage Customer Feedback: We analyse customer reviews of both your brand and your competitors to gather invaluable data, helping you understand market sentiment and improve your offerings.
Our process is not just about gathering data; it’s about translating that data into a clear, actionable plan.
Our Competitive Gap Analysis Process
We move systematically from research to strategic recommendations, giving you the information you need to make confident decisions.
1. Landscape and Competitor Identification
We start by clearly identifying your direct and indirect competitors, mapping out the full commercial landscape relevant to your business.
2. In-Depth Research and Data Collection
We conduct thorough research into your competitors' products, marketing strategies and digital presence, including analysis of how frequently they launch products, run promotions or offer discounts.
3. Gap Analysis and Opportunity Mapping
This is the core of the service. We compare your position to your competitors, identifying key gaps in the market and mapping out opportunities for you to exploit.
4. Strategic Recommendations
We provide a clear, actionable report with strategic recommendations on how to leverage your findings to enhance your value proposition, fill key gaps and outperform your competition.
Key Areas of Competitive Insight
We deliver a comprehensive view of your competitive landscape by analysing the most critical areas that impact your brand's performance and market position.
Frequently Asked Questions
What is the difference between a competitor review and a gap analysis?
A competitor review is a report on what your competitors are doing. A gap analysis is a strategic step that takes that information and compares it to your own position, identifying opportunities (gaps) in the market for you to fill.
How many competitors do you analyse?
We typically focus on your top 3-5 direct competitors but can adjust the scope of our analysis based on your industry and specific needs. We also provide insights on indirect competitors and broader market trends.
How often should we gap analysis?
A competitive analysis is a valuable tool to use at key moments, such as a product launch, before a major campaign or annually to stay ahead of market trends.
How do you get this information?
We use a combination of expert analysis, third-party data and advanced tools to gather publicly available information on your competitors’ marketing activities, social media presence, website traffic and customer reviews.
How does this help our marketing strategy?
The insights from our analysis provide the foundation for a more effective marketing strategy. It helps you find your unique voice, discover new channels to target and make more confident, data-driven decisions that give you a competitive edge.