The previous chapter- “How to build a brand 102” discussed the second step of the brand curating process. A brand mission statement shows focus, perception, innovation, and motivation. It is what the brand is committed to do. Every small or big goal that brand sets for itself are done so that one day its mission statement is a reality in the market. The customers should receive what is there in the mission statement. They should witness the value addition that the brand wants to provide.
We are listing the next key element of brand building. Two steps so far are focused on brainstorming. The next step is focused on analysis and key findings. The next step is to research players already in the industry. They have the same product/ service but will vary in other factors. This is an educational step.
Step 1- Defined Audience For Brand
Step 2- Defined brand mission statement
Step 3- Competitive analysis
To become an industry leader, any business needs to know where they stand right now. Competitive analysis is a good practice for this. The business needs to establish itself and be an identification. A difference between self and others also needs to be shown.
Take any sheet- Google sheets, Excel, paper, Ms word, Notepad. All you have to do is jot down the following-
First thing- You have to start by choosing a few competitors. Maybe two to four people would be good to begin with. It can be good local businesses or labels.
Next- Establish the following about them.
|Competitor||Message & Visuals||Quality of products/ services||Reviews & Mentions||Marketing Efforts|
- Message & Visuals– Note down the message that the competition is giving to the target audience. This is why they are purchasing the brand repeatedly. Note the kind of visuals that competition is using. The consistency of their message. These pointers come under this segment.
- Quality of the product/ service– What is the quality of product/ service as per the industry standard? Is it better than what you are offering? What is the variation of consumption of the product/ service?
- Reviews & mentions– What are the credentials the competitors are holding in the market? These can be found online and offline.
- Marketing efforts– How are they targeting the audience? What are the marketing campaigns competition is running? Is it online or offline? Billboards, pamphlets, television commercials, radio commercials, social media optimization, search engine optimization, lead generation, or any other. What are the marketing strategies best working for them? How much is the competition visible on each platform?
These are parallel factors. Each of these factors holds equal importance. The competition is budding and the business needs to grow. You will be able to establish what are the similarities in your product/ service. How is a business growing in your specific industry? What are the ways to sell the product or the service?