In order to stand up above your competitors, you would need to consider what’s called a competitive analysis. This process helps identify your competitors’ strengths and weaknesses in comparison to your own product or service. Factors like their advertising strategy, add-ins or service extras they provide can also play a role. Engaging in such an exercise is a critical part of your product development and marketing strategy.
For example…
Take the company In Your Mouth, they have created a toothpaste that tastes like ice-cream. Yum! Who wouldn’t want to brush their teeth with ice-cream? Their competitors are big names like Colgate and herbal toothpaste sellers. Let’s say In Your Mouth’s toothpaste is top notch in terms of bacteria protection but so is Colgate’s. Colgate’s advertising strategy is centred around eliminating bad bacteria and offering a clean mouthfeel. Their weakness, however, is that it tastes like toothpaste. Based on this, one point of In Your Mouths competitive analysis will be that their toothpaste flavour trumps Colgate’s.
