A simple model for Competitive Analysis

Competitive analysis is essential to driving successful marketing plans and growing a business.

Knowing what to analyse and creating actionable insights is both an art form and a skill which requires constant development for ongoing success.

There are two key frameworks which can be leveraged:

1. The 4 Cs: A key framework on analysis and understanding which must be included as part of a complete marketing plan

   1. Customer: Who is your customer and what are your competitive advantages eg industry advantage, retention rates, NPS

   2. Communication: What are the top communication channels and which are unique to your customer

   3. Channel: What channels do you go to market by, and which offer a unique advantage

   4. Cost: What cost strategies are in place to create a unique advantage

2. The 4 Ps: A framework to better understand your business and the products/services on offer.

   1. Product: What products and services do you offer?

   2. Price: What is your price advantage?

   3. Place: Where do you go to market?

   4. Promotion: What is your marketing advantage?

Together, the two frameworks allow you to make very tangible actionable insights.

• Customer + Product: Allows you to create your unique value proposition

• Cost + Price: Provides valuable information to build your product messaging

• Channels + Place: Provides a clear go to market strategy and input to direct your marketing plan focus

• Communication + Promotion: Provides how you will gain a competitive advantage from marketing and comms.

A methodology to use to understand and analyse both these frameworks is 5WIH, or rather, the method of the 5 Why's: What, Where, When, Why, How.

This model allows you to understand all aspects of the problem by framing the situation and exploring all dimensions surrounding the situation.

Want to know more?

JMORA Marketing has a competitive analysis ebook of templates you need to get to market quickly. These templates cover 4Cs, 4Ps, and also the 5WIH approach. Bonus templates to understand what your customer is saying and what the aligned purpose is, are included in this playbook. You can buy today with a 20% discount by using code: blogreader2

If you would like help to conduct your competitive analysis, book a one hour free consultation today and we can discuss next steps.

Good luck and we look forward to hearing from you in the future.