As we discussed in our previous article about Internal Check-Up, in order to build a successful Growth-Driven Marketing structure, you need to have an ongoing data-driven marketing strategy. Starting from the very first step, all the data should be linked to each other at every stage, and the whole process should be optimized constantly according to data-driven insights.
As an important component and the initial part of your Growth Marketing activities, your Brand Check-Up provides data for the future stages and will help to determine your strategy. It contains:
Competitor research and analysis are crucial to understanding your market and industry better. By monitoring and analysing your competition according to the 4Ps (Product, Price, Place, and Promotion), you can gain essential insights on:
In order not to lose focus, we recommend that you analyze the top 3 to 5 main competitors.
In this article, you will see how to carry out the second analysis of a brand check-up: Competitor Research through our online learning platform: the Growth Marketing Hub. And don’t worry if you don’t have an established brand. The Growth Marketing Hub is designed to give you the opportunity to exercise each module and process so that you can just practice and learn.
Before you start, please make sure you have completed your Internal Checkup. If you haven’t completed the previous step, you can use the Growth Marketing Hub to exercise.
We start with the “Competitor Analysis” menu at the Growth Marketing Hub panel. You can select “Start a New Competitor Research” box from the menu to create and complete new competitor research and analysis.
1- Create Your Competitor
You need to fill out the information for each competitor one-by-one, so when you finish with one competitor research, The Growth Marketing Hub will give you an option to proceed with another one automatically.
We will guide you through the key important points to consider when filling out the information at this stage.
The Business Model: Your competitor’s cost structure, revenue stream, customer segments, and distribution channels will vary for each business model so you can compare your growth strategy and growth marketing campaigns accordingly. You’ll need to specify whether your competitor’s business model is B2B SAAS, B2B Enterprise, B2C Ecommerce, B2C Mobile App, B2C Marketplace, Publishing/Media Sector, or choose “Other”.
The Revenue Structure: In this area, you will need to identify how your competitor’s customers are currently paying for the services. You can select multiple revenue structures from the list below:
As you can see, in some fields, you can choose more than one option by clicking to the options you want to select. But in some fields like Business Model, you cannot select more than one option.
Distribution Channels: You can choose one or multiple competitor distribution channels from the list below:
Sales Process: Here, you will identify your competitor’s sales cycle and onboarding process details, clarifying how your competitor closes its sales (online/offline, etc.). You can select multiple sales processes from the list below:
And as the final step, choose the countries where your competitor is currently active- from “Currently Operating Markets” You can select multiple countries from the dropdown list in the panel or leave it as “I don’t know”
Click “NEXT STEP” for the Website / App Analysis, Social Media Analysis, Email Marketing Analysis, Paid Media Analysis, and Earned Media Analysis of your competitor.
2- Competitor Website / App Analysis
After you complete the “Create Your Competitor” stage, the Growth Marketing Hub will automatically take you to the Competitor Website / Mobile App Analysis page when you click NEXT STEP.
At this section, you will have the chance to analyse your competitor’s website or/and mobile app promotion activities. Again, if you don’t have competitors, just use the hub for the practice. We will also help you with the terminology in some of the questions below.
There are various user engagement tactics for websites (chatbots, pop-ups, automated emails-based on user behaviour/action, etc.) and mobile apps (push notifications, in-app messages/notifications, etc.). They are used to get the users’ attention and encourage them to engage. So, if your competitor is using any engagement tools or tactics, you can manually type it/them into the designated area, or simply choose the “I don’t know” option.
If your competitor is performing any content marketing activities, you can select them from the menu and/or manually type it/them into the “Other” section.
Congrats on completing the Competitor Website / App Analysis stage. You can click “NEXT STEP” for the next stage: Social Media Analysis.
3- Competitor Social Media Analysis
After you complete the Competitor “Website / Mobile App Analysis” stage, the Growth Marketing Hub will automatically take you to the “Competitor Social Media Analysis” page when you click NEXT STEP.
4- Competitor Email Marketing Analysis
After you complete the “Competitor Social Media Analysis” stage, the Growth Marketing Hub will automatically take you to the “Competitor Email Marketing Analysis” page when you click NEXT STEP.
If you haven’t received any newsletters from your competitors, it doesn’t mean they don’t do email marketing. You can try to leave your contact details on their landing pages or subscribe to their newsletters on their websites, just to double-check!
5- Competitor Paid Media Analysis
After you complete the “Competitor Email Marketing Analysis” stage, the Growth Marketing Hub will automatically take you to the “Competitor Paid Media Analysis” page when you click NEXT STEP.
6- Competitor Earned Media Analysis
After you complete the “Paid Media Analysis” stage, the Growth Marketing Hub will automatically take you to the “Earned Media Analysis” page when you click NEXT STEP.
Earned Media (free media), refers to publicity gained through promotional efforts such as news coverage, word-of-mouth, reviews, comments, feedback, likes, shares, mentions, and various promotional efforts other than paid media activities or owned media branding.
You can check our article below to have a comprehensive understanding of earned media marketing:
View Completed Competitor Research
You can see the completed Competitor Research for each competitor you have analyzed on this screen.
When you click on a competitor, you can see the whole check-up details for that competitor.