Everyone has a bias, whether good or bad, based on experiences or gut feelings. While this bias can be positive, it can also cause us to avoid stepping back and questioning our assumptions. Over time, everything changes. With new technologies, behaviors, and behavioral actions, things that were once true may not be. This is especially true in marketing, where you have new social channels, new opportunities, and changes in consumer behavior.
This is why doing a key assumptions check is so important. By going through and identifying what you think is true, as it relates to your audience, your social activity, how your website is performing, etc., you can go through and test all of those assumptions. Based on that analysis, it provides two specific outcomes:
- If new information becomes available, a brand has the ability to make shifts necessary before more damage is done and it makes the brand even more efficient.
- If the analysis confirms the assumptions, a brand has more confidence moving forward with their current plan.
Often times, we see both of these will play out across our analysis—this gives brands confidence in what they are doing and offers opportunities to optimize what they need to for future growth.
Knowing this, one of the best things a brand can do is a competitive analysis. Continually, we see all of our clients find value in this analysis and run it annually to ensure they continue to be on the right track and adjust as needed.
Our Competitive Analysis identifies where your audience is, where they are engaging, what your website and analytics are telling you and how you can optimize your website based off of it. It can also tell you how you are doing compared to your competitors and how your competitors are positioning themselves. The analysis that comes from this helps companies optimize their time, work, and effort—if you and your competitors are not seeing engagement on Twitter, do you need to spend time trying to engage your audience on there compared to another social channel where your audience is looking for you?
If you are curious on how our Competitive Analysis can impact your brand, feel free to reach out to us.