Competitive Research

How does Edgar Allan describe competitive research?

Look around. (If you’re in a public place, this’ll be a lot easier. If not, just imagine.) What’s the guy next to you wearing? How is he wearing it? If you’re in a place that serves food, what did he order? How’s he holding his fork? Is he gesturing while he talks, or doing more smiling and nodding? Now, look over at the next person and ask yourself those same questions…and compare the answers, the similarities, and differences, what you can learn from examining the details about these people’s lives, where they’re going, where they come from, what they’d be like if you walked over and said hello. 

You’ve just done your first competitive audit. (Well, maybe not competitive. Unless everyone around you is your adversary in some way.) If you had to go up against any of these folks for any reason, you’d want information. If you’re a brand looking to stand apart from the other companies that your customers might choose instead of you…you’ll want a whole lot of it, so you can present yourself authentically but differently from them. So you don’t choose the same outfit, say the same words in the same order with the same tone. Order the same thing at the bar every single time the bartender asks if you’d like another round. 

At Edgar Allan, we do a form of this for our clients: gathering insights and understanding the competitive landscape in which a given client brand operates. It involves studying and analyzing the strategies, positioning, messaging, and visual identity of competitors or similar brands in the market. This study allows us to gain valuable knowledge about how other brands are communicating, engaging with their target audience, and differentiating themselves in the market to help us identify opportunities for our clients to make informed decisions and develop strategies that stand out.

How does Edgar Allan go about competitive research for clients?

Competitive research is a process that involves several steps to gather valuable insights and analyze the competitive landscape. It starts by identifying key competitors in the industry. Next, clear research objectives are established, focusing on important aspects such as brand positioning, messaging, and visual identity. Once the data is collected, it is carefully analyzed and compared to uncover patterns, best practices, strengths, and weaknesses. These findings provide opportunities for differentiation and inform actionable strategies that shape our client's brand positioning, messaging, and user experience.

What makes Edgar Allan's competitive research unique from other agencies?

At Edgar Allan, we believe that competitive research goes beyond simply analyzing how other companies present their products or services. We recognize the importance of understanding the voice, tone, brand strategy, and emotional impact that competitors aim to achieve through their communication. In our analysis, we delve deeper to gain insights and inspiration that help us craft a brand strategy aligned with the desired emotional connection, conversational approach, and a distinctive voice and tone that resonates with our client's target audience. Our goal is to create a unique brand identity that stands out and captivates the intended market.

Do all brands need competitive research or is it only for certain brands?

Yes! Competitive research is beneficial for all brands, regardless of their size or industry, as it helps them understand their market and competition. By studying competitors, brands can gain insights into what’s working, what’s not and identify opportunities for differentiation, and refine their brand messaging to stand out. Whether a brand is just starting or already established, competitive research is a useful tool to make informed decisions and ensure they stay –or become– relevant and competitive in their market.

What are some reasons that competitive research fails?

Competitive research can fail for many reasons. One is choosing the wrong competitors to study. Selecting competitors that do not accurately represent the brand's market or do not align with its goals and target audience can result in misleading insights. Another reason is not having a clear plan and approach. It's important to know what we want to achieve and focus on during the research. Additionally, competitive research can fail if we don’t do a good job translating those findings into actionable insights. It's not just about understanding competitors, but using that knowledge to make better decisions and improve our client brand's position in the market.

Please list three benefits of having competitive research.

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1. Gain Market Insights: Competitive research helps you understand what your competitors are doing, how they talk to their audiences, and how they position themselves in the market. This information can give us a better understanding of industry trends and help brands make smarter business decisions.

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2. Learn From Successful Competitors: Competitive research allows us to learn from the best practices of successful competitors. We can discover effective marketing techniques, improve user experience, and implement innovative ideas that have worked well for others. This can help brands improve their business performance.

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3. Stand Out: By studying competitors, we can identify what makes our business unique and find ways to highlight those strengths. This helps brands differentiate and position themselves better in the market.

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