The Competitive Audit: What and Why
Let’s say you’re about to launch a new product. As you’re putting together a strategy, whether for development or messaging, it’s important to know what the competitive landscape looks like.
In this episode, Amy Duncan shared her thinking on what you need to know and how to collect it. There may be a lot of companies in your space. The best way to identify the real competition is to ask customers which ones come to mind.
In the audit, you’re probably doing a SWOT analysis and figuring out in which niche you can compete.
The biggest takeaways for me were:
Don’t mix your research about messaging with your research about product development. You might not find everything you are looking for.
Have a system for holding all the information you collect and keep track of your sources so you won’t have to hunt for them next year when you update your audit.
Amy follow competitors continually, tracking email offers, pricing, social posts, likes and comments etc.
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About My Guest …
Amy Duncan is the Founder and Chief Marketing Consultant at Goldfish Consulting. She is also a fund manager at the San Diego Angel Conference.
