If you’re feeling overwhelmed in your market, you’re not alone. 90% of businesses report their market has become more competitive in the last three years. Every year, startups are better able to challenge the market dominance of incumbents - it’s no wonder so many businesses are becoming increasingly competitor-conscious.
Understanding the competitive landscape in which you operate is the first step to providing differentiated value in your market. Sales, marketing, and product strategies all require a firm foundational understanding of your competitors. For this reason, competitor analyses are commonly performed exercises.
A thorough competitor analysis is valuable but time-consuming. Everything from basic firmographic data to in-depth messaging breakdown goes into a competitor analysis. Given everything the many pieces of data involved, it can be difficult to know where to start.
Meet your new starting point: Competitive Landscape Report
This free report from Crayon provides a quick snapshot of key competitive information so that you can quickly analyze your competitive set. This free competitive landscape report includes firmographic information, website and social engagement data, and website messaging/positioning histories of your competitors. All of these outputs provide the foundational information that serves as the starting point of any effective competitor analysis.
The best part? It’s free.
You can select up to 10 competitors to include upon requesting a report, allowing you to quickly understand the threat they pose in your market in several ways. Website and social engagement data is provided on each and is visualized to show metrics like social media followers, Alexa Rank, and overall company size.
This data, especially when combined with the firmographic data provided, can help you determine which competitors have strong social reach, how quickly they’ve been able to gain traction in their market, and whether they’re able to punch above their weight class to capture market presence.
For example, one could reasonably assume that a young company with an Alexa Rank and social reach that outguns older/better funded companies is making outsized investments in their digital and social strategies. Conversely, if you find yourself ahead of many of your competitors in terms of funding/personnel but behind in Alexa Rank, it may be time to kick off some SEO-driven initiatives.
The free report also provides an extensive database of website messaging and positioning changes. Browse through a timeline of changes to your competitors’ most important marketing vehicle, their homepage, and see how their value proposition has evolved over time.
Understanding the history of your competitors’ messaging is key to navigating where their messaging, and ultimately their overall market strategy, is going. This is the first step in creating a more proactive approach to competitive analysis and positioning.
Looking to gain an understanding of your market and where your organization fits in? Request a free competitive landscape report today. For the time being, these reports are first come, first serve.