Ravinder Bharti On the Importance of Understanding Competitors in Branding Space

The ones who have their brands must have come across these thoughts where they ask themselves that do, we truly understand who are our competitors out there? to analyze that do we come across the direct & indirect customers? Do we have an idea of what their product & services are all about? Has your business conducted market research yet?

Is your business different from others?
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Well, Mr. Ravinder Bharti, the Founder & CEO of Public Media Solution shares some views on understanding the importance of knowing your competition & competitors. Mr. Bharti is victoriously on top of the success with his hard work & passion, climbing the ladder of victory.

Mr. Bharti says that most of the business today thinks that their business or brand is different from their competitors but maybe a few of them have legitimized their way of thinking.

Mr. Bharti explains that examining the competitors out there not only make your brand unique but also plays an essential part in the strategies your company has to build. Today as we talk about competitive analysis, numerous companies have not followed the competitive analysis and perhaps a lot of brands are not aware of how & where to start with the competitive analysis.

Mr. Bharti added some competitive analysis steps to identify the direct competitors:

And they are as follows -

1. Business Opportunities
2. Developments in the market
3. Digital Marketing
4. Social Media Marketing
5. PR activities
6. Search Engine Optimization
7. The key message
8. Websites
9. Advertisement

Mr. Bharti shares, that to look out for competitors is to go through the competitor's website, is to understand what does their website hold on, is it the design? or maybe creative & attractive taglines or maybe outstanding graphics added to it. The most accessible information about a brand or business today is the company website. And when you talk about not having a website it gets more complicated as the masses today strongly believes in having one website than calling out a fake or unorganized brand or business if they do not find one. Even the minor companies or startups today work on their website & social media marketing features as the main role of website & social media marketing start at the earliest of brand building.

How to conduct a competitive analysis?

Mr. Bharti says that understanding & determine is the right way to conduct a competitive analysis. He added that analyzing the competitors' presence on the website is the main focus one can start with the competitive analysis. Research on the type of products they are using because at times the product might be similar nut their features might truly differ. Go through your competitor's online reviews it gives insight into the business and the customer experience as well. You also get to understand where you could do right & improve if you come across the negative comments of your competitor. Last but not least use research tools. Research tools like Buzzsumo, Newsletter, etc.

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Conclusion

Mr. Bharti in the conclusion added that you can easily conduct competitive research at least once or twice in a year to have a track and understanding of your brand & it also lets you understand the weakness & strengths over the period.

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This release was published on openPR.