Ensure Optimal Brand Development through Strategic Analysis

Share on linkedin
Share on twitter

Achieve optimal brand development

E-commerce growth and information transparency provided by new technologies has made it critical for brands to obtain accurate insights on the position of their products to enhance their brand development, expand their target audience, and consolidate loyalty among existing customers.

Developing brand’s key areas

There are three main areas that must be analysed and well developed if you want to make sure that your brand’s performance is the right one. Such areas include prospective customers, competitors in the market and the brand itself.

In this guide we will deal with these aspects in a short and easy way, providing ideas and points to be taken into account when carrying out such analysis and developing these key areas.

The questions you should be asking yourself are:

  1. What are the needs of your customers? What expectations do they have?

  2. What is the value that they perceive from your products?

  3. What is the position of your products regarding competitors?

  4. What is the current status of your brand?

  5. What are the points that define you against competition?

  6. How has your brand evolved throughout time?

Customer analysis

Product value and target audience

An important element here is what motivates customers to buy a certain product and what they are expecting from it. Once you understand that, you will be able to offer products which cover such needs and offer benefits to your prospective customers.

  • Element of

  • Customers’ expectations

  • Products covering
    their needs

The objective here is that your products get differentiated from your competitors’, offering great value for price so that consumers will be willing to buy from you again. This is what builds brand loyalty and that is why it becomes so important to have a clear vision of the public who will be buying the product and knowing how to fulfill their needs since they will be the ones that, ultimately, will be trusting your brand. Therefore, achieving to convey the right brand message to your customers must be one of the main goals of your business strategy.

Changes in the marketplace

In order to understand the needs of your customers and what they expect from your brand and products you need to analyze movements in the marketplace first. That is to say, you have to analyze changes in sales volume to get to know how demand of certain products fluctuates and how new needs from consumers arise. This will give you valuable data on which markets are declining and which ones are growing.

Analyzing the marketplace to spot needs for products from the consumers which have not been met yet is also a great idea. This strategy can attract new customers, as well as making a difference against competitors.

Competitor analysis

Differentiation factors

You need to understand the position that you and your competitors occupy in the marketplace. This knowledge turns out to be a pivotal element of your strategy since you need that to decide which factors will distinguish you from competition.

Monitoring changes in competitors’ strategies is a necessary task that has to be done on a daily basis.

The analysis of competition has to be done frequently to keep abreast of competitors’ moves. What is more, it must be understood not as a short-term task or routine, but a long-term one.

When studying competitors, you must tackle several points which, on the whole, will offer you a comprehensive vision of the position of your brand against other competitors in the industry:

  • Number of existing and emerging competitors in the marketplace.

  • Brand image/perception benchmarked against competition (position).

Once this data is collected, you will be able to determine which of your competitors are the best-positioned ones, as well as which ones get the most positive perception from consumers or potential customers. This will also help you evaluate which factors reinforce the image of your brand in a positive way, this is, your strengths. And, on the other hand, which ones do so in a negative way, namely, your weaknesses.

Brand analysis

Obtaining a clear picture of all the elements that shape your brand image will allow you to head for new strategies and improvements, as well as to optimize your brand performance on the whole.

What is the current status of your brand?

This question should involve other ones concerning: characteristics which define your brand, its perception by consumers, message conveyed, as well as the value offered to consumers and needs covered.

How has your brand evolved throughout time?

Determine how your customers’ brand perception has evolved throughout time. Has the message originally conveyed changed? Has the perception on price, value and quality of the product been modified? If so, was that the objective?

What differentiates you from competitors?

Which characteristics make you look similar to your competitors and which ones distinguish you from them. Does your brand really stand out or not? You have to detect this in order to find the right marketing strategy for your business.

Are you making the most of your brand image?

Are there any strong points of your brand which you have not still leveraged? What are your brand’s weaknesses? You need to evaluate the answers to these questions in order to balance such points and make the most of your products.

More to explore