How do you update and monitor your marketing competitor and benchmark analysis on a regular basis?

1 Choose your competitors and benchmarks

The first step is to decide who your competitors and benchmarks are. Competitors are the brands or businesses that offer similar products or services to your target audience. Benchmarks are the best-in-class examples of marketing communications in your industry or category. You can use various criteria to select your competitors and benchmarks, such as market share, customer loyalty, innovation, reputation, or quality. You should also consider both direct and indirect competitors, as well as potential or emerging ones.

3 Analyze and compare data

The third step is to interpret and contrast the data you have collected. You should look for patterns, trends, gaps, or anomalies in your competitors' and benchmarks' marketing communications. You should also compare them with your own marketing communications and see how you stack up against them. You should ask yourself questions such as: What are their strengths and weaknesses? What are their unique selling propositions? What are their key messages and values? How do they engage and persuade their audience? How do they measure and improve their performance?

4 Identify and prioritize insights

The fourth step is to extract and rank the insights you have gained from your analysis. Insights are the actionable learnings that can help you improve your marketing communications. You should look for insights that are relevant, specific, and realistic. You should also prioritize them based on their importance, urgency, and feasibility. You should ask yourself questions such as: What are the best practices and tips you can learn from your benchmarks? What are the opportunities and threats you can exploit or avoid from your competitors? What are the areas and aspects you need to improve or change in your marketing communications?

5 Implement and evaluate insights

The final step is to apply and assess the insights you have identified. You should use them to inform and update your marketing communications plan and objectives. You should also use them to create and execute your marketing communications strategies and tactics. You should monitor and measure the results and impact of your actions and see if they match your expectations and goals. You should ask yourself questions such as: How did your insights help you improve your position in the market? How did your insights help you increase your audience engagement and conversion? How did your insights help you achieve your marketing communications objectives?

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?