“There are many things my father taught me here in this room. He taught me: Keep your friends close but your enemies closer.”
~ Michael Corleone
The ONLY reason anyone will choose you to do business with is because you offer something different and better than anyone else.
That said, any time we begin planning a campaign, we start with competitive analysis.
Pricing
Whatever you’re pushing, first see how you compare. I usually start with FDIC or Callahan to pull out the market share leaders and focus on them. You don’t need to analyze everyone in your market, just the institutions that most people are going to. If there are national or online players that have an effect, track them too. For instance, If I’m planning a credit card promotion, I always include Capital One.
What are the rates, minimum balances, fees, stated benefits or rewards? You can find most everything you need by simply going to each competitor website. This will also give you an idea of how your brand, look, messaging and web functionality stack up.
Chart out all the relevant competitive data so it’s easy to read. At a glance, this will tell you where you have an advantage … or even if you need to revamp your product offering.
“Know your enemy and know yourself and you will always be victorious.”
~ Sun-tzu
Media
Before you plan your digital strategy, first identify how your target audience is finding your competitors. What key words can you get in front of and outbid?
When someone searches, “Chase Bank Checking,” you want your ad popping up. We’ve found that competitive searches are well-worth the higher bids.
Messaging
It’s obvious, but you need to stand out.
You don’t have to do competitive messaging analysis on your own, recruit your entire staff. Start a culture that gets everyone looking for competitive ads. Have them capture the ads and send them to you. You can make it fun and have a monthly drawing – each competitive ad sent to you is an entry.
There’s a side benefit. When the staff is used to looking for competitive ads, they can better explain to a prospect why you are a better option.
