Kalyan Chinnamanthur, Head of Programs at Venturepark has worked with many nationally distributed and startup brands to help them assess their competition and to stand out in the crowd. Kalyan shares his insights on how brand owners can elevate their approach to analyzing the competition.
Review your direct and indirect competition
It is important to understand the products similar to yours (direct competition) as well as different products that meet your customers needs just as well (indirect competition). For example, a brand owner of a premium ice cream line would start with products that have a similar quality, ingredients and packaging but expand the scope to include adjacent product categories such as handheld premium ice cream bars that offer similar benefits to the consumer.
Use your findings to help build your long term road map
A full competitive analysis includes a structured review of the strengths and weaknesses of the competing products in the marketplace. This confirms how your product stands out from the rest but also can give you inspiration on how you want your product to evolve from branding, packaging, quality even to price strategy.
The knowledge gained from an ongoing competitive analysis is a key component of building your long term strategic plan. One of my favourite books that helps founders of growing companies design their roadmap for the future is: Playing to Win, How Strategy Really Works by A.G. Lafley and Roger L. Martin.
Brand Spotlight: Any exciting local brands in your pantry that you would like to highlight?
I am a big fan of Crave Cupcakes, an Alberta based company who have had great success selling their gourmet baked items at their own shops. They have built great brand recognition and have recently launched a line of premium mixes in grocery stores. They have kept their amazing quality and at the same time offering their customer more ways to enjoy their products.