Many students are already familiar with the concept of a Competitive Analysis and SWOT analysis. As you may already know, you can use both of these to help identify where your product fits within the overall marketplace. By developing both of these documents, you will help focus the approach used in planning your advertising and/or PR campaigns.
A competitive analysis involves a simple exploration of your competitors in the product category or niche that you are aiming to develop a product and campaign for.
Check out this template that can help you get started:
In addition to understanding your competition, you should do an analysis of the key attributes and value propositions of your potential brand. A SWOT analysis. can help you get a clearer understanding of your product by documenting the:
To do a proper SWOT analysis, you will need to really consider what the key value propositions are in relation to the overall existing marketplace. This is why both the SWOT analysis and competitive analysis are important as a starting point to your campaign. You need to KNOW your brand and the larger product category before subsequent work can begin.
Here is a worksheet that you can use to help guide your analysis: