COMPETITION TELEPATHY HELPS GIVE YOU AN UNFAIR ADVANTAGE IN YOUR MARKET.
Get a leg up by perusing your top three competitors across all the platforms on which they play! Here’s a systematic way to collect priceless data from competitors in your space.
STEP ONE: Pick three brands to research that are your competition or are where you aspire for your brand to be in a year.
As cooperative capitalists, we understand that making a list of your competitors may feel adversarial, so let’s dismantle that before we begin by stating that this process is designed to help you WIN with your audience, NOT win over the audience of your competitors.
STEP TWO: Collect the answers to these questions for each of the three brands in a spreadsheet or document.
- Brand name
- The Point: In broad strokes, what does this brand do?
- The Promise: What do they promise they can do? What benefit are they stating they can provide? What is unique about this benefit that people couldn’t get elsewhere?
- The Propaganda: Look for buzz phrases, bullet points and claims about their offers.
- The Product: What is the offer ladder? What do they offer prospects as an entry-level offer? What are their low, mid, high and premium offers? Be sure to examine how they relieve risk for buyers. Is the guarantee unconditional, for a certain number of days? Is it based on any qualifications? How is it phrased?
- The Process: What’s the delivery mechanism for fulfilling on the promise? What’s unique and different about the process? What’s their unfair advantage? What formats do they use for delivery? Are their live elements to the delivery? If so, are they one-on-one or in group format? Do they provide forums or groups?
- The Proof: Look at the testimonials, endorsements, and proof such as before and after pics or screen shots of success.
- The Pull: What Lures do they use to capture emails? What types of lures are they? (eBook, checklist, cheat sheet, training, video or audio?) What headlines, subheads and Call-To-Action button text do they use?
- The Platforms: Which social media platforms are they using? List out the channels. Note topics covered, variation, frequency and format. Take notes on engagement and shares. Scope out frequent questions and look for patterns in the comments.
- The Plan: What seems to be their main social media strategy? What do you like and dislike about it? Where do they have the most sway with their audience?
- The Pile: What have they accomplished? Do they have books? If so, what are the titles, the subtitles? What categories are they in? Did they do a TED talk? Have they been featured on TV, in magazines, on podcasts or radio? Do they have their own podcast? If so, how’s it doing? What are the comments and questions like?
- The Possibility of Partnership: What affiliate opportunities can you find? How do they attract affiliates? What offer structure? Would an affiliate partnership make sense? Do they do something well that you don’t do and have no desire to do? Would you feel good sending your people to them for that?
Here's an example we performed for a past client who said ‘Storybrand' was one of their top 3 competitors:
STEP THREE: Assimilate the data you collected to form a plan to alter your path for the better.
With all the data you just collected organized and in front of you and your top executives or advisors, look for what I call holes in the matrix. Look for where you shine and make sure those strengths are accentuated in your marketing.
Look for where they outshine you and glean insight into what you might want to consider modeling.
Here’s a list of just some of what I consider when performing this process for our clients.
- Where do you have a competitive advantage? What’s better about your offer? Is that accentuated in your marketing?
- Where can you play a bigger game? Is there a wide open field on a particular social media platform?
- What is revealed when examining fee structures? Is there an opportunity to make an offer at a particular price point?
- How high or low touch is the delivery of their process? Is there a concierge version to offer or something more DIY?
- Are you catering to a different personality style, sector of the market? Is that clear and are you on the appropriate platforms for the audience you want to reach?
There you have it! That’s how you perform Competition Telepathy.
If you’d like the insight without all the work, you can schedule a time to talk with Travis about the Foundational Marketing Package which includes our team doing Customer Telepathy, Content Telepathy and Competition Telepathy and assimilating it all into a suggested plan of action for your brand.