Whether you are an established brand or a new one – you can’t ever afford to ignore your competitors. You must devote some amount of resources on keeping tabs on what your competitors are up to. This way, you can devise strategies to gain some of your competitors’ customers, and perhaps more importantly – keep your own customers away from competitors.
So, what does a competitors’ study of jewellery brands involve?
Identify Your Competitors: The first step is to identify your direct as well as indirect competition. It would be a good idea to have an understanding of the entire jewellery market first. Who are the players? What do they sell? Whom do they sell to?; Where do they sell? Your direct competitors would be those selling to your same target audience.
Study Your Competitors’ Products: Study your competitors’ products. Analyze their Unique Selling Propositions. Analyze if your competitors’ products are superior to your own in any way. This will give you a cue on whether to improve technology, designs, etc.
Study Your Competitions’ Price Positioning: Study the price points at which your competitors sell and what benefits / features they offer at the various price brackets. You would certainly not be able to survive if you offer less for more.
Study Your Competitors’ Services Practices: Try to look into your competitions’ services offerings. Do they offer certificates with their jewellery?; Do they offer repairs?, etc. You would do well to take your service offerings above and beyond those offered by your competition – especially your direct competition.
Study Your Competitors’ Marketing & Advertising Practices: Where do they advertise? – TV, print, social media, PPC advertising, etc; What is their advertising message? Understanding how your competitors position their brand and how they advertise, will help you make strategic decisions regarding your own brand.
Learn About Your Competitors’ Sales Channels: Be in the know about where your consumers sell – physical geographies, online channels, etc. Look into what keywords they target online, etc.
While it is extremely important to be aware of what your competitors are up to, it’s never a good idea to obsess over your competition too much. One must look beyond the confining boundaries of a prevailing market scenario. Otherwise, one would always be stuck within the precincts of the treaded path. Look at what consumers are doing, and then strive to do better.
Follow these pointers to study the competitive environment and then aim to outdo competition – This will help you not just profit in the short-term but grow your business considerably too.