Competitive Analysis For Artists and Creatives (Part II) – Scoring Your Competitors

In the first part of this series on analyzing your competition Competitive Analysis For Artists and Creatives (Part I) – Your Competitor List you were given some ideas on developing a list of your competitors. You need to look at direct competitors for your products or services as well as identify competitors who are not so direct and compete for your customer’s dollars.

The next step in the competitive analysis process is to identify attributes or areas where each of your competitors has a competitive advantage, no advantage or disadvantage and competitive disadvantages.  Having this information will help you to develop effective strategies for a successful creative business.

The idea behind analyzing your competition is to look for their areas of strength and weakness. If they have areas of weakness you may want to take advantage of these. If they have areas of strength you will need to watch out and possibly emulate these strengths.

Get a piece of paper, list each competitor from the first exercise and give yourself plenty of room to write. Now you are ready to analyze your competition. Rank each competitor on whether the attribute is their advantage, disadvantage or is neutral.

Here are some ideas on the attributes where you need to score each competitor:

  • Management and Key Personnel
  • Company Image and Brand
  • Facilities, retail locations, studio or workshop.
  • Geographic Coverage and Locations
  • Distribution Channels where they sell their products (retail, wholesale, web, dealers, galleries…)
  • Financial Condition
  • Quality of Products and Services
  • Products Features, Uniqueness, Style and Availability
  • Product / Service Delivery, Pricing, and Terms
  • Customer Service and Customer Focus
  • Technologies Used and Manufacturing Ability
  • Patents, Trademarks, or Copyrights.
  • Marketing and Sales
  • Buying Ability
  • And any other factors you can think of that make up your competitor’s advantages or disadvantages.

Once you have completed this exercise you should have a good ideas of the competitive landscape you face. In the next article we will discuss how to develop a competitive profile for YOUR creative business.

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About Neil McKenzie

Neil McKenzie is an author, educator and consultant to artists and arts organizations. He is the author of The Artist’s Business and Marketing ToolBox – How to Start, Run and Market a Successful Arts or Creative Business available in softcover from Barnes & Noble and Amazon and as an eBook from iTunes, Amazon and Barnes & Noble. He has developed and teaches the course “Artrepreneurship” at the Center for Innovation at Metropolitan State University of Denver, and is also a visiting professor at University College at the University of Denver. Neil has over 30 years’ experience as a management consultant and marketing executive, working with some of the world’s top brands. Neil is a frequent lecturer to artists and arts organizations, a guest columnist for Colorado Biz Magazine, where he covers the creative sector of the economy, and the author of several articles for Americans for the Arts, a national arts organization. Follow Neil on Twitter: @neilmckenzphoto