Now that you’ve identified your direct competitors and scored them along a range of dimensions, you can get a (literal) picture of the competitive landscape, below. Change which dimensions are visible by adjusting the settings above the chart.
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Unique Value Proposition
Now, your task is quite simple. Using the chart above, analyze your competition across the full range of dimensions that you identified during the prior exercise. Again, you are looking for gaps in the marketplace.
Your goal with this whole exercise should be to identify your unique value proposition. Put simply: What makes you special to your audience?
Once you’ve answered this basic question, evaluate your response to make sure you are communicating the end benefit to your audience, rather than just stating features. What unique value does your brand deliver that is emotional and intangible?
Case in point: The end-benefit to Coca-Cola consumers is that they feel “energetic and vibrant.” For Dove, it’s that they feel “confident and glowing.”
To recap, at this point, you should have completed the following steps:
Identify key competitive dimensions of your market
Analyze how the competition fits within these dimensions
Figure out how to differentiate your brand
State the end benefit that this difference provides to your target audience
📝 Exercise 1
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Now that you’ve worked through all of this, you should be ready to distill your insights down to a single statement. In general, this statement should adhere to the following format:
We help [description of target audience] who [description of problem] to achieve or experience [description of benefit]. Unlike [description of competing brands], our solutions [description of difference].
It will probably take you a few tries to get it right. That’s fine. Once you’ve arrived at wording you like, add it to your brand profile below.