Do you have a marketing communications project on the near horizon?
If so, I want to make a pitch to use it as a perfect opportunity to conduct a competitive value audit.
A what?
Yes, I know that this isn’t a top-of-mind marketing issue for you.
But answer this: When is the last time you assessed how effectively your marketing was communicating your value proposition?
It’s worth periodically revisiting. Drift happens. Staff get busy, focused on short term product or service promos, and before anyone notices it your value language is reduced to features and benefits.
Returning your value message to true north is the function of this audit.
The competitive value audit is similar to a classic competitive audit, but with an emphasis on how effectively you are communicating your unique selling propositions. It assesses factors such as the competitive differentiation of your value messages, how your competitors’ messages compare, and how your value propositions are aligning with the hot button issues of your market.
This process doesn’t have to be a 50-page dissertation. I see this more as a series of research assignments handed out to your communications staff with a short presentation by each to be made at a brainstorming session.
If your messaging is on point, then you have a feel-good opportunity to pat everyone on the back. If it is off message, you can discuss how best to bring it back on course. (Make sure the staff who are in charge of the next project attend.)
Your competitive value proposition is one of your most important strategic assets. As long as you are focused on your communications anyway with your upcoming project, take advantage of this opportunity to ensure it is working for you in the field.
