Marketing efforts for any business, no matter how small or extensive, are only effective if they present something a competitor does not. If your marketing efforts overlap too heavily with a strong competitor, you might waste your funds on a strategy that doesn’t produce any benefits. If you want to guarantee your marketing budget goes to good use, you can use these tips to effectively compare your and your competitors’ marketing strategies.
Identify All Possible Competitors
Before you can really take a look at the marketing tactics themselves, you’ll need to know who you’re up against. This goes beyond your primary competitors, which are usually the enormous companies that dominate the industry. While you should identify the primary threats, don’t ignore the secondary threats, which are often in direct competition with you. Even if a company seems to target a very different customer, it could still hinder your brand’s growth.
Determine Their Marketing Focus
Once you know your competitors, you can take a closer look at how they convey their unique message. This could be something rather simple. For example, many small businesses use a variety of physical signage. The larger the competitor, the more avenues of marketing they are likely to take advantage of. Email blasts, online banner ads, billboards, and targeted messaging could all factor into how your competitors reach their customers.
Understand Your Competitive Advantage
When you have a better idea of what marketing strategies work, you’ll need to craft your brand’s message. This means analyzing and truly understanding your company’s competitive advantage. Do you offer unparalleled customer service? Can you offer a product that beats your competitors on price? Maybe you don’t cut the same corners as your competition, leading to a higher-quality product.
Learn How Their Marketing Has Changed Over Time
Trends change as people change. If you continue to rely on the same strategies over and over again, you’ll likely find yourself left behind as time goes on. You can learn a lot about your customers by examining how your competitors change their marketing tactics. This can give you a better understanding of what your customers care about and how you may need to adjust your message down the line.
By comparing your and your competitors’ marketing strategies, you can position yourself to grab customers in places where your competition is lacking and shift more focus onto your company. Do this enough, and you can firmly plant yourself as a real competitor in your targeted market.