Of course, competition is healthy for your business. It keeps you busy finding ways to better serve your customers so they keep buying from you instead of someone else.
Your direct competitors probably are after goals similar to yours. They may be finding new market opportunities for products and services, entering new markets, or retaining and growing the value of their customers.
- This involves rapidly adapting to changing marketing dynamics and customer behavior.
- You need to understand and deliver solutions that solve customer problems better than anyone else.
- You must become proficient in strategy development and execution.
- Properly positioning your solutions and developing a compelling value proposition are required.
By paying attention to what your competitors are doing, you can improve the results of your marketing campaigns.
Here are some ways:
- Discover your weaknesses. Use primary research, social listening and secondary research to uncover where you are weak and how you can use your strengths to your advantage. You also can conduct a win/loss analysis to modify and innovate your offers, channels and processes.
- Work harder. Be more customer-centric and focused on your outcomes. Take more risks. Set up advisory boards and customer success initiatives to better align with customer wants and needs. Small wins can result in improvements in share of wallet, increases in customer referral rates, and expansion of your category ownership.
- Find out what will and won’t work in the market. Gain insight into effective strategies and tactics while avoiding costly errors.
Actions you can take:
- Analyze your competitors’ site traffic. Begin by mapping your competitors and how their online presence is performing. Use this to uncover details about their digital marketing strategy, performance over the past months and any significant changes to their results. Look at their most popular channels to determine how you can alter your digital marketing strategy for better results.
- Examine your competitors’ SEO tactics. Look at each competitor’s ranking to see how you can rank higher. Begin by analyzing a target website’s organic search visibility on a daily basis. Pay attention to the best keywords, the average monthly search traffic and the most successful pages. Use your findings to optimize your campaign and content to target the right keywords.
- Focus on your competitors’ online ads. Pay attention to the number of keywords being bid on, average traffic coming from keywords, estimated paid traffic cost, websites your rivals are competing with, and historical data to analyze seasonal changes in each competitor’s ads. Your findings can uncover opportunities they may be missing or specific markets you can tap into. You also could find new ways to improve your ROI by choosing different keywords or trying new channels and audiences.
Do you want help with your marketing campaigns?
Let BARQAR design a campaign to help you stay in front of clients and prospects, build your brand and generate more responses. Give our marketing experts a call today.