They sell a similar product or provide a comparable service, they try to connect with a similar target market, and they are probably using the marketing tools and media you’re considering. Yep, we’re talking about your competitors. Who better to take cues from than the competition in your marketplace? We don’t mean you should spend your energy spying on their every activity, but competitive research and periodic marketing analysis can help you gain valuable insight. It can show you what’s working and what’s not and offer new ideas or tactics. Then, you can take that knowledge and make it your own when applying it to your business strategy. The key is to look at your most successful local competitors and then identify which of these lessons you can learn from them!
1. How to Run a Successful Website
A healthy online presence is vital to being found by your local community (and future customers). Start by checking out your competitor’s website and doing a little analysis. Is their site up-to-date in design, information, and current trends? Is their site mobile compatible? Does their website point you to their current offers or social media sites?
2. How to connect to customers using social marketing?
While surfing their online presence, check out their social media marketing. How many fans or followers do they have? More importantly, how many of those followers are interacting with their posts? What are they doing to achieve these numbers, and how can that apply to your business?
3. How do I get involved in the community?
Are they partnering with other local businesses? Are they sponsoring community events? Evaluate their role in the community and how that’s helping their business. After reviewing a success story of community involvement, you’ll have an idea of how you can get involved in the local area as well. Trust us; it’s worth it.
4. How to speak to customers?
Since your competitors are marketing similar products and services, they’re attempting to refine the best way to communicate their benefits, just like you. Pay attention to the copy in their direct mail marketing, e-mail newsletters, or digital marketing to get a feel for how they’re doing just that. You might find a more efficient way to say more with fewer words. You could also learn how they simplify a complicated or abstract idea for the community, especially if it is tech-related.
5. What are the up-and-coming trends?
Especially if you’re the market leader in your community, your competitors are scrambling to find new ways to market where you currently aren’t marketing. Keep an eye on what they try and how successful they are in finding new, exciting ways to market your products and services.