7 Things Your Competitors Can Teach You About Marketing Strategy
With the internet at our fingertips we are constantly learning new things. You can google random facts to prepare for trivia, or you can be slightly more productive and better your business by researching your competitors. Below are seven things your competitors can teach you about marketing strategy.
1. Which sources and sites offer relevant information.
Use your competitor’s website as a starting point to find sources of your own. You can follow sources until you find one that works for you. For example, you can go to marketingtypeguys.com, scroll to the bottom of the page, click on “SEO Terms We Want Our Clients to Know,” read that, then click on the hyperlink to Forbes on the bottom of that page. This will get you even more information on SEO terms. Using your competitors is a great way to follow links to the source that is most relevant to you.
2. Which platforms are more successful than others
Certain social media platforms are more successful than others, especially in terms of demographics and content. For example, if you are marketing something to people between the ages of 18-29 Instagram is an excellent platform to use because 55 percent of users are in that age range (blog.hoottsuite.com). If you are marketing to an older demographic Facebook would be a good platform to use because 62 percent of adults who are 65 and older and are online are now using the ‘book (pewinternet.org). Looking at your competitor’s social media accounts will help you better understand which platforms are used to market which types of products and services.
3. How much is too much…
Looking at your competitors social media accounts is a great way to see how often they are posting on their social media accounts. If they are Tweeting/ Instagramming every hour and are not receiving very many “likes” then you can deduct that a Tweet/ Instagram an hour is too much. No one wants their Twitter/ Instagram feeds inundated with the same account.
4. ...and how little is too little
Finding a balance in social media posting is an art. As stated above, posting every hour is too much, but not posting enough is just as bad because followers will forget about you. Look to see if your competitor’s posts are sporadic and pay attention to “likes.” The most successful social media accounts have figured out how often to post, so learn from your competitors social media habits.
Figuring out how much to charge for a service or product can be tricky. You don’t want to charge too much, but you also don’t want to charge too little. This is where your competitors come in. Go on their website and see how much they are charging for similar items or services, and don’t forget to compare. “Shop” around. Pretend you’re buying what they are selling and you’ll be able to figure out how much to charge very quickly.
6. How to Differentiate Your Company
The best thing your competitors can teach you is how to be different from them. If you offer what they are offering but market it differently or are able to include more, do it. Set yourself apart. You don’t want your product, service, or content to be exactly the same. Study your competitors and find ways to be different.
7. Marketing Trends
If you are feeling overwhelmed trying to figure out which marketing techniques are successful, on-trend, and useful just look to your competitors. If you are noticing interactive content on all their websites you should try to incorporate it into your own website (remember to differentiate yourself though). Even just taking notes of common marketing trends and tools you see your competitors using will help you stay up to date on innovative ways to market your company.
Marketing strategies can be tricky, but your competitors have figured it out. Use them to help build your own strategy. Take their ideas and make them your own. In the end you will have a marketing strategy tailored to fit the market but unique to you and your company.