Track Your Competitors’ Online Marketing Strategies
Marketing is like a track meet. It’s a game where the team with the best players reaches their goal and wins in the market.
A marketer’s job is never done. One of your most important tasks as a great marketer is to anticipate and analyze your competition. Competitor analysis is often times unutilized by entrepreneurs and small businesses but it is something that you should employ in your internet marketing strategy. First, you need to identify who your main competitors are and then get to know who they are. After that, begin to monitor and analyze their marketing strategies.
When you check out what your competitors are doing or not doing, you can use that to your advantage. By measuring their strengths and weaknesses, you gain insight for your business.
This insight gives you a thorough analysis of your weaknesses so you can find ways to improve in those areas. It also allows you to take advantage of your strengths in order to make your products and services stand out and outperform your competitors
Check out your competition
Competition gives you new ideas. This is not about copying your competitor, itshould be viewed as an opportunity for inspiration so that you can create fresh and innovative things. Analyzing your competitors is about figuring out their strategy and the reason why they do what they do.
Find out what ways they are outdoing you. Analyze their marketing strategy, social media and website activities. It’s an effective way to improve your online marketing efforts.
Find out their unique selling point (USP). This gives you a platform on how you can differentiate your business from them and identify the areas you need to compete in.
By observing your competitors, you’ll gain information that will benefit your small business. It will strengthen your position in the market.
Just like big brands, small businesses have ways to track their competitors effectively. Here are some ways to start:
1. Connect with your competitors on social media.
“Like” and “follow” your competitors on Facebook, Twitter and other social media sites. Connect with them on LinkedIn as well. Check out what they are doing, but be aware of their social media strategies. Most businesses release their new offerings and promotions on their social networks, so be sure that you have ways to compete with that. Also, by checking out their social media networks, you’ll get to see how they interact with their customers and how they brand themselves in the market.
2. Monitor your competitors’ websites.
Explore your competitors’ websites to see what kind of activities they are doing. This gives you ideas on other strategies that you might not be aware of. It’s also a great way to find out more information on their positioning, product releases, promotions and a lot more. When you check the “career/job section” on their website, you’ll learn their areas of growth.
3. Subscribe in your competitors’ mailing lists.
Sign up to receive their emails, newsletters, and direct marketing campaigns.
This will give you an idea about their creativity, the tone of their voice and other offers you are not providing. You’ll see things from the perspective of a customer. Keep in mind that some companies will “blacklist” their competitors from their mailing lists. Try to avoid using your business email address when signing up to receive these promotions. Instead, use a personal email address.
Knowing about your competitors’ non-newsletter emails such as purchase email confirmations and transaction emails is a good way to see how they stack up to yours. You can do this by signing up for their free trial offerings or by making a small purchase to learn how they process online transactions.
4. Sign up for Google Alerts.
By signing up for Google Alerts, you’ll receive updates on your competitors’ online activities. You’ll get to see these alerts in your email inbox. These alerts will help you monitor your competitors’ online reputation.
Choose which results you want to be notified of – including news, videos, discussions and blogs.
Your goal is to make sure that your marketing strategies are better that your competitors. You have to determine the best ways to engage with your competitors.
One secret to your small business marketing strategy is this: Find out what works, improve it and provide something better. Find what does not work and avoid it.
Find ways to benefit from competitor analysis for your small business. Let Pamela Finnesand, The Business Maximizer assist you. Schedule your free Business Breakthrough Strategy Session today!
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