No matter how you look at it, today’s market is saturated with competitors. Regardless of your business idea, there are dozens of people out there doing the exact same thing.
For most entrepreneurs, that can be a pretty scary prospect. However, the truth is that a little healthy competition can be just the boost you need to hone your own marketing strategy! With the right information, you can use the competition to your advantage—but it only works if you know a few key things. Here’s what to look for to help keep your brand on top.
1. What Kind of Competitor Are They?
First, it’s important to know what kind of competitor each brand is. Direct competitors, for example, offer the same products and services you do. On the other hand, indirect competitors provide solutions for the same issues you’re trying to solve, but they do it in a different way. In addition to these two main forms of competition, however, there are a few additional types to watch for.
2. What’s Their Positioning?
Another way of thinking of this is, what do your competitors say they do better? Just as your brand points out your unique selling propositions, your competitors will do the same. Knowing their positioning can help you adjust your own to make it stronger.
3. What’s Their Pricing?
Whether or not you aim to keep your pricing in line with competitors, it’s important to know what their customers are paying. This can help you decide how to market yourself and adjust your pricing, and how to give customers reasons they should pay more or less for your offerings.
4. What’s Their Company Culture Like?
Getting a good read on a brand’s culture and personality can help you learn more about what makes them tick. Take a deep dive through their website, learn about their senior team, and attend conferences or seminars where they speak to get a better read on them.
5. How’s Their Social Media Presence?
You can pick up great information about a company from their social media. When do they post? What are their strategies? How is their engagement?
6. What Are Their Keywords?
The right keyword can be invaluable these days, and knowing your competitor’s keywords can help you strategize about your own. Don’t hesitate to do a little bit of keyword analysis to understand what terms your competitors are currently ranking for.
7. What’s the Latest News?
From press releases to blog updates, staying current on your competitor’s news can help you situate your own strategy—and keep you from being blindsided by major shake ups or launches. Consider setting a Google alert to stay on top of the latest intel.
Monitoring the way your competitors do business is a great strategy for any brand, new or old. Armed with the information above, you can gauge your own tactics and identify better ways of outmaneuvering them. Though this kind of ongoing research can take time, it more than pays for itself in the long run, provided you’re pairing your intel with the right marketing strategies. Be sure to follow our blog for the efficient strategies you’ll need to put in place!