If you’re thinking about advertising, sizing up the competition is a step that can give you a significant edge. Understanding what your competitors are doing can help you make informed decisions on how to position your brand, as well as spark fresh ideas that you may not have considered before.
Start At Home
A great first step is to talk to your own sales team about which competitor your clients tend to mention most often. Is there one particular company who keeps beating you out for business? Can you find out where your lost prospects end up going? You can also do a little market research yourself – ask your friends and family which company names they recognise in your field. It can be a simple but effective way to gauge brand awareness.
Put Your Research Hat On
Next it’s time to dig a little deeper. Search your key terms on Google and see who ranks at the top – these are the competitors that are killing it with their marketing game. Pay attention to which competitors are running paid search campaigns and check if any are bidding on your company name. If they are, it’s a clear sign they view you as a serious competitor.
Time For A Deep Dive
Now that you’ve got a list of some primary competitors, take a deep dive into their businesses. Look at their websites and observe the language they use, the layout of their site and any special offers they’re promoting. How does your site compare? Check out their socials and see how they interact with their customers. Look at comments on their posts for customer feedback. Even head in-store and see if there’s any knowledge to be gained there. All of this can provide valuable insights into how you can improve the presence of your own business.
Cast the Net Wider
Don’t stop there – look at similar companies in other locations (interstate or even overseas). They may not be directly competing in your market, but there’s plenty to learn from their strategies. It’s also useful to research companies that target the same audience as you, even if they’re selling a different product. For example, you may be selling workout clothing, while they’re selling Pilates classes, but if you’re both chasing the same clientele you might find some great inspiration for your own marketing efforts.
Remember, knowledge is power. So put on that researching hat and start sizing up the competition!
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