Keeping your friends close and your enemies closer is a cliché for a reason, well in the business and marketing world assessing your competitors or so called ‘enemies’ [frequently] is part of being a healthy, growing business. This attitude can help you in your analysis on what marketing plan you’ll have.
Analyzing your competitors will also help you: Identify new players (business in the industry), by your analysis you can easily identify what your next steps would be. Knowing the competition is a starting point of having a good business.
You might also want to take in researching the target market of your competitors, by doing so, you are giving yourself a chance to come up with good deals for your clients or prospect customers. You can also have an idea on what to advertise, since you have a background of who your competitors clienteles are. Put in mind that knowing the competition is a good way to get you into your game plan and identify much further your weaknesses and strengths to better and up your A-game for your company.
Knowing your competitors requires a keen understanding of the industry you are in, and to have a deeper knowledge and understanding you must do research not only on your competitors, but also on your own brand which can benefit you even more for you can also have the room for improvements upon revisiting your brand. And if research will take as much time you can use tools such as: SimilarWeb.com or SpyFu.com, and other tools which will be very helpful to you and can save you all the time you need.
Your competitors sometimes give you that drive to do better, not to the point you’re going to repeat what they have or copy what they have, but mainly to make sure that since you are not alone in the industry, the clients or customers will choose you over them. By knowing your competitors you can come up with ideas for new offerings, ‘gimmicks’, promos, and it can help you stay relevant in an ever-changing marketplace. Through this you can set your own goals for your brand and learn to come up with good deals that can benefit your company and as well as your clientele.
Targeting new demographics is a good way to also take into account whenever you are knowing your competitors, and you can easily know that by also identifying and researching your competitors online presence. How they engage with the people in their digital space, for social media is a good platform that can dominate much of your clients.
You can check what social media channels they are on? While there are many more, here are the most common channels:
Google My Business
Above all that, you can truly know your competitors by experiencing their services, and buying their products, this way, you can note and identify and have the first hand comparisons you can observe when you try their services.
There are a lot of benefits you can get just by knowing and analyzing your competitors, it can really be a good starting point and will get you a one step ahead from others all the time.
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