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Keeping An Eye On Your Neighbours: Competitive Marketing

Keeping_An_Eye_On_Your_Neighbours_Competitive_Marketing.jpgMarketing is an ever changing and adaptive environment; therefore, it is extremely important for brands and businesses to keep up within their industries. One of the best ways to do this is to keep an eye on the competition and adjust marketing strategies accordingly. If you build on your competitors strategies and methods, you will be able to get a better idea of what you need to achieve in order to stay ahead.


Market Dominance

It is important to keep in mind your level of dominance within your industry when trying to be competitive. You may consider the two classifications of market dominance:

  • Leaders:  who have attained highest visibility and sales profits. These are the companies that others within the same industry wish to emulate.
  • Challengers, who have now risen to a somewhat equal level (or perhaps even surpassed Leaders) in terms of their own innovations and growth.

Challengers and Leaders often thrive from being followers - that is to say, they will follow an established business plan found within the industry or a market niche which has managed to capitalise.


SEO

Search engine optimisation has been one of the top priorities for companies since the dawn of the internet, however there are still plenty of areas that need improvement. Areas such as meta descriptions, keyword optimisation and even the type of search engine preferred by your audiences all play a key role. You can be certain that whatever platform they are using to find you, they will be using to find the competition- therefore, differentiating yourself in this area is one way to make your company stand out.


Content Marketing

As the marketing space has developed in more recent years, a business's reputation is no longer enough to carry a brand meaning content marketing can no longer be denied. With the rise of the internet, content has now become king, and the race has begun to create better and more outstanding content. Great content gives your audience the guarantee of quality- the best way to gauge this is to scope out what your competition is producing. By building on what is missing and expanding what is left unexplained, you’ll immediately distinguish yourself as the go to source for information.


Website Development

With the digital world now working hand in hand with businesses, websites are the face of the company to prospective audiences. A bad website is like showing up to a business meeting in casual clothes; people will certainly take note of you, but won’t necessarily think you’re worthy of their attention. The key here is to present yourself in such a way that demands attention and respect. Optimising your site for user interfacing and experience is an aspect often ignored by brands, however it is a great way to get the edge on your competition and make the experience easier for your clients.


Social Media

Social media has become a fixed presence in many of our lives with business being no exception. Many brands are turning to online social platforms to connect with their consumers. It is extremely important to maintain a sense of engagement with your customers. Keep an eye on how your competition engages with their audience. More often than not, any areas they lack can be seen as careless to their audiences. This then leaves a gap for you to pick up the slack, potentially gaining new clients for your company in the process.

Competitive marketing is about finding the gaps in your competition, then using your own channels to fulfill that need. It’s about distinguishing yourself from the rest as being the go to for customers- a figurehead or status symbol within your industry. Marketing yourself as the next big thing, while learning from obstacles along the way is a wise way to get there.

If you would like to learn more about tactics and strategies to supercharge your marketing, download our free Marketing eBook Pillar today! For any more questions about marketing or business development, please consult with one of myCEO’s business experts here.

 

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Topics: Marketing