No matter how unique your product or service, every business has a competitor (or more than one). This is probably a good thing because it means no CEO or business owner can become complacent or believe there’s no threat to his or her company’s well-being.
Competitors are a fact of life. The trick, in terms of crafting your company’s marketing message, is knowing what the “other guy” is saying and how well their message is being received by the target audience.
Here are five tips for staying on top of your competitor’s marketing strategy:
1. Monitor changes in their website.
Just as your business has put a great deal of time, energy and resources into building a customer-friendly website, so the competition has also worked hard to craft a high-functioning business website. When was the last time you looked closely at the competitor’s web pages, scrutinizing the look and feel of the site, its content and images, and so on? Try viewing their site through a customer’s eyes. See how well you can navigate from home page to purchase page (and everywhere in between). After taking this “tour,” make it a point to stop by every couple of months and see if they have added new functions or changed their design. Watch for any changes, subtle or otherwise, in their key marketing points.
2. Track their activity on social media.
Presuming your business has a vibrant social media presence, it’s safe to assume the competition reaches out to followers on several platforms as well. Which platforms do they favor—Twitter, LinkedIn, Facebook, Instagram, etc.? What does their business profile look like? Does it appear to convey a more compelling or emotional message than your own profile page? There’s nothing wrong with choosing to “Like” or “Follow” your competitor on social media. This way you can keep track of any special offers or announcements they share with their customers, as well as any big changes in their marketing approach.
3. Analyze the content they offer.
Whether it’s blog posts, podcasts, customer testimonial videos or webinars, the content your competitor offers to customers and prospects might be coming across more effectively than your own. Generally speaking, it’s possible to determine how widely an article or case study is shared among followers, which will give you a better idea of what type of content your customers value most. (It can also spark your own creative impulses to come up with value-added topics.)
Read more of our tips on how to monitor your competitors marketing strategy on our blog.
