What your business is doing to market itself is important, but taking a step back and looking at your competitors' actions is important as well. Analyzing trends, learning new strategies, and simply keeping up with the market are integral parts of a successful marketing strategy.

To start, you need to know who your competitors are. Considering different types of competitors such as direct and indirect competitors is key. Direct competitors are the companies or brands that sell the same product/service to the same target market. Indirect competitors compete with your product or service to fulfill a similar need differently. While your direct competitors are more closely aligned with your business, identifying both types of competitors is equally important.

Once you identify and segment your competitors, it’s time to start looking at their marketing strategies. What are they doing well, where can they improve, and where are opportunities for your business to learn?

Determining where to start can be the hardest part. Some things to pay attention to can be:

• Trends those in your market are joining
• Social media usage (what platforms are your competitors on?)
• Pricing changes
• Certain products/services offered
• Campaigns being ran

While this is not an exhaustive list and will vary based on the market, this is a solid jumping-off point.

Not everything you find will be something to try, and it shouldn’t be, since every company should have its own unique brand and marketing strategy. The competitive analysis should help gauge what you are doing well and where you can improve, and once you get some ideas, you can tailor a marketing strategy to your business goals.

If you need help understanding your competitive landscape or setting marketing goals for your company, reach out to Addison Clark today!