A marketing strategy is a fluid approach that needs to be constantly analyzed and adjusted. There are many different factors that can have an effect on your strategy, including what your competitors are doing. Keeping an eye on what your top competitors are doing will help you better understand how to enhance your own strategy. Not because you have to copy everything your competitor is doing, but because it is important to be informed and educated.
Knowing where competitors are investing their marketing dollars will help you identify areas of opportunity within the market. Maybe no one in your industry is doing much in the SEO space. That could be a prime opportunity for you to dominate in search results! Perhaps all of your competitors are extremely active and engaged on social media so you should direct your attention there in order to stay relevant with your customers.
Once you've pinpointed where your competitors are advertising, examine how they're advertising. What marketing messages and value propositions are they using? This information can help you differentiate yourself in the marketplace. Is everyone in your industry offering a free estimate? If so, that message isn't going to stand out to new customers very much.
Regularly assessing your competition is a great way to keep your marketing strategy current and effective. If you need help with a competitor analysis or planning your 2022 marketing strategy, give Addison Clark a call today!