How To Analyze Your Competitors Marketing Strategy?
Today’s marketers are very influential, so In this article, we will talk about marketing strategy and learn how marketers analyze their competitors to make marketing strategies.
Why Is It Important To Analyze Your Competitors When Making A Marketing Strategy?
In marketing strategy, you are always thinking about differences and analyzing your competitors to help you make your own difference by:
- Do the ones you haven’t done yet.
- Accomplish things they have not done well.
- Referring to what they have not mentioned.
- Do better than the two sides are deploying.
- Assess the size of the opponent.
- Recognize the true position of the business.
- Evaluate to find the most potential file.
Locating customers is extremely important, it helps you evaluate the media finance, Profits and many other parameters to have the appropriate plan. Always remember that you are also being analyzed, so always have to innovate. Never be satisfied with the marketing strategies you are implementing.
The game needs a balance so your business can grow sustainably. Always respect the opponent, we try to do better than them, not hope they are weak. When you both develop, it’s the best way for you to keep trying and striving. Learn good things and apply flexibly to your company. Look out for the bad points to make comparison with yourself. The analysis of the opponent is also an opportunity to practice skills. From the skills you have, analyze your own business. No opponent can fully analyze you by yourself. So do it now to take the most effective and successful marketing strategy steps. Again, the opponent must be respected, considered a teacher if they help themselves better. And always analyze so you don’t get left behind.
A small example, to write good content samples is not simple, especially for new businesses. Typically, advertising agencies or businesses doing advertising will have to use A/B testing to determine which content model is most effective. That is, they will use multiple advertisements and make comparisons in a defined environment/situation and thereby evaluate which is more effective. The content here can be everything from a banner image, web page, advertising template to email and the effectiveness is determined by the goal of the test taker (interaction, conversion or lead …).
However, doing so will require quite a lot of resources (human resources, money, time), and small and new businesses are often not met. But there is a trick you can learn from your competitors. There are businesses year-round running only the right one ad. Not because they can’t think of any other model, but that is the effective model. Observe how they choose content, arrange the order and style of presentation, use images, colors … to learn from is what you should do now. Saying that does not mean that you completely imitate it, which is not recommended at all.
How To Analyze Competitors To Have Perfect Marketing Strategy?
The first thing that you need to consider when analyzing your competitors is to identify your competitors and see who they are, whether they are direct, indirect, or potential competitors.
The content of competition research will include the information like Competitor’s name, products, human resources, brand-related information (slogan, tagline, positioning, brand personality, brand model) , brand colors – Products), prices, distribution channels, communication strategies, marketing strategies.
Where To Find Information About Your Competitor?
Today, when the technology of the Internet is available to everyone, with Google, we can easily find rival websites based on keywords related to their field of operation. Try to visit their website, observe and measure more closely to determine what information you need to target.
Also do not forget to take a walk on social networks such as Facebook, Youtube, Instagram…We will find formidable opponents. Indicators such as fan volume, content, user interaction, etc., may not reflect all, but they can say a lot.
There is another way that will take more effort but it is also very effective, that is to learn through your customers. Try asking questions to find units similar to you that they are also interested in. This is also a very important part in building a marketing strategy.
We have the old saying “listen to a hundred words and not see one thing”, and the best way to evaluate your competitors is to be their customers, observe how they attract you, take care of you. stars experience their products to feel … And from there can learn and apply similar or better than them.
Competitor analysis is an important part of marketing strategy, but besides that, you also need to analyze yourself to determine who you are, where you are on the industry map, build a marketing strategy. how appropriate it is. All that knowledge you can learn through the process from practice, or you can learn it in a simpler way.