When was the last time you took a serious look at what your competitors are doing online? Keeping an eye on what they are doing can do more than tell you what you’re up against, it can actually help you formulate your own marketing strategy.
Of course, you should never copy another company’s marketing strategy. But, by analysing what others are doing you can get inspiration for things that could work for your own business and market.
Find out What you need to Compete With
When you take some time to analyse your competition’s online marketing, you get a good idea of what you are competing with. Remember, your market is being exposed to both your marketing tactics and those of your competitors.
You want to make sure your messages and content stand out, so finding out what others are doing can help you understand how you can do that. It gives you an idea of what you need to do to win your market’s attention.
Create Content that fits Popular Trends
Keeping an eye on competitors’ content to see what generates a reaction can help you take advantage of popular trends as you create your own content. Watch to see what topics, themes or news stories competitors use successfully and consider if you can use the same strategy.
Never copy another company’s content or even ideas, but you can use their content as a starting point for brainstorming your own new and unique ideas.
Use Social Media more Effectively
Taking note of how other businesses in your industry are using social media can help you understand how you can strengthen your own plan. Are others seeing success with one-on-one interaction? Are they able to get better results when they provide an incentive like a giveaway?
Again, this isn’t to say you should copy others’ plans, but you can use them to learn what is more likely to be successful for your own market.
Gain some Extra Talking Points
What are your competitors telling your market? You aren’t the only business telling people to buy a product, read a blog, visit a website or engage on social media. By understanding what your competitors are saying, you can get ideas for how to stand out or how to compete with their messages.
For example, if your competitor is promoting their affordable product, you could tell your market that your product is even more affordable or has better features than the competitor’s.
Get Ideas for What Not to Do
Finally, you can also get ideas for what to avoid as you watch your competition. When you notice campaigns that don’t bring results, make reputation or branding mistakes or fail to use social media effectively, take note and avoid those issues at your own business.
Watching your competition can help you discover ways you can make your own marketing strategy more effective. Make a habit of checking in on what others are doing on social media, with their content marketing, and with their brands so you can enhance your own tactics.