Marketing 101 states that we should differentiate ourselves from the competition, but what if the opposition holds the keys to your company’s success? What could you possibly learn from your competitors?
Each industry has a unique approach when it comes to digital marketing, and by looking at what your competitors are doing can provide great insights into creating your own digital strategy.
4 Things You Can Learn From Your Competitors About Good Marketing
Take a good look at your competitors, and you will learn the following:
The Importance of Reputation
Reviews can provide fantastic insights into how your target audience perceives the competition. It can also provide a platform for you to learn how they respond to both positive and negative reviews. If you’re unsure about how to respond to comments about your company, you can learn from the competition.
As an added bonus, remember that reputation can provide a tipping point for consumers who are undecided as to which brand they should opt for. Let your reputation be the shining light.
What to Include on Your Website
A company’s website is even more important than a physical store. Take a look at the competition’s website to see how their site differs from yours. If they have a bigger following than you, try to find out why. What makes their website more appealing to visitors than yours?
How does their website content differ to yours? Consider the tone, style, and quantity of their website content and consider how that affects their visitors’ perception.
How to Engage on Social Media
Social media can give you great insights into a company’s success. How do your social pages compare to theirs? Consider the design, the types of posts they share and the frequency of their posts.
Use this opportunity to improve upon your own pages using elements that you feel your competitors lack. Read the comments their followers leave and the things for which they ask.
The Price Range You Should Target
Pricing can make or break your brand, and it creates an image. Consider whether your competitors are going for a premium brand message or whether they are flocking their products as a cheap alternative. This should give you a great idea as to which price range you want to target.
Ultimately, you can learn much from your competitors. You can learn how to improve on your efforts, and you can learn what makes you unique.
Have you learned something valuable from your competition? Please share your experiences in comments below.