SME Sales and Marketing Tip
“How can I Stand Out from Other Businesses?”
How do you understand your competition? One way to find out is to look at how they are marketing or promoting themselves. How do their ads or promotions look compared to yours? What are their key demographics, and what types of people generally fall into their target categories?
The more you know about your market, the better able you will be to create unique marketing and advertising efforts that reach your target audience. It is always easier to make sales when people understand who you are. After all, they are probably already familiar with you. If not, it becomes easier to sell to them when they realize that they are a good fit for what you have to offer. Researching your competition in an online forum is a great way to begin this process of educating yourself about trends in online marketing and advertising.
In addition to studying their websites and ads for clues about their marketing strategies, you should also study your own company website and its trends. Are there changes in the design, tone, and overall appearance that you see? Does your website tend to cater more towards women, older adults, or a mixture of ages and interests? These are all factors that can be examined to determine where your company may be losing potential customers.
While you may not be able to see all of the trends that your competitors are seeing, you can observe them in a more focused manner. What are their methods of advertising or promoting? What types of social media outlets are they involved in? These are all excellent areas to monitor to gain insight into your company’s marketing efforts.
Once you have gained some insight into your industry, it is time to implement some of the trends you have observed. For example, if you notice that fewer sales are being made by customers within your own industry, then you may want to consider using advertising or marketing tactics that resonate with those customers. Remember, one successful campaign that was not really effective against one industry may have been very effective against another. Use this to your advantage and adjust your strategy accordingly.
One thing you must remember when studying your competition is that they are doing what is necessary to stay ahead of you. They do this through the many ways that they promote their business, use of media, websites, and trends. Learn as much as possible about your competition and study their tactics. If you apply this knowledge correctly, you will have no problem staying ahead of them.