The ESSENTIAL part of your business MARKETING Strategy!
For those followers who have read my previous blogs, I would assume you have defined your business goals for the next 12 months. Time to move onto the most important part of the marketing strategy………the Competitor Analysis!
Ok, why do we need to research our competitors?
Should we not be working on promoting ourselves?
Yes and No. How do you know what social media channels are best for your industry? You can use them all and collect your data to see which is most effective, but that will take considerable time and use up a lot of your resources. Why not see what other successful businesses are using first and check their level of success. For example, your competitor has 10,000 Facebook followers but does not even have a twitter account and they are growing at a rapid rate. There are plenty free insights into your industry to be found you just need to know where to look.
The majority of your direct competitors have most likely have been trading for some time, as such what they are doing in relation to their marketing/advertising is working. By doing some research and documenting the data using our templates, it will highlight where you need to apply your time and resources.
I recommend you choose 4 main competitors that are relatively close to your scale and location. Also, pick one where in 3-4 years you would like to be in direct competition with.
With these companies chosen, time to go online do some research and fill out the Individual Competitor Analysis templates. Subscribe to our blog to receive these templates and tutorials. It will become evident as you start recording the data as to why some companies are growing whilst others are not.
If you take a look at the image above you will see the clear differences between these companies. Our client was shocked to see themselves on the bottom of the list but became apparent where they needed to start.
Take a look at the competitor that is leading the charge in swimming pool sales, whilst it would be a mistake to compete with them yet it is clear to see why they are where they are!
Our tutorials will guide through each step of the process until you end with an analysis as above. These should be completed every six months to see how successful your marketing strategy has been and to introduce new levels of competition.
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