When considering your marketing plan, a competitive marketing analysis is a critical piece of the puzzle. Here’s why.
- A competitive analysis will reveal your direct competition (those selling the same products/services as you in the same geographic area) as well as your indirect competition (those selling products/services similar to yours – not the same – that solve the same problem for the customer). You’ll need to know and understand both sets of competition to set the right strategy to give you a competitive advantage.
- Knowing where your competitors are advertising can inform decisions on where you should advertise, too. We’re not saying place ads beside your competitors everywhere they are. But it’s possible that outlets they’re using but you hadn’t considered could be a good fit for you, too. It’s also possible that some of their advertising speaks to a niche market you hadn’t thought of before but makes sense after all.
- Your competitors’ marketing messages can reveal their strengths and their weaknesses. Playing on their weaknesses, so to speak, differentiates your business from theirs, and this may speak to a pain point for a segment of clients you can help and they can’t.
- Partnership and cross-promotion opportunities may present themselves. Just as knowing where your competitors are advertising, knowing the types of businesses they’re using for partnerships or cross-promotion can spark ideas for you, too.
- Knowing which publications cover your competitors gives you a list of publications for your public relations people to target as well.
The marketing team at Asterisk Creative are pros at conducting a competitive marketing analysis for our clients, then setting a goal-focused marketing strategy from the findings. Contact Asterisk Creative and get your marketing analysis started today!