BrandMD Marketing Blog Spot
A blog dedicated to marketing concepts, strategies, and tactics which inform, educate, and support business growth. Sign up for our free e-newsletter & special offers.
Starting a small business has many rewards, such as setting your own schedule and unlimited income earning potential. A good way for the owner to know if he or she is on track to a successful entrepreneurial experience is by tracking the competition. Tracking the markets competitive landscape has many benefits. Here are a few tips on how to track competitors marketing strategies.
Become a Secret Shopper
Secretly shop the competition, both online and in-store to see their customer experience firsthand. Purchase their products to see how the process feels and note the customer service, pricing, sourcing of products, and merchandising techniques. Additionally, return the products to see how that experience is as well.
Connect on Social Media
“Like” and “Follow” the competition on social media sites, such as Facebook, Twitter, and LinkedIn. Track both the organizational leaders and the brand itself to see daily content and updates. For example, a CPA firm owner may want to follow a competing firm as well as its decision makers for a good visual of their activity.
Google Alerts is free and provides updates on the competitions activities online. Set up is easy, just insert the competitors name into the search query and select the results to be notified of, such as blogs and company news releases. The notifications can be set to receive live alerts as they happen.
Enroll for Promotional Offers and Mailings
Sign up for direct marketing campaigns to see what kind of offerings they provide and weigh against yours.
Visit Competitors Trade Show Booths
At trade shows, pick up the competitions materials. For example, in the health and beauty field, attend a local industry show to pick up competitors brochures, product line information, and pricing to stay abreast of industry trends.
Monitor Competitors Websites
By monitoring competitors websites a company can learn many things, such as new functionalities and traction they may be getting. For example, a fashion and apparel company can track trends in fashion and designs offered by competitors to customers.
The objective of tracking the competition is to make your brand experience better than theirs. If something is not working, the same may be said about current marketing strategies. Determine the most effective ways to engage customers and adjust marketing strategies accordingly. Stay relevant in the market by understanding all the marketing communications directed at your customers by your competitors.