How To Use Video as a Marketing Tool
We all know the saying ‘keep your friends close, but your enemies even closer’… but how about ‘keep your clients close, but your competitors even closer’?
Your competitors hold the answers to what will push your business ahead of the game. Through analysis and comparison of your business competitors, you will gain knowledge and insight into what will give you an advantage; what the do well, what they do badly, how your business can differentiate itself from them and what you customers are looking for. Some more examples include:
- Who are the key players in your competitor’s business and whom are they targeting?
- What are your competitors doing within your industry as well as online?
- When are they engaging the most clients?
- Where are they engaging these clients – what platform are they using?
- How are they engaging their clients and how do their clients perceive them?
There are several locations and tools online where it is possible to find information about your competitors. Google searches, Google Alerts, LinkedIn, Facebook, Twitter, YouTube (really any social media platform they are active on), Geo Location networks (e.g. Foursquare), review sites (e.g. Yelp), forums and bulletin boards, company annual reports and company websites are all points of reference for comparing your what you are doing with what you competitors are doing.
By understanding your competitors, you can identify their strengths and weakness. You will see what works and what doesn’t, subsequently using this information to arm your business with a strategy that will give you the means to differentiate and stay ahead of the game.
Make sure understanding competitors is part of your ongoing plan and analysis is carried out every 6 months. Your competitors are most likely analysing your business and their other competitors, so their strategies will be constantly be changing as well.
Related posts
