I recently attended a webinar by the General Assembly and it opened my eyes to the importance of competitor analysis.
So before we begin, let’s define what Digital Marketing Company Stafford real competitor analysis …
competitor analysis enables you to identify who your main competitors is by researching the product, sales, and marketing strategies.
Why important competitor analysis?
By doing this, you can create powerful business strategy that improves your competitors. It will also help you to Gian better understand your potential audience.
It’s most effective to select 20 competitors to compare to and get ideas from.
5 Direct Competitors
This is a brand or a company that is as similar as possible to your brand.
Some key questions to ask yourself is …
what platform they are on?
How often they post?
What they do not do well?
What do they do well?
All these questions are very important to know when researching your competitors and will help you to identify key areas where you need to improve
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It also helps you to identify whatever brand you do well and how you can use it to exploit further.
10 Competitors Industry
You want to look for TEN Companies / brands that are in your industry.
This means that they will not sell the same product as you, but they are selling products to the same audience.
It’s important to be friends of these companies in social media.
Why you may ask?
Well, a big part of social media into the audience that everyone else in your industry may have.
It is also important to consider working with some of these brands.
Things to think about …
Who you can work with?
companies that compliment the services / products you provide that?
You can use it to create some content together or do some gift with?
All this will help you to merge with another company, which in turn will grow your audience and credibility.
5 companies / brands you look to
It is important to also look at the brands that are completely unrelated to your industry.
This is because they will still have a useful method that you can implement into your social media strategy and help you to be a pioneer in your industry!
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