Happy Monday! I saw these generic questions in a HARO request this morning, which normally indicates others have similar questions… Here are my thoughts, let me know if you want to discuss! :)
Question 1: What are some overlooked ways to out market your competition?
Your competition is taking a traditional, generic marketing approach based on metrics they learned years ago (# of ad impressions, traffic figures for billboard ads, etc.). Don’t try to compete there because it’s expensive and not targeted enough, instead take these approaches:
- Incorporate digital advertising like on LinkedIn or Facebook, these are very targeted and you can monitor success and tweak based on results (clicks, purchases, etc.).
- Incorporate influencer marketing (tools like http://instahype.it/ help find them). This is using their trusted peers that have large digital followings as your brand advocates — modern word-of-mouth marketing.
Question 2: Should you always be concerned about your competition?
Yes, but not because you want to replicate their tactics or compete with marketing dollars, knowledge is power. You should be highly aware of the competition (and their marketing tactics) as this will enable you to see gaps in their strategy and opportunities to “do it better”, faster, different and cheaper.
Question 3: What are 3 tips to stay ahead of your competition?
- Know where they’re spending marketing dollars and who they’re targeting, and either target the people they’re missing, or beat them at their own game with more modern marketing techniques.
- Use digital/social media automation tools like Hootesuite and social media tracking/analysis tools like Sprout Social to gain a deep understanding of what your target audience engages with online — then put more of that content out there for them to sink their teeth into.
- While the competition focuses on direct ads to consumers, you can instead put some of your resources toward becoming the “thought leader” in your industry — when people think of that industry moving forward, they won’t think about the competition’s ad, but will remember your infographic that educated them.
Hope these help, let me know in the comments any other questions or if you want more specifics! #PeopleHelpinPeople