Competition makes the game interesting. Competition helps you grow faster, stronger. You get to push beyond your limits when the competition is healthy.
There is really a plenty of things you can learn from your competitors, which at times you may miss out. One of them is their marketing strategy.
Here is why you should spy on your competitors:
- You’ve got an awesome product but not sure if you’ve got the right marketing strategy in place
- Your business could leverage a huge leap when knowing what your competitors are doing
- It’s completely legal
With that said, there are different types of marketing that you could adapt for your business. The one you can pick & follow is completely dependent on your nature of business and target audience.
Kind of feeling clueless here? Worry not.
Let’s dive deep into analyzing the strategies of various marketing approaches and by the time you finish reading, you will have figured out the best marketing strategy for your business.
Competitor Analysis for Marketing Strategy
- Look into their blog
- Analyze their product, landing & sales pages
- How frequently are they updating their website?
- Sign up to their email newsletter
- Make use of the spying tools like SEMrush, Ahrefs etc to figure out the keywords they are targeting
PPC / Paid Ads
- Look into their PPC campaigns – iSpionage, SEMrush — Identify the keywords they are bidding for & respective landing pages
- Cost saving tip: Got a kick ass SEO team? Time to experiment your landing page by replicating your competitors’ design & try to rank it instead of running PPC campaigns.
- Follow their social profiles
- Offline: Visit their stores at the trade shows, events, conferences they are participating
- How are they engaging with their audience? Chat, Cold emails, Outreach
- Are they running A/B tests etc?
- Keep an eye for their demographics data – Identify the regions they are trying to reach out to
- Watch for their offers & giveaways – How often they do it? How do they promote it?
Greyhat Hack: Are they offering a demo? Book one