How can you keep tabs on your competitors' marketing strategies?

I need to remind you that before we want to set our goals, it is better to analyze our situation. The current state of the business determines future goals more than anything else. For example, a business that has problems in meeting the costs of salaries and wages of its personnel cannot have the goal of obtaining 30% of the market share. This business must first save itself from bankruptcy and then look for market share.

To monitor competitors' marketing, set clear goals: 1. Identify key competitors. 2. Monitor their social media, ads, and content. 3. Analyze customer reviews and feedback. 4. Track SEO performance. 5. Attend industry events. 6. Utilize competitive analysis tools. 7. Stay updated on market trends. 8. Benchmark against industry standards. 9. Adapt strategies based on findings. 10. Regularly reassess and refine your approach.

Es ist entscheidend, zuerst die eigene Situation gründlich zu analysieren. Verstehe deine St?rken und Schw?chen, bevor du dich auf die Konkurrenz konzentrierst. Das hilft dir, deine Einzigartigkeit zu wahren und sicherzustellen, dass du nicht einfach die Strategien anderer kopierst. Wenn du deine Position klar kennst, kannst du die Taktiken der Konkurrenz effektiver bewerten und das für dich Relevanteste herausfiltern.

Choose competitors AND parallel businesses to research their marketing strategies. It's easier to "model after success" and create a unique strategy when you research parallel businesses. That way you don't risk copying a competitor and avoid comparision-itis by too closely focusing on the competition. Plus monitoring AND engaging with parallel businesses creates beneficial relationships as you study their content and sales funnels. Finally, I recommend researching the businesses already achieving a top goal you have in your business. That way you don't chase ALL the activities a business is doing, but can get results by studying the activities you can see direct results already achieved. ???? #FoxRocks

Here's a smart strategy I've discovered, especially handy for retailers who sell products that your competitors also have. To find out who these competitors are, just head over to the manufacturer's website of the product you carry. They usually have a page called "where to find our product." It's like a treasure map – you can type in your local zip code, and voilà! You'll get a good idea of who your possible rivals are right in your neighborhood. It's an easy way to get started on identifying your local competition.

As I mentioned in the previous section, the first step is to analyze the situation and then set goals based on the current situation. After these steps, we have to choose our competitors. In choosing competitors, we should note that competitors who are in the same situation with us in terms of the SWOT matrix are our main competitors, and competitors who are not in the same situation as us in the analysis by this matrix are not our main competitors.

To keep tabs on competitors' marketing strategies, select both direct competitors and businesses with comparable products or services for comprehensive research. By modeling success from parallel industries, you avoid copying competitors and build unique strategies. Engaging with parallel businesses fosters beneficial relationships, allowing you to study their content and sales funnels. Focus on businesses achieving your main goals to streamline research and prioritize activities with proven results.

Creo que es particularmente interesante para muchas marcas a la hora de elegir a los competidores a estudiar no solo escoger a los competidores habituales de negocio si no poner dos criterios adicionales: 1. Quién compite por la atención de tu target en medios sociales. Quizá Toyota no compite con L′Oreal por el dinero de una cliente, pero sí, seguro lo hace por su atención en Instagram. 2. Quiénes son los competidores por "productos sustitutivo" . Netflix compite con HBO Max pero también con Nintendo o Playstation, en el tiempo de ocio de su target.

The online tools introduced in this section are more applicable to businesses that focus on digital marketing. In general, due to the nature of online tools (they monitor past events and do not have the ability to predict future events), they cannot be used to accurately predict competitors' strategies. But they can be used to predict competitors' strategies.

Meta Ads Library is also a helpful way to see the active campaigns your competitors are running on Facebook, Messenger and Instagram.

Social listening is definitely key. Whether that be of corporate profiles, or through the personal brands of employees. Also attending webinars and online events.

Es gibt zahlreiche Tools, die Daten liefern. Fokus lautet das Stichwort sowie Zielsetzung. Dennoch, hier 2 wesentliche Punkte, die kritisch beachtet werden sollten: - Dateninterpretation: Tools bieten zwar wertvolle Einblicke, aber sie müssen immer im Kontext interpretiert werden! - Nicht in Datenflut verlieren! Welche Daten sind wirklich relevant für die spezifischen Ziele? Zu viele Daten sind überw?ltigend und lenken vom Wesentlichen ab!

Follow your competitors on social... Having said that, you may find that your competitors either post really rubbish content or they don't post at all! I specialise in LinkedIn and Lead Generation marketing. It always astounds me that even though there are over 900million users on LinkedIn that only 1 or 2% actually post!!!

Regarding the tone of the content, For example, if a business uses a friendly and colloquial tone in its content, it has chosen a strategy of intimate and friendly communication with the audience. This business should note that it should have this type of communication throughout the organization. For example, the customer complaints department should follow up on the problems of the audience and customers in a friendly manner.

Analysieren, aber nicht kopieren! Lass dich gerne inspirieren, aber entwickle deine eigene einzigartige Stimme und Inhalte. Was bei anderen funktioniert, passt nicht automatisch zu deiner Marke.

Below is a streamlined approach: Social Media Watch: Keep tabs on their social engagement and content trends. SEO and Website Analysis: Utilize tools for traffic and keyword insights Email Campaign Insights: Subscribe and analyze their email strategies. Customer Reviews Monitoring: Check online reviews for customer feedback. Ad Strategy Tracking: Follow their advertising tactics and platforms used. Event Attendance: Get insights from industry events and webinars. Influencer Collaboration Observations: Note their influencer partnerships. Tech Adoption Check: Monitor new marketing tools they implement. Intellectual Property Awareness: Stay updated on their patents/trademarks. Industry News Regularity: Check Press releases for strategic moves.

Evaluating competitor campaigns can help you see gaps in the market messaging. More often than not companies monitor competitors and start creating similar content. When in fact it should be the other way, when you see multiple competitors focusing on the same pain point of topic consider if your audience have another, equally important pain point, that your competitors are ignoring and focus your marketing message here.

There's nothing wrong with studying competitors if you need tactical inspiration. But when it comes to marketing strategy, what they're doing is only relevant to you if you're in the same market position as them, or if it directly affects you in some way. Otherwise it doesn't matter. Because the marketing rules are different for leaders, challenges, followers, and startups.

Create Google Alerts with your main competitors' names or important topics and content. You will receive notifications when Google finds new results - pages, articles, blogs, videos, or research - that match your search terms. This way you will be notified about your competitors and discover what they have been doing.

Monitoring competitors' marketing strategies is crucial. Efficiently achieve this by: Digital Tools: Utilize tools like Google Alerts and SEMrush for insights. Social Media: Track their posts and ads for strategy clues. Website Visits: Note changes to infer strategic moves. Customer Feedback: They often provide comparative insights. Industry Reports: Stay updated on major industry shifts. These methods offer insights without a hefty time or cost commitment.

3 ways to keep tabs: - Bookmark their websites and visit regularly - Sign up for their CRM email and SMS - Subscribe to industry newsletters (FiercePharma is a very good example)