With the ever-growing marketing tools and 24 hours under surveillance by the competitors, it is hard to hide anything from them. Even the companies like Apple and Samsung know almost everything about each other, either by hiring each other’s employs or analyzing their business models and getting likely results. And they follow their Competitors Marketing Strategy.
Businesses and their marketing departments have gone ahead. Those marketing managers who used to search for dissertations writers in their college days are now writing the big idea of the companies because of the fierce competition that molded them and made them better.
Starting from the print marketing to now highly efficient social media marketing, the marketers are now penetrating everywhere, not only reaching their audience but also trying to switch their competitor’s audience towards their brand. This is only possible when you are fully aware of your competitor.
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Competitors Marketing Strategy is Same as Yours
If you run any business and want to know how your competitor is always a step ahead of you in marketing, then this blog is must read for you. In this blog, I am going to tell you those seven things that you don’t know, but your competitor knows about marketing.
1. Target Market:
If you think that your opponent doesn’t know about your target market and your audience, you are living in a fool’s paradise.
Your competitor also belongs to the same sector of business from which you belong, so how it is possible that he cannot be aware of the target market.
For example, company A and company B both sell apples. Both of the companies have an equal rate and an equal amount of investment. If both of the companies have so many similarities that mean they are going to have the same type and number of customers too. But the number of customers is constant for example 100, so now it is on both of the companies that how they can get most customers from the 100.
This makes them your competitor despite having 90% of the similarity. The rest of the 10% which is different is the marketing style.
2. Marketing Style:
When someone gets on the top, he stops focusing on the rest beneath him. But those who are beneath him focus on him and try to match his style.
If you are on the top or anyone is beneath of you, you are always in the focus of others.
This is how your competitor determines your style of marketing. From your promotional materials to your special offers, any guy with a degree in marketing can quickly identify.
That is why it is important to keep changing your marketing styles and approaching to keep your competitor in guessing and to keep him divert from his own marketing.
3. Marketing Mediums:
No one likes to see his rival’s ad on the same page of the newspaper in which you have your ad published. There is nothing to be amazed about such placements because it only shows that the marketer of your competitor is way stepping ahead of your market that is why he is approaching you wherever you go.
Don’t worry; no one is spying on you because finding your marketing mediums is not that hard to know.
Anyone can determine it on the basis of your business model, on your marketing investment or by knowing the size of your company.
The best way to make your customer switch from you to them is to show them their ad right in front of your ad, just to present an alternative to your clients. This introduction of an alternative to your customer can affect you if your customers are not loyal or you do not have a good enough brand personality that no one wishes to switch from you.
4. Brand Personality:
Brand Personality is the perception of your brand or the company that your customers or target market perceive you.
If it is seen by your customers, then how you can keep it away from your competitors. There is nothing hidden from your competitors because they are busy in pulling you down from wherever you are.
The only option that you have here is to build such a brand personality that even your competitors cannot make. The perception of your customers about your company should be strong enough to hold him them to your business or product. You should have persuasive enough brand personality that your customers will remain loyal to you and give you preference on any other brands.
5. Brand Appeal:
Brand Appeal is the second part of the brand personality. You cannot build your personality without adding any appeal in your brand or company.
To make such a personality as I mentioned above, you should have strong enough appeal that can touch the souls of your target market. You should be addressing their issues and providing you the solutions in the form of your product.
That is why it is easier for your competitor to know about it. This is like that your opponent knows the foundation of your brand personality and can derail it anytime.
The only thing which can save you is to keep making your foundation stronger and stronger so your competitors even trying their hardest cannot do any damage to it. This is where the top-notch companies fall, and this is where you have to be strong against your competitors.
Related Read: 5 Business Tips and Tricks to Make Your Business Stand Out.
6. Brand Weaknesses:
Even the brands like Google and Ferrari have their weaknesses too. Even you can find out the weakness in well know and most prominent Starbucks Marketing Strategy. But these weaknesses are unknown to us because we do not have the same caliber as they have.
Do not be in a notion that your brand does not have any weakness and you are doing everything right.
Always remember that your competitor is doing a better analysis of your company than you. He knows exactly when and where to hit on your weakness. That is why it is important to be a better critic of your business as compared to any other. So you cannot deny the facts and can work to fill out your weak points.
7. Value Propositions:
The value proposition was an unknown phenomenon in the past decade. But the way marketers and marketing evolving, value propositions has become one of the essential things for the business. Without value propositions, no business can stand.
So it is clear that your business is also providing this and your competitor also knows this. Your competitor can always increase their value proposition to snatch some of your customers. In such conditions, do not opt for the immediate reaction of increasing your value more than your competitor. This will not be going to help even will hurt you by increasing your marketing cost.
You should take some time and see how much time your competitor can afford to provide more value proposition than you. Once he stops providing it, now this is your time to bring back your lost customers by raising your value propositions. Remember, only the small amount of your target market can be loyal to you, rest will keep switching between you and your competitor.
Also Read: 5 Business Development Strategies For Growing Your Small Business
Conclusion:
The amount of competition is increasing day by day. And it is nearly impossible to keep your things secret from your competitors. They will do anything they can do to steal away your customers. This is the same thing that you did when you were young in the market. But all you have to do to keep you ahead of everyone else is to keep changing yourself, knowing competitors marketing strategy, keep improving and never stop.
Great article!
Sometimes it is more important to know what our competitors and what they are doing rather.