29 Aug Why You Should Always Keep an Eye on the Competition
Why You Should Always Keep an Eye on the Competition
Every successful business – from multinational corporations to start-ups – has competition. And every marketing strategy needs to include a competitor analysis – especially for new businesses who still need to learn their markets. A comprehensive understanding of your competitor landscape is vital for the success of your brand.
LinkBundle is the next best thing in market intelligence and provides you with all the info you need in order to stay ahead of the game! It’s great that you have a view of what you are doing and that you’ve hired multiple agencies and consultants to help you execute on your marketing strategy but with LinkBundle, you can get unprecedented insight and a comprehensive bird’s eye view into your competitor’s activity; so you know exactly where to focus your budget.
With data supply, data integration and visual analysis you can use your competitor analysis to help you define your own strengths, thus enabling you to design and execute the best possible communications plan for your company.
The more information you have about your competitor’s products and services, prices, marketing portfolio and reputation, the better understanding you’ll have of your own competitive advantages.
Here are the top 8 reasons why you should keep an eye on your competition:
- Keeping an eye on the competition’s customers can indicate what makes them happy and unhappy. You can feed off their successes and their mistakes to better your own client relationships.
- Competitor analysis makes sure you don’t lose potential clients/customers that may be overlooked.
- Audience interactions are important when planning marketing strategies as you can tailor your plan to include response times, meaningful engagement and the best platform to respond on.
- By looking at the difference between you and your competition you can isolate your company’s strengths and nurture these specifically.
- By looking at your competition’s social media content and seeing what garners the most positive responses or reactions – you can tweak your own social media plan. Watch how they are interacting with their customers and learn from this.
- Your competitor’s content can reveal keywords that could help your brand be found easier online depending on its search ranking.
- You can learn from your competitor’s mistakes as these are often easier to identify and find. You can save yourself from repeating these same industry-related mistakes.
- Look at third parties that feature or recognise your competition. This could be an opportunity for your brand.
Enabling you with a complete view of your market and its competitors is just one of LinkBundle’s services. For more on how this innovative tool can save you time and money, click here.