Marketing Tips: Watching your Competitors


It is not enough to understand your customers and try your best to fulfill their needs; it is imperative also to do it better than your competitors. The top marketing firms in Orange County or elsewhere are aware of this, and today, at Twelve12, we want to share with you some marketing tips if you want to find how to surpass their efforts and gain a bigger portion of the market.

A very important aspect of any company, no matter its size, is to constantly compare and analyze their products, promotions, prices, and channels with those of their competitors. This is a key factor when a company is developing marketing strategies (and even corporate strategies). A continuous analysis provides an insight into what to do next (if you are still in the follower category) or keep you looking for new and better ideas if you are the market leader.

We have said it before, but you shouldn’t do marketing based on a hunch. If you are unsure of what to do, give it some thought and develop simple marketing research, and find as much as you can about your competitors. Even when you only watch what the heavyweight leaders are doing, do not get discouraged if you are a small store! By watching them, you will get also some insight into market trends and new technologies, so by the time the bigger portion of the market is already buying a product or a service, you will be ready for business. This may not seem like much, but the timing is all when the people are looking for something. And if you add value to your offer (such as good customer service), open communication channels and develop a relationship with your clients – and you will watch your business grow at a very fast pace.

A great place to start the process of analyzing your competitors is to identify the main targets. These should be companies or stores that are similar to yours in size, offer, and quality. Then, you should move on to evaluate the type of objectives and strategies that they seem to pursue, and also size up their strengths and weaknesses. From there, you can develop strategies to undermine their strengths and use their weaknesses against them.

If you want to get more marketing tips, give us a call today. Twelve12 we can help you get ahead of your competitors.

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