Chapter 1- How Well You Know Competition Strategy
Once you laid a foundation stone in the market, automatically you compete with millions of marketing strategies betting big on your ideas. You as a market in the pack needs to analyze what is your competition’s marketing strategy that is working so good. Your job as a marketer is never done unless you keep up with competitors.
Small businesses or Startups does not have much resource tools to track their competition like big brands, without spending money and time. But still, you need to trace your competitors’ marketing- promotions, social media etcetera.
Want to keep up with the Joneses of the market without wasting a lot of money and time?!
There are many ways to trace your competitors’ strategies effortlessly and effectively. Let’s trace with 5 tricks to begin.
5 Tricks To Trace Your Competition Marketing Strategy
1. Get notified with Google Alerts
To know better about what your competition is buzzing with online activity, it is recommended to sign up for Google Alerts. This is for free and a lot easier to set up. You need to go their site which has a pop up with notifications button, allow it to get notified you with blogs, news, videos, and more. This helps you to do a reverse engineer method by recreating what the activity your competitor do to strive in the market, with the buzzing of notifications from them.
2. Sign up in your competition’s newsletters and promotions
The other way of saving time and money by knowing your competitor marketing strategy. You can enroll with the website like a regular user to get newsletters through the emails leading you to check the frequency of their site content with the shares and views of it. This is kind of Customer Relationship Marketing (CRM) program where you can check the offers they provide.
3. Follow your competition’s social networks
Following the competitor’s Facebook, Instagram, and Twitter is like free access to the gateway without any entry ticket. ‘Like’ their pages and ‘Comment’ to what they post as a follower. The interaction with them gives you a lead to development in the market.
Fine trick: Make sure you follow the leader of the company as well because you might understand what they are doing to stay active in the market.
4. Be a shopper
Have tour into your competition’s online and in-store. Buy a few products for better analyzing of their products and the process of service they provide to the consumers. Jot down the customer service tactics, merchandise, and price tags.
5. Track your competition’s website and AdWords
Monitoring your competition’s marketing strategy without losing time and money is through tracking of their ad history and keywords. You got many tools to track the website analytics and keywords to check traffic to the website, ranking them in the top chart of the search page. Keep up with the functionalities they add to be active in the market.
Whizsky’s little trick
“Without the spur of competition, we’d loaf out our life.” – Arnold Glasow
It is always easy to track your relevant competitor’s marketing strategy. If you look beyond it, other indirect competitors can be your competition in the market. In a case, if you run a local mart, you are not only competing with other marts but as well as local gifts shop, theaters, restaurants as well.
Knowing what marketers do to pull people to sustain in market irrespective of what’s their market is key for your marketing growth.
Chapter 1 says a basic start for tracing your competitor’s marketing strategy. Stay notified to check what Chapter 2 says more about tracking tools to compete.