There will always be competition no matter the niche you fill in the marketplace.
Your business needs to both deliver a good product and stay one step ahead of competition. Compete by researching and analyzing your competitors. Below are a few strategic techniques that will help you understand your competition better.
Evaluate their core message
You can compare what you offer versus your competitor. Chances are your competitor will have a business model in place that is driving their traffic. However, you can discover what they are doing differently when you research their core messaging. A “core message” is the message companies are using to attract potential customers. To start the research process, take a look into the services they offer or any marketing materials they have published and analyze it for phrasing and messages they use repeatedly.
Research their keywords
If you want to show up on the same search engine results page (SERP) as your competition (or even show up at a higher position), you need to research their prominent keywords that they are implementing. Keywords are relatable words or phrases to your brand that are strategically placed into your web content such as your website or social media. So, if there is a particular search engine result you want your company to be ranked for like “best restaurant in Lynchburg”, you need to add in those related keywords to your web content so that your company improves its chances of being on the SERP. Take time to research what keywords your competition is using. We suggest using SEMRush which allows you to track how your competition ranks for certain keywords.
After you review your competitors messaging and keyword practices, then you can evaluate your own company and look for ways to differentiate your brand. Compile a spreadsheet of what you’ve observed from each of your competitors. Then, take time to consider how your brand can improve. To start, here are a few suggestions on how to integrate the results of your research into your marketing practices:
- Use the same keywords as your competitors
- Competitively price your products or services
- Develop a core message that will make your company unique
These basic techniques can help your company push ahead in your market.
Need more in-depth research?
Though these points can guide you in the right direction, you may need more strategic marketing efforts depending on your goals, or you may be overwhelmed already by the day-to-day of running your business. At 434 Marketing, we have years of experience conducting thorough marketplace research, analyzing key data and developing smart marketing campaigns. Our passion is to drive value to your brand and use the tools needed to ensure your company is competitive in your industry.
If you are interested in learning how 434 Marketing can help meet your goals, request a consultation today!