By: Henry Ng|
13 Aug 2021
Knowing who your competitors are and what they are offering is advantageous to any business. This information can help you to make your products, services and marketing stand out. It will also enable you to set your prices competitively and help you respond to rival marketing campaigns with your own initiatives. Distinguish competitors and learn from their experiences because this is a built-in boost for your company, saving you time, resources and money.
Identify your competition and pinpoint business opportunities with these 5 tips.
Companies need to identify their Unique Selling Points (USP) to capture customer’s attention and set themselves apart from competition. An important factor in determining your USP is having an intact brand story.
A brand story is a cohesive narrative of the facts and feelings that are created by your brand or business. Things that can influence your brand include your product, price, history, quality, marketing, goals, values, location and most importantly, what consumers say about you.
However, a good brand storytelling clearly establishes what your brand is all about: its purpose, core values, and mission. It offers the consumer more than just a product or service, but rather an experience that motivates the reader or viewer to step into that experience.
This is done by crafting content so that your audience feels like they are a part of your brand. In addition, having the right copywriter to write your brand story will surely make a difference.
Optimising your website for SEO is crucial for your site’s success. To kick off the initial phase of identifying your online competition, do a quick Google search to assess current standing. This will ensure that your site is working exactly as it should; attracting more traffic and converting potential customers.
SEO is the process of increasing your website traffic through search engine results. This can be done by identifying the keywords most often used by customers to look for similar business profiles. This will help your website become more discoverable.
Furthermore, once you have the list of terms being used by customers that are related to your brand, it will greatly help to create a table to compare later. You can filter out relevant data to strategise the keywords used in your website. This ensures that your website is SEO friendly.
Here are the factors you need to consider for your website’s SEO:
When checking out your competitors’ websites, it is important to focus on:
Take a look at your own website and compare with competitors. Ensure that your website is optimised and has a UX design that is not only attractive but efficient too.
Although it’s true that having an attractive site can get your audience’s attention, the real challenge is getting them to stay. You should aim to provide a seamless user experience for your site’s visitors.
Some essential characteristics of a user-friendly site include mobile compatibility, well-formatted content, fast loading time, browser consistency, and effective navigation.
It doesn’t matter whether you run a small local store or a global business, social media marketing is vital for any business as well. An effective social media strategy opens up a dialogue for quick engagement, relationship building, and customer loyalty. Having an online presence on Facebook or Instagram is a great way to interact with your audience and connect with them on a personal level.
Here are some aspects to look at when assessing competitor’s social media:
Assess whether your findings apply to your business and adapt accordingly. Monitoring your competitors’ social media will help you stay ahead of the competition.
Create a social media strategy that will make you stand out from everyone else in your niche. Analyse what’s working, start developing your brand story, establish a distinctive look and feel for your social media pages and remain consistent in providing valuable content to your audience.
Statistics show that the majority of online shoppers use reviews to determine which products or services to purchase. These online reviews from customers have been proven to greatly influence a consumer’s opinion or purchasing decision.
Here’s a list of things to look out for:
Compile reviews from competitors to identify gaps in your business and reassess your strategy. This is also an opportunity to get a better understanding of potential customers, helping you make improvements in the way you operate.
Finally, by paying attention to reviews and taking the comments on board, you can elevate the standard of your products or service even further, which can give you an edge over your competition.
Standing out from your competition is essential for your business’ success. Verz has a team of experienced marketing specialists who can help you gauge where your business stands in the industry and craft a compelling story that will propel your marketing initiatives. Consult Verz to find out how you can effectively distinguish competitors and perform a comprehensive competitor analysis and market accordingly to your target audience.
Call us at 6841 1680 or email us at [email protected] for a free consultation today!