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Why you should keep an eye on your competitor’s marketing strategy

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As a small business owner, you owe it to yourself to have every advantage possible to not only realize, but maximize your company’s full potential. For that reason, you’ll want to do yourself the favor of keeping an eye on your competition to see how they handle their marketing strategy. While small business websites are easier to build, they’re also easier to turn into an effective way to connect with your audience when you know what your competition is doing to potentially lure them away.

Learn what not to do

One of the most vital reasons for you to know what’s going on in your industry’s neighborhood is so you know what not to do when it comes to marketing your services or wares. When you take a look at your competitor’s and their marketing strategies, take note of which tactics seem to be the most effective as well as those that seem more like missteps. Capitalize on those mistakes as best you can to provide a new home to customers looking for someone else to take care of their needs.

Get answers to questions you didn’t know you needed to ask

As you start to look over your competitors’ sites, you might start to not only ask questions, but discover concrete answers to those questions that you can put into action on improving your own marketing strategy. For instance, how is your competition positioning their product? What is their end-to-end experience for customers? Do they have a value proposition for their products or services? When you get answers to these questions, see if those answers match the questions when you ask them about your own site. Not only that, but ask yourself how you can make your site as well as your marketing strategy more refined with this new base of knowledge.

Keep an eye out for potential marketing opportunities

Examining the competition’s marketing strategies can lead to new marketing and business opportunities. You can do this by taking a look at what people are saying about your competitors on social media, where people don’t seem to mind giving others an intimate glimpse into their lives. This is an especially good tip if you find yourself wracking your brain trying to come up with a new marketing strategy. Let your competition and their customers help you out.

Discover new keywords and phrases

Keywords and phrases are constantly morphing. In your attempt to keep up with the latest and most effective ones to plug into your marketing efforts, take a look at those your competitors are using to see if you can either use them or tweak them to better fit your specific company. Another great thing about discovering new keyphrases and words is that you might discover a new target audience to market towards, which can turn into even more marketing opportunities.

See what kind of new content you might want to produce

Content is most certainly king when it comes to marketing, so make sure you’re always wearing the crown. Take a peek at your competitors’ sites and social media pages to see what kind of content they’re churning out and what seems to be capturing their audience’s attention the most. For instance, what kind of blog content do they seem to favor? Is there a lot of Q&A material? What kind of videos, if any, do you see? Are there product tutorials? Make sure you don’t copy what you see “word-for-word,” tweak the content a bit so it matches your company culture and accurately represents your brand.

While you always want to keep a close eye on your company, there’s nothing wrong with seeing how the other side is living. Keep your marketing and advertising strategy robust with a little help from the competition.

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