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Marketing Insights: Harnessing the Power of Competitive Analysis

| Flourish Monthly

As a small business owner, you know how difficult it can be to get your name out there. Especially if you have a lot of competitors! Coming up with a marketing strategy can be difficult, but what if you didn’t have to start from scratch? We can certainly help you get started from the very beginning (a very good place to start… Sound of Music, anyone?), but sometimes it’s easier to take inspiration from your competitors. Welcome to the fascinating world of competitor-inspired marketing! Today, we’ll set out on an adventure to uncover the treasures hidden within your industry’s marketing landscape. Think of it as a treasure hunt where X marks the spot with innovative ideas, clever strategies, and creative brilliance. We’re not here to spy, but rather to gain inspiration from those who are blazing trails in the marketing wilderness.

Your competitors aren’t just the businesses you keep an eye on. They’re living, breathing examples of what works (and sometimes, what doesn’t) in the ever-changing world of marketing. By taking a closer look at their marketing efforts, you’re tapping into a wellspring of inspiration, learning, and growth opportunities. By studying the paths they’ve already taken, you can get geared up with insights that will help you carve your own path to marketing greatness. It’s not about imitation; it’s about innovation.

Meet Your Marketing Neighbors

First things first; you’ll need to identify your key competitors in your industry. You probably already know who they are, but do you know what strategies they use? Who their key customer is? This will help you know how much inspiration you should take from them! If they’re marketing toward businesses while you’re marketing toward individuals, for example, their marketing techniques may not be as relevant for your own strategy. Discover as many of these key factors as you can, because this will be the foundation for the rest of your discoveries.

Channel Your Inner Sherlock

Here’s the fun part: time to unleash your inner detective! Dive deep into your competitors’ marketing strategies. Explore their website content, SEO tactics, ads, email campaigns, social media strategies, and anything else you can get your hands on! Do they have a blog on their page? What do they write about? How long has it been since they posted on their Facebook page? What kinds of content do they post? How much engagement do they get? Evaluate what’s working for them and identify areas where they excel.

Mitigate Mistakes and Pitfalls

As you’re exploring their strategies, are there any areas where they don’t succeed as much? Maybe you can’t see how many people open their email newsletters, but you can see when their last blog was posted! If it was posted more than a month or two ago, they might not consider it a successful part of their strategy. Similarly, it’s probably not a good thing if their most recent post on Facebook was updating their profile picture three years ago.

Craft Your Unique Magic

Time for you to put your own spin on things! Based on the strategies your competitors have been successful with (and learning from their mistakes), create your own marketing plan and add your unique touch to it. If your competitors have a successful LinkedIn page, consider incorporating that into your strategy! Maybe blogging has been a good strategy for your competitors. Create a list of prompts and get writing! Whatever has worked or failed for those in your industry, create a strategy, set your goals, and set sail on your creative journey. And remember, the marketing game is always evolving. Stay ready to explore, innovate, and adjust your approach to stay ahead of your competition.

And there you have it: Flourish’s guide to finding inspiration in your competitors’ marketing! Remember that your competitors aren’t just rivals; they are a great example of what works and doesn’t work. The inspiration you gather will drive your marketing efforts and help you stand out. So wear your newfound insights proudly, keep adapting, and stay creative as the marketing landscape evolves. With these lessons, you’re not just keeping up with the industry, you’re taking the lead. So put on your thinking cap (or your detective’s cap) and get ready to be inspired and absolutely unstoppable in the marketing world.

If this sounds like an overwhelming process to you, Flourish is here to help! We offer a Competitive Analysis where we take a look at 5-8 of your competitors and make note of all the digital marketing they use, including their website, blog, whether they have an email newsletter, and all of their social media accounts they use. Whether you’re wanting to get inspiration from your competitors or gain an advantage, our Competitive Analysis will help you reach your marketing goals. Reach out to book a consultation and we’ll help you get started!

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