Once you’ve completed your marketing objectives and key performance indicators, the next part of the process is to do some competitor analysis. If you missed my last post about how to set marketing objectives and KPIs check out this post first.
Competitor analysis is really important – not only to see how you stack up against other businesses who are operating in the same field as you, but also as a great source of inspiration for your strategy!
By spending some time looking at your competitors websites and the other marketing activities that they’re doing, as well as how their customers engage with them, you might be able to come up with some really great initiatives and new ideas.
Your competitors can help you start thinking very creatively about how you could apply some of these things to your own business – but make them even better.
When you do your competitor analysis, include sections on their website and digital presence e.g. social media, a summary of the products and services they offer, their prices and their target audience.
To find out how to create the rest of your marketing strategy for your small business, you can watch my video ‘What is a marketing strategy’:
And don’t forget, if you want to see the bigger picture, focus on the things that really matter to your customers and communicate with them effectively to get the results you need, get in touch to arrange a free 30-minute chat.