When you’re crafting your marketing message, you need to know your customers and your product well so that you can explain how your offer solves their problems. But there’s one more party you need to examine very carefully: your competition. Here’s why you should spend some time studying your competitors when creating your marketing message:
Set Yourself Apart in a Competitive Market
The goal of your marketing message is not just to explain how you solve people’s problems, but how you do so uniquely. In other words, what makes your offering different from other offerings on the market? In order to understand this, you need to know what your competitors are offering so you can set yours apart.
Gain Insights into Your Target Market
Studying your competitors can help you gain insights into your target market. You can see how they’re communicating with their audience to get ideas. See what pain points they address in their marketing messages. Why are they doing this? You don’t want to steal their ideas, but you can use their content to help you better understand your shared audience.
Monitor Your Competitors’ Reputation
You can also gain insights by looking at how your audience interacts with your competitors. For example, look at comments on their social media posts or online reviews of their products. You’ll find customers giving their opinions and asking questions. Sometimes, you can find negative feedback and gain insights into sections of the market your competitor doesn’t serve well. You can then identify in your marketing message how you do.
Discover Trends in the Market
Your competitors can clue you into emerging trends and recent changes in the market. They may know something you don’t know. For example, you might see their content using a new industry buzzword or see them expanding into a new segment.
In the same way, your competitors can alert you to emerging potential threats in the market. Let their mistakes help you avoid making them yourself. You can take these threats into consideration as you craft your marketing message.
Improve Your Content
Watching your competitors can help you with your content strategy as well. See what types of content they create and how they incorporate their marketing message in each. Once you craft your own marketing message, you’ll need to develop a strategy for how to use it in your content. If you know what your competitors are doing, you can better decide what you will do.
For example, you might discover that your competitors aren’t using Instagram, and this is something you can do. You can also see which of their content is getting the most engagement and gain insights into why.
It takes a great deal of time, research, and careful consideration to craft the right marketing message, but this effort will pay off if done well. One crucial source of information in this process is your competition in the market.
Do you want to learn more about discovering your ‘Why?’ Check out my course, BEYOND BRAVE BUSINESS SCHOOL, which teaches you the A to Z of figuring out your purpose and helps you achieve your business goals.