Survive in the market depends on analysis of competitor marketing strategy. This leads one to qualitative strategic planning. Competing with someone can only be achieved if one knows the techniques implemented by the competitor. Knowing once strengths and weakness makes one stronger in their stance of marketing. Implementation of following strategies for analysis can help achieve the goal.
One needs to attend professional conferences that will result in enlightening them about their competition and competitor in the market. Checking their interaction with people on their booth and their latest products will help one understand how to go about their own plan.
- Report Analysis
Reports regarding products, they pro and cons are submitted in a specific department of a country. One can try to get hold of these reports to check the products and their competitors’ strengths and weakness.
- Marketing strategies
What source the competitor uses; for instance, in digital marketing is it the social media, such as twitter, facebook, Orkut etc. They might be using search engines for instance google, yahoo. Further what type of keywords they use for their website would also help one understand the techniques applied for business. Once you know their targeted sites then analyze which site they tend to visit more for their promotions and advertisements. The frequency of sharing post should also be kept in mind during the analysis. From the likes of a certain product, one can also get the idea of the product market on the website. Make sure during analysis one should evaluate the content and tone of voice used for advertisement in order to make consumer.
For survival in the market also note the duration of response of the company to its clients and the way they are handling complaints. When one is analyzing marketing strategies difficult of all for analysis would be the content marketing strategy. Content type such as pdf file or a blog or forum and how popular it is in one’s area of concern. Publication routine, that is the frequency of publishing material when can check with this through their publication new letters. The quality of the published material and which type of industry are the targeting for this work. Lastly, the targeted population they have in mind plays a vital role in marketing strategies as these strategies vary in a topic, their content and presentation with age and even gender. For example, with teenagers gaming sites and information about them whereas with adults educational or dating sites depending on the choice of the presenter. This helps one understand where to go and how to go about it. Join a mail letter of the competitor also helps to check their response time and whether the mail is sent to junk or not thus giving an idea of the sender score that is ending up in spam folders.
Conducting surveys to analyze the market of one’s competition is a good idea. It provides a vivid picture of where the competitor stands and one’s own company. This helps in making policy that makes a company grow in the market.
Hiring one’s competitor employees, partner or the person who supplies stuff to that company gives an actual idea about the strengths and weakness along with working to a person of interest. Lastly for Survive in the market one can call its competitor and ask directly queries on has at hand.