Do a Yearly Competitive Analysis
Even if you are a small business, keeping tabs on what your competition is doing is an important part of your overall marketing strategy. We suggest that you schedule a time each year to do a survey of your competition.
Here are some of the items you want to look for:
- Are there new competitors in your space who are bringing in creative ideas and innovation?
- Are your known competitors taking new approaches or adjusting their offerings or pricing?
- Are there trends in your industry that you can identify?
- Are the past approaches that set you apart from your competition still holding up?
- How are you stacking up in organic search listings, and which competitors are utilizing paid search?
Ultimately, marketing is a creative (and competitive) endeavor. In order to be on your game, you need to understand the evolving game you are in and what the other players are doing.
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