The democratization of the internet and the online digital landscape has proved to be revolutionary for the advertising and marketing sectors. Now, any business or company can implement a range of strategies in a cost-effective manner, making use of the various platforms and tools available to reach a potentially enormous audience.
However, this does come with some disadvantages. With so many marketers and advertisers in the digital space, the competition has become fiercer than ever. Businesses need to come up with ever more innovative and ingenious methods to circumvent the competition and take the lead over their rivals. We’ve put together a guide with some tips that will help you get ahead. Keep reading to check it out.
What does competition mean for marketers?
Competition is an inevitable part of any business. It is unavoidable, rival companies are always going to look to target your customers, often with similar products and equal or lower prices.
This can come at a financial cost, particularly for businesses new to marketing in the digital space. Extensive resources will need to be funneled into strategies in order to compete with established brands. Bidding for advertising space and keywords will also drive costs up, while rival companies can have a significant impact on your ultimate ROI.
Competing ads can also mean lower visibility for your product, while multiple ads and a selection of varying content for the same or similar products can confuse consumers and discourage them from making a purchase.
It’s clear that competition can negatively impact your marketing strategy and, ultimately, your bottom line. What can be done about it? Let’s find out.
Study the competition
This step applies to all businesses operating in the digital landscape but can be particularly useful for new companies that are just starting out. By carefully studying rival companies who have implemented successful marketing strategies you can get an immediate insight into what particular methods work and which don’t.
This should be an ongoing process. Digital marketing and the tools and methods used are constantly changing as technology develops and customer preferences shift. You’ll need to be vigilant in observing and analyzing your rivals to ensure you are keeping up with the times.
Use different platforms
One of the primary benefits digital and social technology offers marketers is the ability to create an incredible range of diverse and varied content to reach consumers and secure conversions.
Every social media platform offers something different. Be it photos on Instagram, videos on TikTok, or punchy, memorable Tweets. In order to maximize your marketing campaign, you’ll need to have a presence across all these platforms to ensure you are reaching as many customers as possible.
The key to doing this successfully is to keep a consistent, uniform brand style and tone of voice on all of these social channels. This will create a sense of trust and familiarity and will work to ensure that consumers perceive your company as legitimate and reliable.
Target key areas
This is an incredibly effective method that can be done after careful analysis of your competitor’s marketing campaigns. Identify gaps in their strategy, such as demographics they have failed to reach or geographic locations they have ignored, and focus your efforts on targeting these areas.
Different demographics make use of different social media platforms to varying degrees. Once you have identified gaps in the market you can optimize your strategy by concentrating your campaign on platforms that target these specific customer groups.
Work with the competition
Sometimes, collaboration between companies can see improved results for both. As the old adage says: if you can’t beat them, join them.
In today’s interconnected digital society, this is easier than ever before. Companies can connect and partner in a number of different ways to pool their respective resources and deliver a combined marketing campaign to a greater market audience.
Content collaborations, such as through videos or pictures, are often the most commonly seen example of this. Consumers get a thrill from seeing two companies work together in such a way and it can improve your brand reputation by establishing ideas of teamwork and community spirit.
For new companies, taking the first steps into the digital marketing space can often be daunting. The competition is tough, your campaign needs to be expertly planned and optimized to stand out from the crowd. For the best results, study your competitors and analyze their strategies, ensure you have a presence across all the major platforms, target specific areas, and consider extending an olive branch to collaborate with your rivals.
Looking for more marketing insights? Registrations are now open for our 2023 Amplify Summit, held from the 17th to 18th of January, where you’ll have the chance to access talks from industry experts, panels and workshops, networking opportunities, and a free affiliate manager toolkit. Register and secure your place today!