Keep You Customers Close but Your Competitors Closer
Whether you’re an entrepreneur who’s about to start up a company or a veteran of the marketing industry, there is something that needs to stick in the front of your mind: your competitors.
Your competitors may be the driving force of the direction of your company. Watching your competitors and the moves they are making may be indicative of the changing market or a trend that your target audience may need to latch on to.
Listening to your customers’ feedback may help, but feedback can only go so far. Besides feedback you, as a marketer, have to pay attention to your competitors around you in you specific market. Maybe the trend is advertising on social media, or maybe the social media trend is dying down due to lack of change and innovation. Either way, you have to pay attention to your competitors.
No matter what part of the marketing mix you’re talking about (pricing, product, promotion, or placement), you need to heed to the changes of your competitors. Now we’re not talking about copying every move because who says that your competitor is making the appropriate changes? All we’re saying is that you need to be cognizant of the moves your competitors are making and evaluate their changes.
Examining the changes of your competitors can yield great results. Remember to be smart, patient and cognizant of the dynamic market around you.