Marketing Strategy Part 2: Evaluate Your Competition 

Marketing Strategy Part 2: Evaluate Your Competition

Now that you’ve identified your ideal client, it’s time to check out the competition to see what those businesses are doing to reach this same audience.

Start by creating a spreadsheet with a list of the companies in your industry or profession you feel are your competition; between five and ten will do. These companies offer the same (or similar enough) products or services as your business does and therefore will likely be pursuing the same leads 

First stop: the internet to assess their overall online presence and 
market visibility.

*Go to Google, Bing, and Edge, plug in search terms used to find your business, and see where competitors come up organically in the search engine results pages (SERPs). This is helpful information as you build or refresh your company website, and helps you understand what your ideal customer is looking for.

*A tool such as KWFinder or SEMRush will help you determine competitors’ keyword strategies and for which terms they are ranking.

*See if any of them are doing pay-per-click ads. 

*Are their Google My Business profiles complete?

*Do they have any online reviews? If so, what are customers or clients saying about them? 

*Is there a Google map to locate their business—and is it up to date?

Next stop: competitors’ websites. These will provide you with loads of juicy business intel such as: how well the content addresses users’ needs or queries

*how well the website is optimized for search (SEO)

*whether there is a blog and if so, if it’s updated regularly 

*testimonials, professional designations or other trust elements

*pricing (if posted)

*other products or services that are brand extensions and may give them a competitive advantage

*the calls to action and/or contact forms to attract leads

The results of your competitive analysis will help you clarify how your offerings solve client problems and how you stand out from the competition, and become part of the foundational work to establish your mission and vision. This work in turn guides the development of your brand messaging. Learn how we helped an established construction company develop a shared vision and brand message as part of its marketing strategy.

Curious about how we can help power your business growth? Watch our video and learn about our  turn-key system that starts with developing the right strategy and brand message first – before diving into tactics.

Get a Free Consulation