Why You Need to do Competitor Analysis to Succeed in Marketing
Unless there is a new invention, usually multiple companies are offering similar services or products. This makes the companies competitors. The market share of each business selling similar products varies depending on several factors. These factors include the pricing, quality, features, and also marketing techniques in use. The approach of each business towards marketing and competition differ. In some cases, the business will not worry about what its competitors are doing. While other businesses will spend a lot of resources to get information about their competitor and modify their marketing strategy accordingly.
The Role of Social Media
Ideally, every business should spend some resources on competitor analysis. This assures they can market their brand properly and have the largest share of the market. One of the easiest ways to monitor a competitor is by checking the strategy used for marketing using social media. Compared to getting other information like competitor sales, profit margin, it is far easier to monitor the social media account. All social media parameters are available publicly. Social media can also be used to monitor customer feedback for competitors. Gorilla Gurus offers social media monitoring of competitors as part of our marketing services.
Increasingly businesses are using videos for marketing their products, services. As well as providing customer support. Hence when competitors are using videos extensively for marketing, it becomes necessary for a business to have videos for product marketing. Gorilla Gurus helps businesses of all sizes in video production for marketing a wide range of services and products. We have different packages for creating videos for marketing. Including different types of videos, which the business can choose based on their size and marketing budget.
We also monitor the content marketing strategy of the competitors both for their website and social media accounts. If our client is lagging, we offer content creation services. This type of service will increase the conversion rate for the website. As well as provide more information about the products and services the business is selling. In some cases, the business does not have a website, which affects the credibility of the business compared to competitors. We offer multiple website design packages for different kinds of businesses. Websites vary by whether they are selling a product or service, whether they want to generate leads from their website or sell directly to customers.
For branding also it is advisable to analyze the competitors to find out the branding strategy they are using. We will also do some market research to find out the image of each competitor brand and the business brand among the customers. This will help in modifying the brand marketing method and make improvements. The graphics especially the logo is closely linked to the brand image. In some cases, the business may not have a logo so we will design a suitable logo, working closely with the marketing team. In other cases, a new logo may replace an outdated logo. The number of visitors to the business website depends to a large extent on the ranking of the website in the search results. Search engine optimization (SEO) services are available. These services are useful if the how the business is not ranking well compared to competitors.
Contact Gorilla Gurus today to assist your business with competitor analysis and much more!
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