A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique–and therefore what attributes you play up in order to attract your target market.
Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer’s dollar. For each competitor or strategic group, list their product or service, its profitability, growth pattern, marketing objectives and assumptions, current and past strategies, organizational and cost structure, strengths and weaknesses, and size (in sales) of the competitor’s business.
AIt’s a service that allows the physical location of your business to be found on Google Maps, letting customers track you down more easily. If you don’t have your business listed on Google My Business, you need to put this on the top of your “to do” list immediately. It’s one of the best things you can do to expand your customer base.
Advertising online offers one of the most cost effective methods of marketing available in comparison with other mediums. Business owners are able to create, deliver and execute an online marketing campaign to a full spectrum of viewers, spending only what’s necessary in order to reap maximum rewards later on.
Virtually all elements of an online marketing campaign can be traced and tested in some way. Tracking and measuring can be done almost instantaneously since online marketing encourages interaction by clicking on the ad and visiting the website, as well as other target actions.
Advantages of this form include only paying when a user clicks on your ad. The source of traffic can be easily tracked as well as identify which ads are achieving the best result in a campaign, and target an audience more specifically.
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