Advertising, Marketing, Media And Competitor Analysis
Advertising, marketing, media and competitor analysis: Oh my, what a mouthful. But using them together can help fill your business’ hunger for profit.
What your competitors are doing can provide you with recommendations for what you should be doing. If your competitor analysis reveals that your competitors use the same advertising, marketing, media, and they’re successful with them, then you should consider doing the same.
A competitor analysis can save you lots of trail and error in your own marketing. By starting with the advertising, marketing, media and promotions that have been successful for competitors and adapting them to your business, you can save time and money.
Are you constantly seeing your competitors ads in a journal targeting your market? Then placing an ad in that journal might well work for you too.
Do your competitors constantly advertise on radio stations that play country music? Then do you think their target market members listen to country music? Are you targeting those same people?
Do your competitors use social media? Maybe you should consider using it too. This type of competitor analysis can guide your advertising, marketing, media and promotional strategies.
Now don’t just copy them. Do your own target market research to be certain that any advertising, marketing, media and promotional tactics work with your target market. The ideal way to do this is with market segmentation.
Before devoting your precious resources to advertising, marketing, media and promotions that your competitors use, determine that your target market responds positively to those tactics delivered through that media.
Different target markets use different media to get information. Knowing what primary and secondary media your market uses assures that you can reach market members with your message. Market segmentation provides insights to media preferences. It also defines the structure and language to use in your advertising and marketing messages.
To illustrate, think about the different media preferences of two generations. Those in the World War II generation (seniors) read newspapers and like journalist style. But Generation Y doesn’t trust newspapers or other traditional media, and they don’t like journalistic style.
Furthermore, your image and key message has to differ by target markets. So your brand and your message must be relevant to target market members.
Market segmentation research should reinforce what you learn through your competitor analysis. It will help you determine whether the advertising, marketing, media and promotions used by your competitors are appropriate for your target market.
If you conduct this research, you’ll know that you’re getting the best return on your advertising, marketing, media and promotion investments.
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