Meagan Noin from MassMedia suggests that before you undertake important tasks, competitive analysis should be made.
“Unfocused efforts lead to brand inconsistency, unmet expectations, and nine times out of 10, exceeded budgets,” she writes. Before beginning any campaign, she says a company should be able to thoroughly answer the following questions:
- Where are your competitors
marketing and why?
- Are there places your
competitors are not gaining exposure?
- What is
their strength? What is yours?
- Since the strengths
of you and your competitors are different, are your target audiences truly the
- Is your pricing in line with your market goals?
This awareness will help you spend less time and money targeting customers to which your business will not appeal, because ultimately you want increased revenue, not unfocused - costly - campaigns.