Top 10 Small Business Marketing Mistakes – #8 Understanding The Competition And Using It To Grow Your Business
Finding the strengths and weaknesses of the competition allows you to market business more effectively, gain market share and increase customer loyalty
— David Phillips – Founder/CEO of SayWhat Consulting, LLC
BOSTON, MA, UNITED STATES OF AMERICA, May 2, 2022 /EINPresswire.com/ — SayWhat Consulting, LLC recently published Part 8 of the 10-part blog series titled “Top 10 Small Business Marketing Mistakes”. Competitor analysis gives businesses a distinct advantage over their competitors and allows them to improve their marketing, customer service, internal operations and growth. The value of understanding the competition is often overlooked by business owners who don’t realize the potential impact it can have on their business. A properly performed competitor analysis is one of the most important aspects of any business growth strategy. It gives business owners detailed insight into their competitors’ marketing tactics and effectiveness, customer satisfaction as well as key metrics on their biggest pain points, operational inefficiencies, employee turnover and satisfaction, while identifying its own potential weaknesses. If a company does not understand its competition, it will be difficult to differentiate itself to potential customers.
This blog examines the details of how to perform a well-researched and effective competitor analysis with the end goal of increasing revenue and marketing strengths versus competition weaknesses. Many topics are examined in detail, including how a business should identify its competitors, a list of 10 examples of how to identify its strengths and weaknesses, and developing a plan to use its weaknesses to its advantage. The importance of knowing the vulnerabilities of companies and doing everything possible to correct them as well as recognizing that the competition is probably using the same tactics is also examined.
Properly performed and evaluated, a competitor analysis provides a plethora of information that can play a major role in marketing a business and providing them with a distinct competitive advantage. “Identifying the strengths and weaknesses of your competitors allows you to market your business more effectively” says David Phillips, CEO and Founder of SayWhat Consulting “and gives you the ability to tailor your marketing to highlight your strengths while subtly highlighting their weaknesses.”
Part 1 of the 10-part blog series looked at the importance of tracking all of marketing while truly knowing what marketing efforts are producing results in order to spend marketing dollars wisely. Part 2 of the series covered in detail the importance for small businesses to understand not only how to generate leads, but also the best practices for nurturing and converting them. Part 3 focused on creating a strategic marketing budget, with the understanding that a well-thought-out marketing budget gives a business direction, purpose, and a strategic advantage over the competition. Part 4 looked at the details of how to choose a digital marketing company as well as the importance of unique content and its role in a company’s long-term SEO and social media strategy. Part 5 reviewed the importance of being a “good online citizen” and search engine optimization. Part 6 covered how to properly market business through pay-per-click advertising, social media marketing while maintaining a strong online reputation through positive reviews. Part 7 discussed the importance of choosing the right digital marketing company, including 9 pages of information to help business owners through this process. Review all blogs here: https://www.saywt.com/blog
It is also common for companies to discover new competitors of which they were unaware. A newly founded company can gain market share with a strong marketing campaign and grow as an expert despite minimal experience – without a company recognizing the potential vulnerability. “A new business with a better website and better marketing can easily establish itself as the business authority in the area,” says David Phillips, CEO and Founder of SayWhat Consulting “although your business is the real authority.” These vulnerabilities are easy to prevent with a properly performed competitor analysis.
SayWhat Consulting has successfully completed hundreds of competitive analyzes and can perform a detailed competitor analysis also for business. Learn more about this and contact us to see if we have availability in your area. https://saywt.com/competitor-analysis
Check out the 8 blogs published with the 2 articles to be published soon by visiting our blog here: https://www.saywt.com/blog. This blog series contains nearly 70 pages of useful content that business owners can implement immediately to improve their business. New blogs are published every two weeks, so subscribe!
Learn more about SayWhat Consulting:
SayWhat Consulting was founded with business owners in mind. We know that business owners are placed in impossible situations trying to master all aspects of their business, including marketing, employee management, sales, lead conversion, customer service, customer retention. accounts, accounts, collections and everything else.
As a business owner, you might be interested in The Business Owners Advisory Program with SayWhat(https://saywt.com/consulting-program). The Business Owner Counseling Program (BOCP) aims to provide business owners with the tools to ensure short and long-term success by meeting the needs of that specific business and owner. One of the most popular parts of the BOCP is the Marketing Management Package which gives you the power to have a Marketing Manager at a fraction of the cost to ensure all your marketing choices are educated, cost effective, high yielding and auditable. . Find out more on our site www.saywt.com.
Meet our founder
Our founder, David Phillips, is a successful entrepreneur and has grown his business for over 13 years while working at two Global 500 companies. business operations at dozens of annual industry-specific meetings. With over 20 years of real-world business experience – we know and understand almost every problem you’re going to and have faced – and what you’ll need to do to keep growing your business successfully.