One of the first steps in developing an effective digital marketing plan for your business is analyzing and understanding who your competitors are. Just as important is figuring out who your target audience is. For the purpose of this post, the focus will be on the competitors, and what you need to do in order to effectively distinguish yourself as a business.
As an ongoing process, it is essential to generate research and analytics based on the observations that you have made in the context of your business environment. More specifically, knowing exactly who your competitors are, where they are located, what products or services they offer, their price point, and their overall customer experience. Additionally, recognizing what the steps the customer takes before making purchase and knowing what the thought process is, also helps you as the business better understand how you will laser target your audience.
Knowing who else is marketing to your potential customers, and what they offer as their products or services, is important to know, as it helps you differentiate your business. As a business owner, you want to know what similar products and services are comparable to your own, as well as what the potential replacements may be for the customer.
Check out the following links for more information on how to better understand your competitors and thrive as a business.
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