One of the best ways to improve your marketing is to keep an eye on your competitors.
Let’s consider the Four Ps of Marketing – Pricing, Product, Place, and Promotion. You likely know about your competitors’ Product and Pricing. You may know about their Place. But do you assess their Promotion?
An ongoing review of your competitors promotional activities will help you to uncover marketing opportunities. For example, you may discover that all of your competitors’ sponsor a conference that your company merely attends. Should you sponsor too? Another example: by keeping close watch on your competitors content, you may find topic gaps where your company can position itself as the sole expert.
Not familiar with the Marketing Mix and the Four Ps of Marketing? Here’s a quick review.