The frequency at which your competitors produce new content can set a benchmark for you to hit or exceed. If your competitors publish three or four times a week, you may want to invest in a dedicated copywriter to keep up. Or you can consider content creation services like Contently or Fiverr, which will help you find freelance writers.
Creating and maintaining quality content is one thing; getting it in front of your audience is a whole other ballgame. SEO search engine optimization may be one of the easiest ways your competitors are getting their content found. Look at their title tags, meta descriptions, Page Ranks, and ranking keywords.
What keywords are they being found for? If so, are they outpacing you? They could be promoting their content through paid channels. If your competitors have an email newsletter , sign up for it.
How often are they sending our emails? What content is featured there? Are they just promoting new content or are they mixing in promotions?
Compare it against your own newsletter. You may want to increase the frequency of your email cadence or promote new content based on segmentation. Follow your competitors on social media. Are they using it just as a distribution channel or are they actively engaging on it? With a full understanding of their distribution tactics, you can find the gaps in their strategy to outpace and overtake them.
To truly understand where you stand in comparison, you must document and profile your competitors, dig deep into their content marketing, and discover how they distribute that content. With a clear understanding of your competitors, you will be in the prime position to achieve your goals. A substitute, or substitutable good, in economics and consumer theory refers to a product or service that consumers see as essentially the same or similar-enough to another product. Put simply, a substitute is a good that can be used in place of another.
Substitutes play an important part in the marketplace and are considered a benefit for consumers. They provide more choices for consumers, who are then better able to satisfy their needs.
Bills of materials often include alternate parts that can replace the standard part if it's destroyed. When consumers make buying decisions, substitutes provide them with alternatives.
Substitutes occur when there are at least two products that can be used for the same purpose, such as an iPhone vs. For a product to be a substitute for another, it must share a particular relationship with that good.
Those relationships can be close, like one brand of coffee with another, or somewhat further apart, such as coffee and tea. Giving consumers more choice helps generate competition in the market and lower prices as a result. While that may be good for consumers, it may have the opposite effect on companies' bottom line. Alternative products can cut into companies' profitability, as consumers may end up choosing one more over another or see market share diluted. When you examine the relationship between the demand schedules of substitute products, if the price of a product goes up the demand for a substitute will tend to increase.
This is because people will prefer to lower-cost substitute to the higher cost one. If, for example, the price of coffee increases, the demand for tea may also increase as consumers switch from coffee to tea to maintain their budgets.
Conversely, when a good's price decreases, the demand for its substitute may also decrease. In formal economic language, X and Y are substitutes if demand for X increases when the price of Y increases, or if there is positive cross elasticity of demand. The availability of substitutes are one of Porter's 5 Forces , the others being competition, new entrants into the industry, the power of suppliers, and the power of customers.
Substitute goods are all around us. As mentioned above, they are generally used for the same purpose or are able to satisfy similar needs for consumers. Here are just a few examples of substitute goods:. There is one thing to keep in mind when it comes to substitutes: the degree to which a good is a substitute for another can, and often will, differ. Synonyms for substitute. Belaid Kisten Pundit. Who is a direct competitor?
Direct competition is a situation in which two or more businesses offer products or services that are essentially the same; as such, the businesses are competing for the same potential market.
Vonda Novellon Pundit. Why is it important to know your target audience? Identifying a target market helps your company develop effective marketing communication strategies. A target market is a set of individuals sharing similar needs or characteristics that your company hopes to serve. These individuals are usually the end users most likely to purchase your product. Enna Kervran Teacher. How can I learn my competitors? Go beyond a google search.
Do some reporting. Tap the social network. Ask your customers. Attend a conference. Check in with your suppliers. Hire your competition Another strategy is to hire employees from competing firms--especially sales people--and team up with competitors' partners, suggests Sheetz-Runkle. Yollotl Laserna Supporter. How do you write a good competitor analysis? Your competitive analysis should include:.
Identifying your competitors. Obtaining information about your competitors. Evaluating their strategies. Morelia Cascales Supporter. How do you identify a market needs? Take stock of the current marketing department, materials and strategies.
Research how your competitors market. They may adopt and enhance your good ideas. Why are they doing the same as you, particularly if you're not impressed by other things they do? Perhaps you both need to make some changes.
Analyse these common areas and see whether you've got it right. And even if you have, your competitor may be planning an improvement. Our information is provided free of charge and is intended to be helpful to a large range of UK-based gov.
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