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March 14, 2022

Why Is It Important To Be Aware Of Your Competition?

Please use the audio player below to listen to this webpage. This is intended for the visual impared.

“I don’t care about what my competitors are doing.” This statement isn’t one that should come from the mouth of any business owner. It’s important to be aware of your competition so that you can improve upon their successful tactics. After all, your customers definitely care about what your competitors are doing. If your industry contemporaries are offering anything that is superior to your offerings, you will lose members of your target audience to them.

What kind of competitors do you have?

There are both direct and indirect competitors. Direct competitors, as you are likely aware, are businesses that offer the same type of products and services that you do. By paying attention to not just what they offer, but how they offer it, you can devise strategies to better those offerings. Are they priced lower? Is their customer service better? Think about ways to make both your products and customer experiences superior.

Indirect competitors don’t necessarily offer the same products and services as you do. However, they may meet similar needs as your business does. If you own a restaurant, supermarkets and convenience stores aren’t direct competitors – but they do offer food. What can you do to entice people to visit your eatery instead of grabbing something to eat from elsewhere?

What are the strengths and weaknesses of your competitors?

Let’s take a look at customer service a little closer. It should never be underestimated. In many cases, a consumer will select a brand because of its penchant for providing great experiences. This is true even if the option is pricey. People also like convenience. Do you have competitors that deliver their products to customers? Adding a delivery service may be what you need to level the playing field.

What about pricing? Are your competitors offering more cost-effective options? Perhaps, you don’t necessarily have to lower your prices to compete. Maybe you can create a customer loyalty program. Consumers enjoy receiving perks. If your program offers free items after a certain amount of purchases, you may be able to lure customers away from your competitors. The chance to get something free is always a great incentive.

How do your competitors advertise?

Do your competitors use traditional advertising methods? If they have commercials on TV, you may think it’s impossible to compete with them. In today’s world, that certainly isn’t so. People tend to tune television ads out. Especially with the ability to pause, rewind and fast-forward, a TV watcher can easily avoid ads.

Utilizing social media to communicate with members of your target audience is a practical must these days. Not only does it give you the ability to contact people directly, it speaks to the needs of the modern-day consumer. He/she is on social media more than he/she is watching TV.

How can MeloTel help you to outshine your competition?

MeloTel is pleased to offer Animated Media & Marketing Packages for social media. Our marketing specialists are experts at creating animated social media marketing images and video for companies of all sizes. The marketing creators on our team have been helping company websites to capture the attention of customers for years. All of our videos are readable, engaging, and optimized to get you more conversions.

For more information, please don’t hesitate to call us at 1-888-MELOTEL or email support@melotel.com.

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