Finding rivals in your business and learning about their various marketing methods is the process of doing a competitor analysis, also known as a competitive analysis. You may compare this data to that of your competitors' to determine your company's advantages and disadvantages.
You can do a high-level competition study or delve into a particular area of your rivals' industries. This post will concentrate on how to perform a generic competitive analysis, but you should modify this procedure to fit the requirements and objectives of your company.
How to perform competitors' analysis?
It might be challenging to decide what to emphasize while performing a competitive analysis. Here are six steps to get you started: Think on the purpose of your competitor analysis before you start. Include any additional research fields that support these objectives.
1. Identify Your Rivals.
Consider where your clients would go if they didn't buy from your firm while compiling a list of possible rivals. Searching for your product or its category on Google or another search engine and browsing the results is a simple method to get started. You may also conduct a poll or conduct an interview with current clients to learn more about the alternatives they looked at before choosing your goods or services.
So that you can commit adequate time and effort to investigating each rival, limit your list to 10 or less. To acquire a thorough understanding of the market, when you finish your list, try to include a variety of businesses. Businesses that fit into each of the three categories of competitors should be taken into account.
Direct Competitors : Direct rivals cater to comparable target markets by offering comparable goods or services. When you consider your competitors, these are probably the businesses that immediately spring to mind.
Indirect Competitors : A distinct item or service is offered in the same category by indirect rivals.
Potential Replacement competitors : Alternative rivals exist outside of your product area, yet they meet comparable client needs.
Direct and indirect rivals should receive the majority of your attention when doing a competitor analysis. Even so, it's good to take a quick inventory of any substitute competitors that could jeopardize your company's chances.
2. Profile the Target Market of Your Competitors.
In the absence of clients, a business cannot exist. You may learn a lot about your rivals' company by gaining an understanding of who they sell to. To identify the ideal client for any business:
Utilize this data to create a profile of the target market that your rivals are targeting with their goods and services. Since they are your rivals, these consumer profiles will presumably reflect those of your own target market, so pay attention to even minor variations.
3. Focus on the Marketing Mix.
Determine 4P's - Product, Price, Promotion ,Place
4. Determine Your Brand's Weaknesses & Strengths.
How would you describe your company? What makes you unique? How does your company differ from competitors? These questions are important because they help you identify your strengths and weaknesses. They also provide insight into how customers perceive your brand.
Competitive intelligence (CI) refers to the collection, processing, analysis, and interpretation of information related to competitor activities. CI helps companies gain insights into their competitive environment and develop strategies to compete effectively.
To answer these questions, you should conduct a thorough competitor analysis. This involves gathering data about your competitors' businesses, marketing campaigns, and financial performance. You'll then analyze the collected information to determine where your company stands against its rivals.
Stay tuned as we plan to bring more information on this topic in our webinars & podcast.
Do’s & Don’ts of Facebook Ads
Facebook ads, the product of Meta Business Suite, have the potential to be a very effective weapon in your marketing toolbox. After all, Facebook continues to be one of the most cost-effective advertising platform with a global user base of 2.7 billion active monthly users.
Targeting capacity on Facebook ads is unmatched. There is a Facebook advertisement type for whatever you want your clients to do, like making a purchase, visiting your website, or installing an app. You can always locate the audience you want to reach on Facebook, regardless of the type. Facebook may help businesses increase brand recognition, draw in new clients, and turn viewers into paying customers when utilized appropriately.
However, learning how to use Facebook advertisements works on trial and error method.
1. Do Targeting Carefully
Facebook advertising efforts are built around audience targeting. The success of your campaign will depend on who sees your Facebook advertising. Don't base your advertising strategies on presumption. Instead, use Facebook's targeting features to target a more specific group of people.
2. Don’t Target Too Big & Random Audience
You will end up paying for advertising to be sent to people who are not even interested in your brand if you target a wide audience base. In an effort to increase the likelihood that your advertising will be seen by a large number of people, you run the danger of fast exhausting your budget. It's critical to comprehend who is most likely to respond to your advertisement in order to target the appropriate consumer group. When targeting, be as specific as you can. Gaining a 360-degree perspective of your target market can help you better understand which targeting alternatives will enable you to achieve the objectives of your advertising campaign.
3. Do Nurture Your Current Customer Base
You can't fully ignore certain of your viewers after they've been won over by competitors. It will be less expensive to target these current clients rather than a new audience. Encourage these clients to buy something else so that they will promote your business. When compared to someone who has never heard of your shop, it will be easier to persuade someone who already believes in your brand to make a purchase.
To reach the audiences who will be interested in your Facebook ad, use these two targeting strategies.
4. Don’t Overlap Your Targeted Audience
You must be careful to avoid audience targeting overlap if you are running many ad campaigns at once. As a result of your advertising competing with one another, you will spend more money and get worse results.
5. Do A/B Testing
A/B testing, commonly referred to as split testing, is the process of comparing two versions of your ads to discover which one generates the most hits, likes, and a high return on investment. To prevent ad fatigue in your audience, you should think about modifying your advertising strategy sometimes, even if it is succeeding.
You simply need to alter one of these aspects at a time if you need to identify the best-performing components. During A/B testing, you may create an entirely new advertisement by changing all of the ad components. Then, you won't be able to determine which factor is having a greater effect on the effectiveness of your advertisement.
You would be shocked at how much you can learn from a straightforward test once you start running A/B testing. You can improve the ideal ad for your campaign the more times you test and attempt your Facebook advertising.
6. Don’t Blow Ad Budget
One of the finest methods to attract new company with a reasonable budget is through Facebook advertisements. Facebook advertising' low cost (you can spend as little as $5 a day) makes them an appealing alternative for even small business owners.
Start off modestly if you've never used Facebook advertisements before. Before you expand your budget, start small and experiment to see what works. If your advertisements don't work the first time, you could be tempted to spend a little more money before finding the real source of the issue.
Select a bid amount that is in the middle so that your rivals can't outbid you. You may gradually boost your advertising budget as your advertisements begin to provide fruitful results. Stop running your advertisements if they're not working well. Before you begin rerunning them, take care of the problem.
7. Do Create Clear CTAs
Your CTAs must be straightforward enough for a reader to understand in just a few seconds because you don't have the luxury of their time.
In fact, employ numerous CTAs rather than just one. Avoid saving your CTA till the conclusion of the ad as some people do or your viewers won't respond to the ad quickly enough.
The likelihood is that your advertisement and its content are relevant to a bigger audience than you initially thought if you are marketing many goods and services in the same advertisement.
For instance, if you own a B2B business, you would want to encourage users to download your app and advertise one of your goods. So, in addition to the CTA for signing up, you can also include a link to one of your landing pages that provides additional details about your organization or your product.
Of course you want people to download your app, but you also have to accept the reality that not everyone in your target market will really subscribe (even if you are offering them a free trial.) It will be much simpler for you to persuade them to subscribe if you can convince them to visit your website with an easy call to action, such "read more."
8. Don’t Forget Mobile Audience
Mobile advertising accounts for 84 percent of Facebook's overall advertising revenue. Both the appearance and the method in which your users engage with Facebook advertising differ across desktop and mobile.
As a result, you simply cannot afford to adhere only to desktop design while ignoring such a sizable portion of the audience. You never know when these mobile users will be in charge of the majority of the views on your ads.
To improve your chances of generating click-through and conversions, think about creating distinct adverts for visitors on desktop computers and mobile devices. When determining where to position adverts, consider the placement of the mobile news feed. When making your adverts mobile-friendly, make sure the landing pages for users are similarly prepared for mobile viewing (like your website, landing pages, offer pages, etc.)
9. Do Track Your Analytics
Once you've tested out a few of your Facebook advertisements, you can clearly define your campaign's objectives, such as conversions, reach, shares, and likes, and regularly check your progress. You should maintain a tight eye on your Facebook advertising manager when you are running advertisements. A powerful tool for measuring crucial data, such as CTR, CPM, CPC, impressions, reach, etc. is Facebook Ads Manager.
You definitely don't want to become bogged down in the specifics of a marketing campaign that you forget about important objectives like what you're attempting to accomplish with your target audience. Concentrate on achieving as many objectives as you can on the smallest possible budget.
Make careful to record your findings, whether your advertising campaigns are a success or a failure. By doing this, you may maintain your progress over time and keep in mind the things you have tested in the past. Track the appropriate metrics that are in line with your campaign's objectives, then compile your findings.
10. Don't Expect Immediate Results
Anything worthwhile requires time, and Facebook advertising are no exception. Facebook employs algorithms, much like every other social media network, to learn, adjust, and provide the greatest outcome for your campaign.
Facebook optimizes your campaign for the aim you choose when you start an ad campaign and when you choose a target audience. The people who are most likely to perform the required action will see your adverts on Facebook.
Facebook conducts early trials and displays your advertising to a variety of people inside your target group in order to accomplish this successfully. Facebook determines who is most likely to do the desired action in this way. Once you have produced 50 optimization events, the Facebook Ads Learning Phase, as it is known, will come to a close.
Facebook continues to collect data and improve your ad campaign even after the learning period is over. Facebook can more easily optimize your ad campaigns the longer they are running and the more optimization events they produce. This results in lower cost per optimization event and more consistent outcomes.
It is better to give your campaign 24 to 48 hours to run before determining whether any revisions are necessary. The marketing team at Facebook recommends waiting 14 days before making any big adjustments to your ad campaign.
Join our next Podcast at Designer Discussions to know more.
Pinterest Marketing Inspiration For Interior Designers & Home Remodelers - Part 02
Marketing Strategy for Pinterest
In continuation of the blog we posted on Pinterest Platform, this blog will brief some important aspects of Pinterest Marketing Plan. This widespread way to deal with promoting is one explanation Pinterest is a particularly significant social tool.
1. Pursue a business account
To market to your interest group, you ought to make a Pinterest business account. As referenced, this free record gives you admittance to Pinterest Analytics (which we'll survey in more detail presently) and other helpful advertising elements, for example, a profile that obviously states you're a business, Pinterest gadgets, and Pinterest tag. To change over it into a Pinterest business account, you can likewise do that without losing any of your substance or work.
2. Pick the right content category
By picking the right class for your substance to be partaken in, your Pins and sheets will turn out to be more accessible for clients hoping to find content like that of your business. Clients can look for explicit classifications on Pinterest or essentially go to the "Classifications" part of any profile on the stage to see all satisfied connected with the theme they're looking.
3. Utilize extraordinary pictures and recordings
Like other informal communities, Pinterest contains a plenty of pictures and recordings. Besides the fact that you need to guarantee you're posting pictures and recordings that will assist you with advancing your image and market your items/administrations, yet you'll likewise need to guarantee they contrast all of the others on the stage. Any other way, how could a client decide to follow you over your opposition?
Here are far to guarantee you're sharing extraordinary and remarkable visual substance on Pinterest:
4. Influence with keywords
By utilizing keywords all through your profile, posts, Pins, and sheets, you'll be bound to naturally show up in clients' feeds and searches. Watchwords and expressions on Pinterest are connected with explicit specialties being looked by clients.
For instance, on the off chance that you sell bags, you could utilize catchphrases and expressions like "excursion" or "going out traveling" all through your profile and Pins. Thusly, when a client look through one of those terms, your profile and pictures of your bags will show up on their feeds.
Here are a few areas where you can embed keywords on Pinterest to work on your opportunities to naturally rank through search:
5. Add hashtags
Hashtags - which are keywords and expressions went before by the "#" image - are one more extraordinary way for you to market to and arrive at your interest group naturally. Hashtags on Pinterest work the same way they do on most other web-based entertainment destinations (like Instagram, for instance) and when utilized, make your substance more hunt well disposed.
Hashtags on Pinterest are utilized to assist clients with recognizing Pins and sheets about a particular theme they're looking. At the point when clients click on a hashtag you remember for a Pins, they're brought to a page where they can see all satisfied at any point posted on the stage labeled with that particular hashtag. You ought to add hashtags to your Pins, sheets, and advanced content (if you have any) to guarantee the best measure of perceivability.
6. Share your content
To advance your Pinterest record and content, you ought to share your Pins, pictures, and recordings in different regions to work on your possibilities being seen and followed. For instance, you can guarantee your business' Pinterest account on Instagram, Etsy, and YouTube so your devotees can without much of a stretch find out about different stages you're on and the way in which they can see a greater amount of your substance. Furthermore, asserting your record will give admittance to examination and information on these Pins so you can see different organizations your crowd is generally intrigued by.
You can likewise interface your Pinterest profile to your Facebook and Google accounts so you can undoubtedly add and observe companions, share content across networks, accelerate your login on all records, and reinforcement your profile in the event that you lose or fail to remember your secret key subtleties.
7. Follow, draw in, and interface with different records
Whenever you follow and associate with other Pinterest clients and their records, you're ready to start and keep up with individual connections among them and your business. This kind of commitment can possibly cause your adherents to feel a degree of dedication towards your image that keeps them returning to your profile for motivation, thoughts, and to purchase items.
The following are four different ways you can construct solid and enduring associations with your interest group through your advertising strategies on Pinterest:
8. Utilize virtual entertainment best practices
While utilizing Pinterest, make certain to follow similar web-based entertainment rehearses you would on other informal communities. Instances of this incorporate making sure to communicate and draw in with your supporters, routinely post to (and update) your record, and keep away from explicit self-advancement that feels pushy and compelled to your crowd.
Moreover, you can zero in on the accompanying five prescribed procedures to help commitment on Pinterest.
9. Dissect your outcomes
In the event that you're investing all of this energy into showcasing on Pinterest, it's likely probably the case you will need to guarantee the work you're doing works on your business' changes and brand mindfulness.
Thus, you'll have to break down the consequences of your Pinterest promoting endeavors to monitor your reference traffic, number of commitment, drives produced, and whatever else you're keen on becoming familiar with. The most straightforward method for doing this is through Pinterest Analytics.
Pinterest Analytics furnishes you with four significant sorts of data including:
Stay tuned for more information.
Interior designers and home remodelers can target over 250 million Pinterest users by sharing catchy content. In this blog series on Pinterest Marketing, we will educate businesses about Pinterest and how this platform can be used to increase brand awareness and conversion rates.
Pinterest has personal and business accounts. Choosing a business account gives you access to Pinterest Analytics and other features, including a visual search tool, a built-in video player, and the ability to run Pinterest ads if you wish, making the platform ideal for marketers. Users can add or pin selected content to boards with common themes to organize them and allow other users to discover new content related to their interests.
Prepare Your Content
To get the most out of the platform, upload your business content from your computer or mobile device, pin content you find on the platform, and add content you find online with the Pinterest browser button. Participation is key. You can follow friends and competitor boards, like and comment on other people's Pins, repost (or repost) content, and share website and blog links from Pins.
Here are some tips of using Pinterest for marketing your interior design business.
1. Distribute your content
85% Pinterest regular users search for and prefer visual content. This makes Pinterest a uniquely strong place to distribute all types of content, including written blog content. Unlike Instagram, users can click-through live links.
Pinterest Boards save all of your Pins and distribute your content for your followers to explore. You can have as many boards as you want, and they can be organized into themes, ideas, plans, or types of inspiration to make it easy for your audience to find the content they’re looking for.
2. Engage your viewers
Pinners love engaging content. They’ll often re-blog your posts, leave comments, and even re-pin your work. If your image gets pinned thousands of times, your content will appear in searches across the Web.
Your goal is to make sure your Pins are shared enough so that they go viral. This means creating quality photos, videos, GIFs, quotes, music, infographics, podcasts, etc., and promoting your boards.
If you want other contributors to add content they believe works with your board’s theme you can invite them for a “group board”. This is a great way to increase engagement and interaction on your profile.
3. Grow your community
When you create boards and invite your friends and family to join, your followers will receive notifications whenever anyone pins anything on your profile. It’s not uncommon to see an entire board grow organically.
4. Promote yourself
When users browse content on Pinterest, they’re typically seeking something enjoyable, inspirational, or educational. That being said, it’s important that your site promotes itself through imagery and copy. When pinning, users search for things they love. If your website doesn’t speak directly about its unique offerings, then consumers won’t know what makes your services special.
5. Increase SEO value
Pinterest includes rich snippets in search results that help users understand exactly what a post is all about. This is especially beneficial on long pages where users may scroll past introductory text. When searching for interior designers, many will simply type "interior designers" to get relevant results.
Stay tuned for more information.