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Is competition killing your business? Competitor Research

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Is competition killing your business? Competitor Research

Written by Tim Bennett on . Posted in Blog, How to Compete Online

Competitor Research

You cannot win a war if you don’t know who you are fighting and what weapons they are using!

Competitor Research

Competitor research has become more and more the norm for businesses.  Savvy business owners understand that in this information age customers can research online to find the best products and services and learn who delivers those products and services at the best price and with the best customer service.  Businesses that nurture their online persona and develop a solid online marketing program are better able to attract clients away from their competition.   The problem and barrier for most businesses to starting their internet marketing campaign is, where to start?

For a marketing plan to be a success there are three things you will need to know:

  • Who your competitors are

  • How and where your competition markets their products

  • Where are the marketing opportunities

For more information download our white papers: Your Road Map to Winning the Web War 

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Many marketing agencies suggest they are the best company to work with because they specialize in your businesses like yours. Perhaps they offer a website platform that is designed for your business segment. It is true that the company that specializes in a single segment can offer some benefits however it is important to separate the actual marketing of your business from some functional benefits of at specialized service. Why? If, for example, you own a furniture store and you use the same marketing company that your competitors do, it is likely that your marketing dollars will not as beneficial as they could be. The reason for that is that marketing research done for your company is likely to be shared with your competitors by your marketing agency that represents more than one furniture store. If your competitors use the same marketing techniques as your company your efforts will be diluted and not beneficial. Better Marketing Make sure the marketing company you select can commit to giving you exclusive service.  Exclusive service should mean that they do not work other companies in your industry or not with your direct competitors. When you develop a successful marketing campaign you will be glade your marketing company is not in touch with your competitors.

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