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What Your Competitors Can Teach You About Advertising

Aug 18, 2017 | Newspaper
about advertising

Your competitors are sometimes your greatest teachers for improving your advertisement ideas. When working against your competitors, you might learn a lot just keeping your eyes open. You just need to take a look at what they are doing and how they are making it work and put that to work for your business. If you are ignoring competitors in your space, you are missing out on a valuable opportunity to improve your own advertisement ideas. Simply paying attention to what others are doing in your industry will lead you to great advertising ideas.

Know Your Competitors to Get Better Advertisement Ideas

Many businesses do not even know who their competition is. What you need to do is choose a few players of various sizes. If your customers mention other brands they considered before choosing you, those brands are likely good candidates for your competitor list. Remember to pick competitors that are growing and succeeding and also those that are barely surviving. You can learn about advertising ideas as much from those who are doing things badly as you can from those who are thriving.

To stay on top of what your competition is doing with their advertising ideas, you need to -

  • Subscribe to their emails

  • Follow them on social media

  • Sign up to get new blog posts

  • Google them and match their content with the keywords that your prospect is using to search for products or solutions

These activities will help clue you into how proactive your competition is being in connecting regularly with their audience and with their advertisement ideas. When you get advertising ideas, see what your competitors are missing in terms of marketing and content. It is important to know their weaknesses to enhance your own strengths and tailor your value to customers.

What You Can Learn from Advertising Ideas of Your Competitors

Your competition puts more pressure on you to become more creative than ever with your advertisement ideas. Paying close attention to your competitors will teach you to be more competitive and find your own niche in the marketplace. It is good to figure the strategies behind their advertising ideas out or find out why they are working for them when you have a similar audience you are trying to reach.

Here are things that you can learn by watching your competitors.

  • Creating a better customer experience – When you take time to listen to what the audience of your competitors is saying about them and to them, you can use that information to make your customer experience better. This will further help you create a solution for their discontent with your competitor to make your business more attractive.

  • Interacting with your audience - When it comes to customer service and building long-term loyalty, audience interaction is the key.  Figure out if your competitor has a better relationship with their audience than you do with yours, and why. You can start with finding out what channels they use to interact with their audience that maybe you are missing on. If they are using specific channels to successfully reach their audience, please consider those channels.

  • Building trust – When your competitors are respected and trusted in the industry, finding out what tactics they are using to build that trust is useful since you too are aiming for the status they have.

  • Using social media – Looking through your competitors’ social media profiles to get a sense of what they are doing right and what they are doing wrong, will help you implement your findings in your social media strategies.

  • Creating content – Do study the blogs of your competitors and identify the blog layouts, readability, the types of call-to-action, the types of content shared. Just take a look at the timing of the content in terms of how much they post of each content type. Then look deep to see whether their content strategy is effective in terms of audience engagement. This will form a solid foundation for your content planning strategy.

  • Where to advertise – Getting to know the various traffic sources your competition is promoting in means you can choose the placements that only makes sense for the audience you cater to. Do not automatically go where all your competitors’ placements are.

  • What to advertise – It is time to discover the types of promotion your competitors are offering or if they are pushing a specific product. This will help you with your advertising ideas. If you see a banner or ad copy that is catchy and performing well, do not hesitate to take the elements that work and use them as inspiration in your own campaign.

  • What not to do – When it comes to competitor research, mistakes are always easier to identify than successes. Finding out what a competitor is doing wrong with their advertisement ideas is just as important as identifying what they are doing right. This way you will be able to avoid the mistakes others have made in their advertisement ideas.

In the end, the objective of studying your competitors is finding your own niche. First, see what your competitors are doing and then find your own space in the market, understand where you come in, what you can bring to the table for your consumer. It is all about determining and closing the need gap existing in the market you play in, which you can achieve when you follow each move of your competitors closely.

We at Bookadsnow, conduct a thorough competitor analysis for you when you book your TV ads with us. Our detailed and robust analysis eliminates the competitive blindspots for you, enabling you to strategize better media plans for your brand. Bookadsnow is an online media planning portal with tailor-made media planning and booking services. Television advertising, newspaper advertising, and magazine advertisement are our forte and we aim to provide quality media planning, buying, and evaluation solutions across all advertising mediums. Book your ads online and hassle-free now with Bookadsnow.

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