When building a marketing campaign, it’s important to make sure that you stand out from your competition and take advantage of every opportunity you have to set yourself apart. In todays article, I look at how to identify and utilise your competitive advantage to build stronger and more effective campaigns.
What is your competitive advantage
Every business is different, and every business has something that sets it apart from its competitors. Correctly identifying what points of difference exist between you and your competition mean that you can focus your business and marketing efforts in highlighting that difference, giving your customers a reason to chose you over your competitors.
You might differentiate yourself based on your price, your location, the expertise of your staff, your hours, the range of products you stock, the service you provide or any of a multitude of other options. Identifying what specific advantages you have means investigating your business and comparing it to your competitors.
Perform a competitive audit
To identify what makes you different from your competitors, you need to understand what they offer as well as what you offer. Take a look at your competitors and at their marketing and identify what they offer to their customers. Contrast them against your own business and see what they do differently. Evaluate the differences between your business and theirs and try to understand the business reasons behind their differences, what problems their products and services solve for their customers, and how they do so. Once you know the key differences between business and your competitors, you can more clearly see which aspects of your business offer benefits to your customers that they can’t get elsewhere.
Talk to your customers
Nobody knows more about what your customers want than they do. Talk to the people who use your business and find out why they come to you. Find out what needs they have that aren’t being served by other businesses, and what they would look for in an ‘ideal’ business. This is also a great time to make sure that your marketing is reaching the right people in the right way; talk to your customers about your marketing and see if it is discussing the things that matter to them.
Showcase your advantages
Once you know what sets you apart from your competitors in a way that matters to your customers, focus on those points. Make sure every piece of marketing you create clearly communicates the things that your company excels in. Focusing on the competitive advantages you have, in a way that solves your customers problems, will lead customers to you faster than anything else.
If you want to build campaigns that showcase the best of your company, JRDM can help. To find out more, visit us at jrdm.com.au today.