Tracking competitors can unnecessarily consume your resources if not done correctly. Researching and tracking competitors is an essential part of business in 2022, especially in cities like Baltimore, MD.
Do you have the time?
Regularly tracking competitors can range from checking their Facebook pages or reviews periodically to tracking website metrics, SEO, SEM, special campaigns, and so much more. Keeping an eye on Baltimore, MD competitor’s efforts can add value to your strategy. Certain methods of tracking require little of your time and effort. Others require hours of manual work that can outweigh any benefits you are likely to get from the data. It’s best to realistically decide how much time your company can set aside to focus on tracking competitors before you start. A few hours a month is good for most small companies but would vary greatly by industry and company size.
What about money?
A detailed competitive analysis would include an assessment of the strengths and weaknesses of current and future competitors. If you can’t dedicate your time to detailed competitive analysis, or don’t have the experience, finding an expert is a great option. Is it worth it to hire someone, add the task to someone’s workload, or is it better to hire a service? It may be advantageous to investigate customized printed marketing solutions like Curry provides for our customers to evaluate your options.
What are the benefits?
Doing frequent analysis on competitors can increase the effectiveness of your marketing and sales efforts. It can be a good predictor for industry trends and how to keep up. Whether you’re focused on a specific area like Baltimore, MD or operate on national/ international level, competitive analysis is a good industry pulse check.
It’s easier to become an industry leader if you know what’s happening in your field and targeted market. If you see competitors rushing to pay top dollar for a keyword, it’s important to understand why. Once you see what competitors are doing, you can evaluate and make the best decisions for your company. Sometimes, those decisions will be in direct opposition to what your competitors are doing, and that is a good thing.
Let’s say one of your competitors in Baltimore, MD is paying top dollar for ads pushing a product/ service you don’t really care about or want to invest in. Maybe that product/ service doesn’t have high profit margins or fit your brand. Don’t let the competition’s actions dictate what you do; use their actions to learn and evaluate. The more relevant information you compile, the better decisions leadership can make.
With a competitive analysis, you can also look at industry gaps. Have your customers been searching for a specific, related service in Baltimore, MD that no one else in your industry is offering? That’s an area for growth and is a potential competitive advantage for you. Knowing what your competitor is doing can reveal business opportunities.
Keep in mind!
Becoming consumed by what your competitors are doing will not make you an industry leader. Investing in an innovative team that can look at competitors, as a part of your overall strategy, is key. If you don’t know where to start, or just need guidance, contact us today!