Good marketing can make a huge difference in whether a product succeeds or is a failure.
When a company faces fierce competition in its niche, sometimes the winner comes down to which of the competitors had the marketing campaign that resonated most with fans and potential customers. If you want your company and its products to succeed, it pays to be able to out-market your competition.
This is easier said than done, of course. Effectively targeting your advertisements and producing a better overall marketing strategy takes a significant amount of work and research. With the right business strategy and a willingness to learn what your competition is and isn’t doing, however, you can significantly increase your chances of coming out on top by employing marketing strategies that your competitors aren’t utilizing.
Building a Better Business Strategy
When trying to out-market your competition, there are three primary points that you can traditionally focus on in your advertising: price, quality and service.
For many companies, the easiest way to battle the competition is assumed to be competing on price and focusing the marketing strategy on the cost of the products or services being sold. This isn’t always a good strategy, however; if the competition is able to focus its efforts on quality or service, a company that puts too much of a marketing focus on low prices may make its products look cheap or poorly made.
Instead of using price as the focus of your marketing strategy, your company will be better served if you can focus on quality. You can still attempt to price your products or services competitively, but this should not be your primary means of competition.
If your offerings are associated with quality first and foremost, then having a competitive price will increase the apparent value that consumers get from your products and may even reinforce the idea that your brand can be trusted to deliver quality at reasonable prices.
Learning from the Competition
To better position your company’s products as a quality offering, it’s important to examine the marketing of your competition and see how that marketing is targeted.
The goal is to out-market the competition, after all, so a thorough analysis of your competitors’ products and their marketing strategies will make this much easier. Once you know what they’re offering and how they’re presenting it, you can adjust your own marketing to focus on the quality of your products in comparison to the competition.
To further improve your marketing penetration, analyze the market that your company competes in and determine how and where competitors are targeting their advertising efforts. The insight you gain will not only give you a better look into which segments of your market are most interested in your products or services, but it may also reveal weaknesses in your competitors’ marketing strategies or demographics that they are neglecting that might be interested in your offerings.
Positioning Your Brand
One advantage of trying to compete on quality instead of price is that if you are successful, your brand will become stronger as a result.
A key component of your business strategy should be to strengthen your brand in the eyes of consumers, and effective marketing on the basis of quality is one way to do this. If you succeed in surpassing the competition on a quality argument, then it’s likely that consumers will develop a much more positive view of your brand as a whole.
As you employ content marketing and persona-targeted marketing strategies, make sure that your brand is being built up as well as your products. Doing so will provide longer-term benefits than just having a successful marketing campaign; if your brand is strong, then it will help to carry future products on the basis of consumer trust and an assumption of quality.
This approach is perhaps the best way to out-market the competition, since a strong brand can all but win the battle for you before the first ad campaign is launched.