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Tips for Advertising, Marketing, Media And Competitor Analysis |
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Written by Linda P. Morton
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Wednesday, 23 April 2008 |
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Advertising, marketing, media and competitor analysis? What, you think they don't go together. What would you say if I told you that analyzing what your competitor's do can help you to improve your marketing?
by LindaP.Morton
Advertising, marketing, media and competitor analysis? What, you think they don't go together. What would you say if I told you that analyzing what your competitor's do can help you to improve your marketing?
Your competitors can teach you much about their best marketing strategies and tactics. Of course, they are not willingly going to take you by the hand and lead you down the yellow brick road to marketing OZ. But a good competitor analysis will reveal the advertising, marketing, media and promotions that work best for them.
If you're just starting a marketing program, adapting what your competitors are doing can save you money and time. Just adapt their advertising, marketing, media and promotional tactics to your business. Then track and test those tactics to siphon some of their magic to your business.
Do your competitors always run an advertisement in a certain professional newsletter? Then it's surely working for them.
Are your competitors advertising on the same format radio stations? Maybe people that buy products like yours like that format and listen to those radio stations.
Are your competitors using social media? Then ask yourself if social media should be among your advertising, marketing, media and promotional tactics.
But don't just follow suit, make sure that those advertising, marketing, media and promotions actually work effectively with your target market by conducting market segmentation research.
Before committing to a campaign of advertising, marketing, media and devoting substantial marketing resources, be sure that your target market members use the media and can be reached through the advertising and marketing.
Different target markets use different media to get information. Knowing what primary and secondary media your market uses assures that you can reach market members with your message. Market segmentation provides insights to media preferences. It also defines the structure and language to use in your advertising and marketing messages.
To illustrate, consider the different media preferences of two generations. Those in the World War II generation (seniors) read newspapers and like journalist style. But Generation Y doesn't trust newspapers or other traditional media, and they don't like journalistic style.
Furthermore, your image and key message has to differ by target markets. So your brand and your message must be relevant to target market members.
Your competitor analysis and market segmentation research will get your advertising, marketing, media and promotions started. Then you need to test and track to assure that these marketing activities work effectively with your target market.
If you conduct this research, you'll know that you're getting the best return on your advertising, marketing, media and promotion investments.
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