Are we focusing on the right competitors to our business?
In many content/social/marketing strategies articles & blogs advice columns, you will read over & over again that one of the ways to be successful in these markets is to know your competitors. Whilst, I admit I am guilty of writing this myself on this very blog, I want to explore further into who we consider our competitors to be.
If you’re BMW your competition is not only Mercedes, if you’re Coke your competition is not only Pepsi (that’s because Pepsi sucks and Coke rules) and if you’re Facebook your main competitor isn’t Twitter (seeing as though they just buy everything else!). My point here is competitors are not just limited to those within the same industry as you.
Think of it like this, whilst you’re watching say Channel 10 News you most likely have your smart phone or tablet out and are scanning through Twitter. Therefore the culprit for Channel 10 who is stealing your (their audiences) attention is not another channel’s news but a whole other network, a social network. This is obviously not a new fact for TV, as back August 2013 we reported the declining TV viewing stats.
You’re not necessarily competing with those just within in the same industry as you but instead with whatever it is that somebody is more connected to and most passionate about (Williams 2014). The bookmark they return to every morning before work and once they get home, the sites they scroll through on their lunch break or while waiting for a train. Everybody has got a brand they’re most ‘connected’ to and for every individual that particular brand experience, while not necessarily directly competing with your brand, most likely is delivering something better for them than your brand is (Williams 2014).
So what can you do?
You still of course need to stand out from your direct competitors, but the way to do this rather than just talking up your product or offering free giveaways is to instead incorporate and offer them something in which other sites they are connected too are. Modify your overall marketing strategy around integrated thinking between your brand, immediate competitors & ‘outside competitors’ and what’s driving your audience’s attention there.
References – B Williams 2014, ‘Same same but different’, AdNews Marketing & Media Magazine