Advertising, Marketing, Media And Competitor Analysis | Advertising

By LindaP.Morton
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Advertising, marketing, media and competitor analysis: Oh my, what a mouthful. But using them together can help fill your business' hunger for profit.

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.

A competitor analysis can save you lots of trail and error in your own marketing. By starting with the advertising, marketing, media and promotions that have been successful for competitors and adapting them to your business, you can save time and money.

Do your competitors always run an advertisement in a certain professional newsletter? Then it's surely working for them.

Do your competitors constantly advertise on radio stations that play country music? Then do you think their target market members listen to country music? Are you targeting those same people?

Do your competitors use social media? Maybe you should consider using it too. This type of competitor analysis can guide your advertising, marketing, media and promotional strategies.

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 devoting your precious resources to advertising, marketing, media and promotions that your competitors use, determine that your target market responds positively to those tactics delivered through that media.

Market segmentation can help you determine what media your target market members use, the kind of information they seek, and the language they speak. This knowledge will give your marketing greater appeal.

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.

Everything about your business should relate positively to your target market, from your brand to your marketing messages.

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.

Market segmentation research and competitor analysis can assure that your return on investments for advertising, marketing, media and promotions is worthwhile.

About the Author

Want to learn about your target market?? Get a free report on a simple and quick process at Market Segmentation. Learn more about competitor analysis with Morton's free e-book at Marketing Your Small Business.

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