Three Types of Market Competitors You Must Know About

If there is any business function that you must pay a lot of attention to, it is none other than marketing Midland.

Effective marketing of your business, its products, and values will help you reach your target audience easily. And there are different types of marketing strategies that you can use to achieve your goals and vision.

But there is one thing common for all marketing strategies. And it is finding and knowing your market competitors. Yes, that’s right! Marketing is not just about promoting your brand and products, but it is also knowing your competitors. According to a survey conducted by Crayon in 2020, any business will have an average of 29 competitors. Understanding what your competitors are doing right will help you implement the right marketing strategy for your business.

Now when you are doing market research to find your competitors, there are three types of competitors you should focus on. In this blog, we will brief you about them.

Direct Competitors

Whenever you think about your market competitors, you will instantly think about direct competitors. These businesses are offering the same service or products as your business.

The most popular examples of direct competitors include Pepsi Vs Coca-Cola, Apple Vs Android, and more. And it’s not just bigger brands that face direct competition. Even your small business might have direct competition in the region.

One thing you need to know about direct competition is that it becomes difficult to tempt your target audience to buy your products if they are buying from your competitors. This is a zero-sum game! So, you need to always up your game to move ahead of your direct competitors with the help of top marketing firms in Texas.

Indirect Competitors

A business that falls in the same category as yours but offers different products to solve the same problem is your indirect competitor.

For example, McDonald’s and Taco Bell are indirect competitors. They are in the fast-food industry with a similar vision to provide quality food to people. But they offer different menus. On one hand, McDonald’s is popular for its burgers and fries, Taco Bell offers a variety of different tacos.

Although with indirect competitors, it is not a zero-sum game. In the above example, if people are not satisfied with the taste and quality of food from one outlet, they will surely visit the other to check out their menu.

Replacement Competitors

These competitors are hard to spot in the market. Replacement competitors will be businesses that want to solve the same problem but offer alternative products.

The classic example of replacement competitors is a coffee shop and a restaurant. Both will offer products for hungry people, but their method is alternative to each other. On one hand, coffee shops will offer products that are on the go, restaurants offer products that will want the customer to sit and enjoy.

In simpler terms, your customers have got an option to buy a replacement using the same resources. This makes it tough to spot these competitors and work on moving ahead of the competition.

Bottom Line

Spotting your competitors in the market is crucial to making a strong foothold for your business. And we at Instant Empire Marketing are here to assist you.

We are amongst the leading Texas marketing firms that assist you in thorough marketing research, finding your competitors, and creating a working digital marketing strategy for your business.

Visit our website to book your initial consultation now.

Social media platforms have become one of the hottest destinations to market your business and create a brand presence. Forget your traditional marketing strategies and get on board with social media marketing and reach a wider audience. However, there’s a catch!

Once you start your social media marketing campaign, you need to put your energy into making it successful on social media platforms. And you can achieve that only when you have a massive social community.

Now, yes, we know you might be thinking that you are marketing in Midland on social media platforms to gain the attention of the community. While that may be true, the most important thing is retaining the initial traction and building a community over that.

And here’s how you can build a community on social media platforms using these four ways.

Respond

Once your social media ads start reaching your target audience, they will interact with your posts. They will like, comment, view, and share your posts. Now, as a brand the most important thing you can do is respond to your audience.

For example, if a user has commented on your social media ad post, respond to them by giving some quirky replies or directing them to your website and products. You can respond by giving them your contact information if they want to know more about your brand and products.

And if they have sent you a DM, don’t forget to get back to them. For DMs you can also use the following strategies:

Create a welcome message to make a great first impression.
You can also create an “Away Message” if you are not always available to reply to the DMs. This keeps your audience hoping for a response from you and thus retaining them.

All social media platforms have the feature to create a custom response for DMs.

“Add Value” Social Media Posts

If you have been posting on social media for a while, make sure to go back and take a look at it. Determine what category your existing content belongs to. There are four types of content that most businesses post on social media. This includes Sales, Informative Tips/Lessons, Engagement, and Giveaways.

Once you have determined your content type, you must start streamlining your social media marketing in Midland posts to gain the attention of your target audience. This will also make your social media page impressive and organized.

Facebook Groups

Don’t underestimate the power of Facebook Groups! These groups will allow your community to engage with each other. This will help your business create a positive brand image along with building a massive community.

Don’t hesitate to organize giveaways or offers only for members of the group. Ask them to invite their friends to these giveaways. This will bring your brand in the spotlight to a wider audience. Also, Facebook Groups are a great way to get some feedback on your existing products. This will help you improve your products and give your customers improved products.

Texting

Blast messages to your community with advanced texting tools. Texting is another way you can stay in touch with your social community. You can make announcements about new product launches, discounts, and offers, deals that will prompt your audience to buy your products.

So, texting not only helps you to stay connected with your community but might lead to conversion and sales.

These four ways will help you build a social community one day at a time. And if you need professional assistance for building a social media community, get in touch with us at Instant Empire Marketing.

We are a leading social media agency in Texas that assists businesses of all sizes to build a great social media marketing campaign. Our team of professional social media marketers will deliver a strategy that works for your brand effectively.