Your competitor's marketing is not your marketing

Marketing is an important piece of the puzzle when it comes to building a strong brand. Marketing helps our brand reach people, helps us make sales and increase our revenue. If people don't know about us, they won't buy from us. Unfortunately, we often realize this when the going gets tough. This means when sales are slow and you're not sure where your next customer is coming from.

So what happens when you run out of ideas on how to market your business and attract more customers? Do you start paying attention to your competitors' strategies? What is everyone else doing to get more business? How are they doing it? And all of these questions leave you overwhelmed.

There are two paths I've seen clients take when it comes to paying attention to their competitors. I've met small business owners who are unaware of who their competitors are. Scary.

And I have also worked with clients who stay informed and study their competitors. They work on strategies that will better ensure their company's success.

But the question is "What can YOU do?"....

The truth about your competitors' marketing

Marketing experts tell us to learn, study and keep an eye on our competitors. Who are they? What do they offer? Having this knowledge can give you a broader view of the world. But thinking you have to match every strategy they use to stay competitive can leave you anxious. Remember that companies only show their audience their strengths, not their weaknesses. What if you don't have the full picture? Is their marketing strategy working?

Change your mindset: competitors should inform us about our industry, but not serve as a guide

We know who our competitors are, we listen and observe what they are doing from the outside.

We may feel that your marketing is very effective, but we have no real proof. If you base your next steps on what you see, you will end up feeling lost and unable to reach them. Are you implementing an effective marketing strategy or experimenting with the fear of missing opportunities?

While competitors give us a keen idea of what's out there, we'll never get the full picture of what's going on inside your company.

Copying someone else's marketing strategy is like trying to wear clothes that don't fit you. You can pull it off, but trust me, you won't feel comfortable.

Take action: think and plan strategically

Having a brand strategy can serve as an instruction manual. When we buy a chair that we have to put together ourselves, the instruction manual helps us understand where each piece goes. It helps us do it faster, more efficiently and, above all, do it correctly so that nothing breaks and our chair can hold us for longer.

Brand strategy means having a clear understanding of your brand attributes, values, voice, purpose, ideal customer and key messages.

Reality check

Yes, we live in a competitive environment. Companies strive to innovate, and competition plays an important role in this. But we must use information wisely and strategically.

When sales are slow and referrals dry up, working on your own brand strategy before launching new marketing efforts can help you regain focus, connecting the dots to move forward.

Remember, competitors should inform you, not guide you. Your business is as unique as you are.

Imagine you are playing a classic game of "Jenga" and trying to make the same moves as your opponent. It just doesn't work that way if you want to win. If you started your own business without a clear branding strategy, it's never too late to implement one. Schedule a free session and let's explore what your business can do now to succeed.

-Miriam