Smooth roads are always a great attraction, but sometimes we have to go off road. We have to take rough and long paths if we really want to avoid getting ourselves stuck behind others. But, before making any such decision, we have to ensure if it is really worth it.
Whenever you are entering into any system, there is always a lot ahead of you. Especially when you have to select something that has to be a gamechanger, the success is usually hard earned.
There are a lot of things that count as a competition for us. Even if what you are doing seems to be unique, at various points your actions do collide with the interests of many others. In order to get proper recognition it becomes very important for you to deal with the competition in an appropriate way.
In the context of Digital Marketing the two decisive evaluators to rank you in comparison to your competitors are; the audiences/viewers that you want to reach and the algorithms of the major Digital Platforms especially the ones where you are willing to be more active.
Although the audience/viewers are given great importance even by the algorithms. The importance of algorithms is nothing less. In fact if the algorithms do not consider your efforts worth it, getting a chance to show anything to the audience becomes a big deal. Which makes them equally important and it is always recommended that you take care of both, while going through every important step of your Digital Marketing.
The top competition of a market consists of those who hold maximum influence over a specific market segment. The way such competitors compete with each other plays a decisive role in major changes of market trends.
The attributes that they offer or the way they define their products/services is considered to be the benchmark. Even if we have something better to offer, wherever it contradicts with how it is offered by the top competitors, it is considered as our inability. Unless how we do it is big enough to get a strong recognition, which is an extremely tough job.
There is always something going on in every market segment. Whether it is a routine affair or it is something new, but whenever a majority of people are talking about it, it starts trending in the market segment.
With an increase in the number of people appreciating something it’s demand also increases. As a result the number of people offering it also increases until it reaches a level of saturation or it’s requirement gets over.
This could be anything offered by the top competition, some overall effect in the market, or even something new to the market. However, being trending doesn't mean that it will always be something important. As everything has a life cycle and there are a lot of trends which are unable to bring any shift in the market even after getting a great visibility. It is very important for us to decide which trends are important enough for us to compete for. We can value those trends by analyzing if we can really make use of them before they get saturated or obsolete.
The type of your competitors who are close to you in terms of what they offer including; pricing, quality, features etc. Such competitors hold a certain influence on your business.
Whenever you offer something it is very important that you keep it competitive. It is good to keep your own identity and always have unique ideas to stand out, but it is also important to stay updated about what’s happening around your close competitors. If you are offering something better you should be aware about it and confident enough to highlight it and if something that they are offering is better than what you have to offer, you should take it as a challenge and work hard to achieve better or at least the same standards.
Prepare yourself to deal with the challenges by Analyzing your competition and planning your Digital Marketing Campaign accordingly.
Inorder to analyze various types of competition we start with analyzing the competitors data collected in the beginning of our Research and Analysis process, we further go into the details of various types of competition and analyze it for proper classification.
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