6 Importance of Digital Marketing Competitor Analysis for Your Business
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Competitor analysis in digital marketing is the continuous identification of competitors' actions, potentially covering all critical aspects of business activity in depth. Today we are sharing 6 Importance of Digital Marketing Competitor Analysis for Your Business: 1. Helps you identify your brand's unique value proposition 2. Benefits you in becoming acquainted with your competitors 3. Allows you to understand your market better 4. You find out your competitors' strengths and shortcomings are 5. Enables you to gain insights into the past, present, and future strategies 6. Helps you forecast the returns
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"Are you wondering why competitor analysis is crucial for your marketing strategy?
It helps you understand your competitors better, identify new opportunities, and develop strategies to stay ahead of the competition!
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Competitive analysis is like putting on your detective hat and delving into the world of your business rivals. It’s all about gathering valuable intel on what your competitors are up to, understanding their strategies, and uncovering their strengths and weaknesses. By examining their products or services, target audience, marketing tactics, pricing, and overall business performance, you gain a deeper understanding of the competitive landscape in your industry. This knowledge empowers you to make informed decisions and develop effective strategies that will give you a fighting chance in the market.
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Marketing involves gathering information about consumers' needs and preferences through various techniques like surveys, focus groups, and interviews. This market research provides important information for a business to understand its target demographic and competitors. It is crucial for developing an effective marketing strategy that focuses limited resources on the best opportunities. A good market analysis involves defining market segments, identifying strengths and weaknesses compared to competitors, and using market trends to guide the business plan.
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These Important Things: A marketer Should Keep in Mind While Planning For A R...Ascent Brand Communications Pvt Ltd
There are many guidelines out there that clear the path for a rural marketing agency, often putting up warning signs wherever required and even giving valuable suggestions to build a ladder to success.
This means that some important points should be drilled in and memorized to ensure the strategy to be better and easier to implement. Given below are few such pointers.Digital Rural Marketing: Marketing Strategies for New Rural India
Digital Rural Marketing: Marketing Strategies for New Rural IndiaAscent Brand Communications Pvt Ltd
We as marketers have seen rural marketing happening in traditional ways be it through wall paintings, hoardings, van campaigns, house to house reach out programs, haat, mela or mandi campaigns etc. Most of the marketers have been successful in this approach and garnered excellent results over the period of time. FMCG, telecom and automobile categories have been pioneer in having huge brand visibility in every nook and corner of the town and villages. 5 Best Social Media Platforms to Target Rural India
In 2021, it is predicted that there will be around 448 million social network users across India, a momentous boost from 2019, where it figured to around 351 million. In terms of high user base and popularity, here we present the best social media networks across India.
What is Scommerce? How Small Businesses Can Take Leverage?
Earlier social media platforms were used for the sole purpose of social interaction and e-tail platform to cater to our shopping needs. However today due to the fast-growing pace of technological revolution the same app is being used for both interactions and shopping.
Why Videos Are An Effective Way of Communication in the Digital Era?
Why Videos Are An Effective Way of Communication in the Digital Era?Ascent Brand Communications Pvt Ltd
With the digital age in its full bloom, the world has become smaller than it ever was. There are multiple innovative ways of communication like videos & messages that are faster, cheaper and much more intimate. A message can be spread across to a billion plus people in the blink of an eye and you can get a feedback to this message even quicker. Hence the age we live in is more exciting and interactive than we could have thought of, truly a digital revolution.5 Economic Policies & Their Impact on Rural Population
The document discusses 5 economic policies and their impact on rural populations in India:
1) MGNREGA guarantees at least 100 days of wage employment per year for rural households volunteering for unskilled manual work.
2) Pradhan Mantri Mudra Yojana offers collateral-free loans up to 10 lakh rupees to small/micro non-corporate enterprises.
3) The Public Distribution System enables distribution of subsidized food and non-food items to India's poor through over 400,000 fair price shops managed by FCI.
4) Pradhan Mantri Ujjwala Yojana aims to provide LPG connections to 5 crore below poverty
How Companies Are Using Technology to Boost Rural Marketing
Companies are using technology to boost their rural marketing efforts in three key ways:
1) Promoting digital literacy by educating rural audiences about technologies like smartphones, the internet, and social media through initiatives run by brands like HUL and Idea Cellular.
2) Leveraging technologies like radio, mobile phones, and e-commerce to engage rural audiences and generate sales leads, as seen with the solar lamp brand's multichannel campaign.
3) Partnering rural artisans with online marketplaces to sell traditional crafts in urban areas and expand their potential customer base, showing how e-commerce can open huge new rural markets.
Digital Marketing for Small Business Targeting Rural India
Change is the only constant, and you must have heard this proverb probably 100 times. What difference are we talking about here? The entire focus is on the trends of Digital Marketing – the plans, strategies, and tactics. Whether you have realized or not, the primary festive season in India has just ended, and this season was a significant comeback for most online retailers and e-commerce giants.
What Are Rurban Areas & How Marketers Use Them?
India is predominantly a Rural Economy since, the rural population stands at 833 million, constituting almost 68% of the total population. Showing a growth of around 12% and increment in the number of villages by 2279 units, the rural areas in India are on a way to progress. Having access to electricity, roads, shelter, etc, the rural population is moving towards modern lifestyle.
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As part of my college project, I applied my learning in brand strategy to create a comprehensive project for a luxury handloom saree brand. Key aspects of this project included:
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6 Importance of Digital Marketing Competitor Analysis for Your Business
- 2. Helps you identify your brand's unique value proposition It's the greatest and, in some cases, the only method to figure out what makes your brand unique as it tells potential customers what kind of value your brand provides, how you can uniquely meet their needs, and how you stand out from the competition.
- 3. Benefits you in becoming acquainted with your competitors Competitor analysis aids your company in identifying competitors with whom it is competing for customers. It gives you room to start looking for strategies that are successful for your competitors so you can figure out how to design more effective strategies for your own company.
- 4. Allows you to understand your market better When you do a competitor analysis, you obtain a better understanding of who your market's competitors are, allowing you to develop more successful tactics to compete with them.
- 5. You find out your competitors' strengths and shortcomings are You can better grasp your competition's strengths and shortcomings by conducting a competitor analysis. Pricing, product quality, and customer satisfaction are crucial factors to consider. You can utilize this information to shape your strategy if you know your competitors effectively and where they fall short.
- 6. Enables you to gain insights into the past, present, and future strategies Effective competition analysis in digital marketing reveals your competitors' goals, past and present strategies, enabling you to discover best practices from various segments that can be used to create current and future strategies and implement them for better growth.
- 7. Helps you forecast the returns You can learn from other brands' successes and failures. This research identifies the factors contributing to a company's failure, allowing you to forecast critical assets and talents required to outperform the competition.
- 8. Conclusion It's time to start researching your competition if you haven't done so already. Keeping track of someone else's digital marketing activities on top of your own may appear to be a lot of work. Nevertheless, it's well worth the work as contemplating that can enable you to recognize new opportunities, compete in your field and most importantly, outrank your competitors.
- 9. Get in touch for Strategic Digital and Rural Marketing Solutions info@ascentgroupindia.com +91 6266145606