Digital marketing has become such an important part of any business regardless of size and industry in the recent years as everything has been digitized. Since this concept has been around and getting more popular in the last few years, it has now become a necessity for any business to have a strong digital strategy to survive in the cut throat competition. To stand out among any competitors, you need to differentiate yourself digitally with tools and tactics.
Let’s talk about these tactics in separately in 2 posts. Here comes the first four of the steps to take to beat the digital competition.
1. Run a Competitor Analysis: To outrun your competition, you need to know how your competitors are strategizing accordingly and how successful they’re doing it. By running a competitor analysis, you can identify your competitors’ strengths and weaknesses and you can see where your business stands amongst all of them. This way you can fill in any missing gaps and turn them into opportunities.
2. Differentiate your business: To stand out, you need to determine what you’re doing differently than the competition. After conducting your competitor analysis report, you can figure out what’s missing or what’s a threat and either how you can fill in those missing points or turn threats into opportunities. 3. Try using different marketing channels: Move out of your comfort zone and experiment using different channels, where there is less competition and you can create a strategy of your own and be the first to engage with your target audience through those channels. At the end of the day, make sure you’re turning those interactions into sales and revenue.
4. Focus on customer retention:
Gaining a new customer costs 5 to 25 times higher than retaining an existing one, so focusing on retention is smarter than trying to gain a new customer.
In addition, retaining more customers means maximizing the value of each customer acquired through your digital marketing efforts. For example, adding loyalty programs, offering referral bonuses, and provide high quality customer support are a few ways which you can retain your customers through.
That said, stay in the loop to read more on how to outrun the competition in our next post.
Have a happy sunday guys!
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