Building out your full digital marketing campaign can be nerve-wracking. With so many facets that go into creating a successful campaign strategy, you want to see how others within the home services industry have conducted their own campaigns and see what has worked well for them. But how will you know who’s a direct competitor, indirect competitor, or a potential replacement without a thorough understanding of your place in the market?
As you continue to dive headfirst into building your digital marketing campaign, you want as much information as possible to help flesh out your strategy. When developing your strategy, identifying your immediate competitors holds an array of benefits for your business. Through a comprehensive competitor analysis, you can examine your direct competitors, find out what works and doesn’t work for them, determine what kind of benefits they offer their customers, and pivot your strategy to fill in any gaps in the market that you discover.
Examining your competitors’ efforts, whether they are direct, indirect, or replacement can help you give your digital marketing strategy an edge. You conduct a full analysis of what they are doing in the home services sector and determine what their efforts can apply to your situation. While you want to emulate the things that are effective for them, you also want to tailor the strategy for your business, your customers, and your unique advantages. Taking on the same approach as one of your competitors will only do you a disservice because every situation, every home service business, is different.
Striking a balance between understanding your competitors and your place in the market will help you best utilize the information you gain from the competitor analysis. You’ll want to determine what the goals of their strategies were, how they went about accomplishing those goals, how successful they were in those efforts. Learning from their successes and mistakes can better inform your ongoing strategy decisions in multiple ways.
Identifying which businesses fall into the direct, indirect, and replacement categories represents a critical aspect of the competitor’s analysis. Your direct competitors offer the obvious one to one comparisons that you can apply to your business. When you start diving into the indirect and replacement competitors, you can start looking at the home services industry from another perspective or find something outside of your immediate sphere of influence and see how their strategies and marketing efforts have impacted their growth. You begin to see things from these different perspectives, and you can take inspiration from these strategies and apply them to your business.
Understanding your competition is only one part of the competitor analysis equation. Taking the information, you learn from the analysis and applying it to your home service offerings brings about the most meaningful benefits. Figuring out how to take these strategies and apply them to your business will help you find a path towards sustainable success. You take these observations and look at your business through a similar lens. Through this process, you can find advantages that you may not have seen before now. You can package your services in a way that offers your customers unique benefits that they cannot find elsewhere on the open market.
Handling a competitor analysis in-house can prove a difficult task. Suppose you do not have experience in diving into the ins and outs of digital marketing campaigns, figuring out the different kinds of competitors that you can benefit from learning from, or how to turn these findings into actionable results. In that case, the competitor analysis can prove to be for naught. Having an experienced team on your side that has conducted countless competitor analyses for our clients means that you can have full confidence knowing that we have left no stone left unturned. Our team will find all of the relevant competitors and formulate an ongoing strategy for your business that leads to sustainable success!
Contact the 1SEO team to learn more about our SEO services, Content Marketing, and learn how we help the home services industry get better results today!
About the Author:
Dan Matthews is your friendly neighborhood content writer at 1SEO. His secret dream is to go onto Guy’s Grocery Games, win, and parlay that into a recurring role as a judge. You can find him around town sampling the finest taco spots Philadelphia has to offer.
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