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How To Do Advertising, Marketing, Media And Competitor Analysis

Apr 23, 2008
Advertising, marketing, media and competitor analysis may not be terms that you think of together, but competitor analysis can help you to choose the best media for your advertising and marketing messages.

A competitor analysis reveals much about your competition, including advertising, marketing, media and promotions they use to market their businesses and products. If what they are doing works well, shouldn't you at least consider following suit.

If yours is a new business, conducting a competitor analysis and following the lead of your competitors can save you time and money. You can start with the advertising, marketing, media and promotions that they use, then test and track to assure that their methods are effective.

If your competitors consistently advertise in a particular magazine, it's likely that the magazine is delivering customers.

Are your competitors advertising on the same format radio stations? Maybe people that buy products like yours like that format and listen to those radio stations.

Do your competitors use social media? Maybe you should consider using it too. This type of competitor analysis can guide your advertising, marketing, media and promotional strategies.

Now don't just copy them. Do your own target market research to be certain that any advertising, marketing, media and promotional tactics work with your target market. The best way to do this is with market segmentation.

Before devoting your precious resources to advertising, marketing, media and promotions that your competitors use, determine that your target market responds positively to those tactics delivered through that media.

Market segmentation can help you determine what media your target market members use, the kind of information they seek, and the language they speak. This knowledge will give your marketing greater appeal.

To illustrate, consider the different media preferences of two generations. Those in the World War II generation (seniors) read newspapers and like journalist style. But Generation Y doesn't trust newspapers or other traditional media, and they don't like journalistic style.

Besides media and communication preferences, every target market will prefer a different brand and message for your business. So your image and key message should be built on what best appeals to your target market members.

Market segmentation research should reinforce what you learn through your competitor analysis. It will help you determine whether the advertising, marketing, media and promotions used by your competitors are appropriate for your target market.

If you conduct this research, you'll know that you're getting the best return on your advertising, marketing, media and promotion investments.
About the Author
Linda P. Morton, Ed.D, APR, is Professor Emeritus, The University of Oklahoma. She researches and writes about marketing for online and off line publications and has several marketing and promotion related sites.
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