Nearly every open market has a leader. Typically, the number two and three spots can also be strong positions for a firm to occupy, especially if the market is still growing. While these positions are said to all be “strong,” the correct strategy for increasing or maintaining market share will vary greatly from the 1st to 3rd position, with the strategies varying to an even greater degree between the 1st and 33rd position. Where your company stands among its competitors matters across a wide range of variables and inputs, and it can impact everything from your procurement office’s ability to implement strategy to your marketing spending across different platforms and regions.
So, before a company even considers things like their strategy and marketing spend, they must know where they stand in the market, which can only be distilled through research and due diligence. Here, we provide three simple tactics that will help you get a better grasp on the position you occupy in the market.
Nearly all organizations currently have a presence on some form of social media – 71% of small businesses, according to Clutch – but many are not capturing the full potential of the platforms on which they maintain a presence. Many businesses focus heavily on using social media to market, post, and communicate with both current and potential customers. But, as discussed before, one must first understand where they stand in the market before they can promote effectively.
One important, and often overlooked, element is listening. Customer surveys are great tools, but customers often do not answer them honestly and many customers don’t answer them at all. To more effectively take the market’s pulse, use social media to hear what your customers are saying when they skip the survey.
Doing a simple search for posts about your brand is a start, and it may be enough when your company is small. When both your company and customer base grow, however, you can turn to available AI tools that monitor your brand’s social activity and aggregate the results into actionable reports. Do a Google search for “social media sentiment analysis.” No matter your size, don’t limit your searches and analysis to posts about your company; take time to find what people are saying about your competition!
Social listening is a great way to get your feet wet with market research, as it is neither costly nor time intensive! A small investment in market research can go a long way. Though our other tactics are costlier, they can provide tremendous value.
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