YOUR BIGGEST MARKETING BLIND SPOT
As I speak with many professionals in the industry it seems this concept of digital marketing has finally registered - literally. Today’s golf business is turning their focus to the online consumer which I believe is a wonderful evolution of commerce.
But YOUR Biggest Problem Is... you’re not accounting for the increase in competition for your product category. If you think you can just roll over your 2018 digital strategy and hit your 2019 projections - you’re wrong!
Whether you’re aware or not, your competitors [and there’s not a single business that doesn’t have one] are desperately seeking to steal valuable market share from you.
And they're going to do it using the same digital channels you are.
Let’s take golf balls, for example, this market was relatively stagnant until e-commerce pushed innovators like Vice, Cut, Snell and the like into a growing market share. These brands are innovative because they embraced the cost efficiencies of pursuing the online customer and have built themselves a nice following of loyal consumers. They’ve been nimble enough to steal longtime customers from major manufacturers with their focus on digital marketing.
Here’s the scary thing about digital marketing...
Virtually any product category is prime for an innovator to catch them blindsided, staring at shelf space, perhaps.
There is an uprising of new product inventors and innovators as well as companies who are nimble enough to make millions online with a single product or mega millions with a boutique suite of products. And they’re all driving revenue through direct to consumer transactions, with a steady focus on improving their digital marketing game.
Digital marketing is not free, by any means, but bringing a product to market has never been easier for the small business owner. Digital marketing has helped brands cut through the archaic, cumbersome and low margin business of retail and has awakened competitors in every single product category.
Whether you're the David or the Goliath, the only way to retain & grow market share is to focus on your competition.
Here are a few ways you can track and beat your competition:
Know Your Competitive Landscape:
Set aside a few hours to research and identify small and large competitors in your product category.
Rank your competitors by estimated market penetration based on your own research.
Use simple google search by keywords to get a better sense of what consumers are seeing when they search for products in your product category.
Learn Your Competitors Marketing:
If you want to outperform you must understand how your competitors are reaching YOUR audience.
Visit their sites frequently so that any re-targeting efforts they serve to their consumers will now follow you. This allows you to track their end to end ad program.
Sign up for all your competitor's newsletters/opt-in forms
Follow ALL of your competitor's social channels