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It is no secret that major global companies such as Amazon, Walmart, Fashion Nova, SHEIN among others have already set the battlefield for Black Friday sales. This annual sale sees thousands of consumers rushing for anything they can get, from electronics, home appliances, tech gadgets, clothing to seasonal decor. Similarly in the Caribbean top local retailers such as Unicomer (Courts), Furniture Plus, Standard Distributors Limited, Massy, Sacha Cosmetics, Pennywise, Radio Shack and others have also joined in on the fray, fueling an early start to the shopping frenzy.
Black Friday sales promise to deliver incredible savings for every shopper. While the shopper benefits from the Black Friday sales as it heralds the start of the Christmas shopping season, business owners also boast of higher profit margins currently. In this blog we examine one way to secure this continuous success and maximize sales through gainful insights from Media Monitoring, specifically through Competitor Analysis.
Identifying the competition is your starting point. Now that you’ve found them, your next step is filtering through all the data from different competitors’ websites, social media, and other sources. This can be rather repetitive and time-consuming if done manually.
The alternative to manually researching your competition is Media Monitoring, which simply means a way of discovering relevant mentions in real time, as soon as they are published.
We already mentioned that the starting point in competitor analysis is identifying the competition. Apart from using search engines, social networks or customers to identify your competitors – you can also use media monitoring tools. It is as simple as tracking keywords and phrases related to your business and products.
Using the Manufacturers and Services Industry we will look at the top 5 key insights that competitor analysis can provide to help you dominate the Black Friday market.
Share of Voice is particularly important as a measure of reach, which is a great way to find out how you stack up against your competitors. It tells you your brand visibility when put up against your biggest competitors.
It allows you to pinpoint the optimal pricing range for your products. Examining the pricing strategies of competitors in your industry can not only help with price positioning but it allows you to strike the right balance between competitiveness and profitability.
By analyzing your competitors’ promotion platforms and tactics, this can reveal what sentiment works best in your industry. Their successes can help you tailor your marketing and promotional efforts to have a more substantial impact.
If competitor’s email marketing campaign was remarkably successful, you can focus on enhancing your email marketing strategy by creating compelling subject lines and content that appeal to customers for your Black Friday deals.
Discover which platforms your competitors are targeting. By analyzing their Black Friday marketing strategies and platforms of choice, and the type of products they promote, you can adjust your content to appeal to different segments or further concentrate on your own target audience.
If they lack presence on Facebook or Instagram, you can capitalize on it.
Through Competitor Analysis, your reach vs engagement shows how competitors engage with customers during Black Friday campaign and sales and this can provide insights into creating a more satisfying shopping experience.
Understanding the channels and methods that resonate most with your target audience through this insight can let you adopt a similar approach to build excitement and anticipation for your Black Friday deals or do something new.
When you track competitors via a Media Monitoring tool, you benefit from not having to actively seek mentions of them in the media. Rather, the mentions come to you.
At Media InSite you can even set up alerts that notify you about new mentions, usually through email. By leveraging these insights, you can refine your Black Friday strategies and gain a competitive advantage over others in the retail industry.
Competitor Analysis is not about copying your rivals; it’s about learning from their successes and using that knowledge to improve your own approach. In the end, Black Friday is a game of strategy, and understanding the moves of your competitors can be the key to winning big in the market.
To monitor and measure the success of your Christmas campaigns, contact us at Media InSite for your FREE demo today!
Media InSite News is a monthly educational newsletter distributed free via email to executives, managers & professionals in communications, public relations (PR) marketing, customer service and media.
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