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In today’s fast-paced, digitally-driven world, competition between local businesses has never been fiercer. The internet has leveled the playing field, letting even the smallest businesses compete against larger companies - but only if they play their cards right.
As a business owner, you should ask yourself this one critical question: Am I truly doing everything I can to be a leader in my local market, or am I okay with letting my competitors quietly pull ahead?
If you want to stay ahead, it’s crucial to understand not just what your own business is doing – and not doing - online, but where your competitors also stand. When I accept a new client, the first thing I do is to perform a gap analysis to see where your digital marketing is strong and where it’s weak or nonexistent. Then I shore up those weaknesses and plug those gaps with the most appropriate strategy and tactics.
Competitive Market Research
Toward the end of last year, I analyzed the financial advisory, property management, auto repair, family law and accounting markets in various Texas cities. Here’s what I found in just a handful of key marketing tactics:
Here’s what it means:
42.4% of financial advisors in Houston have retargeting set up on their websites, but a mere 1.5% of them were actively running a retargeting campaign at the time I did my analysis. If your own financial advisory firm isn’t using retargeting, this is an easy and inexpensive way to boost your website’s conversion rate by 20-50%.
Only 6.3% of all property management companies in Dallas have a Facebook business page. If you’re among the 93.7% that don’t have one, here’s a great way to leap ahead of the rest of them in this critical marketing area of social media.
Having a video on your website’s homepage can boost its conversion rate by as much as 80%. If your San Antonio auto repair shop doesn’t have a video on your homepage, putting one there will immediately elevate your business over the 95.3% of those who don’t.
If your family law practice in Austin doesn’t have a YouTube video channel, you’re at a real disadvantage. Since people prefer videos over any other type of marketing content, building out a YT channel with informational video content will put you among the top 17.2% of your local competitors.
90.4% of all accounting firms in Waco still aren’t taking advantage of website retargeting. If your own firm wants a quick marketing win, implement a retargeting strategy and join the elite 9.6% of your competitors who are already ahead of you.
It’s Hand-to-Hand, Multi-Channel Combat Out There
Gone are the days when a simple website and a handful of social media posts could suffice. Today, your business is competing in a multi-channel world. Consumers are turning to search engines, review platforms, social media, and artificial intelligence (AI) more than ever to find the products and services they want.
Here’s the unvarnished truth: your competitors are already investing in digital marketing strategies to capture your shared audience. They’re optimizing their websites for search engines, running targeted ad campaigns, leveraging email marketing, and building their brands on social media. If you’re not doing the same or better, you’re letting them win.
Digital marketing is an ongoing process that requires regular analysis, adaptation, and improvement. Algorithms change, customer behaviors shift, and competitors evolve. If you’re not actively monitoring and adjusting your strategies, you’re essentially handing over market share to businesses that are.
Why Digital Marketing Is Not "Set It and Forget It"
Many business owners make the mistake of treating digital marketing as a one-time project. They launch a website, set up social media accounts, or run a short-term ad campaign and expect long-term results. Unfortunately, this mindset is a surefire way to fall behind.
Understanding The Competitive Landscape
Here are some basic questions that need answers:
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Website Performance: Are your competitors’ websites faster, more user-friendly, or better optimized for search engines?
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Search Engine Rankings: Who ranks higher for critical keywords, and why?
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Social Media Presence: Are they more active, engaging, or creative on platforms like Facebook, Instagram, or TikTok?
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Advertising Strategies: Are they running Google Ads or Facebook Ads that capture the attention of your target audience?
Customer Reviews and Reputation: Are they consistently gathering positive reviews while you struggle to keep up?
Without this knowledge, you’re operating in the dark. Even worse, you’re giving your competitors a clear path to claim your market share.
The Competitive Advantage of Ongoing Digital Marketing
Here’s the good news: by investing in consistent, data-driven digital marketing efforts, you can not only keep pace with your competitors but beat them. A strategic approach can help you:
Attract More New Customers: High-quality content, targeted ads, and SEO can bring in leads who are actively searching for your products or services.
Build Trust and Credibility: A strong online presence, backed by positive reviews and engaging content, establishes your business as a trusted authority.
Stay Top-of-Mind: Regularly engaging with your audience through social media, email campaigns, and retargeting ads ensures you’re always in the running when they’re ready to buy.
Rise to the Challenge
If you’re ready to take your digital marketing to the next level, start by assessing where you stand in your local market. A competitive analysis can uncover the gaps in your strategy and identify the areas where you can improve.
But remember: knowledge alone isn’t enough. Action is what separates the winners from the also-rans. Commit to investing in digital marketing as a core function of your business, and don’t settle for “good enough.”
Bottom Line
At the end of the day, digital marketing isn’t just about keeping up with the competition; it’s about winning. Your competitors are hungry to claim a larger slice of the market. Are you?
If you'd like to gain a better understanding of how your digital marketing ranks against your local competitors, click the button below and book a free 30-minute telephone strategy session with me.
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