Facing an economy that is more competitive than ever before, companies are turning to creative methods to promote themselves. Everyone loves to get something for nothing, leading many companies to run contests with prizes like electronics, cash, and vacations. Though a purchase may not be required to participate, entrants learn more about the company products or services and may soon become loyal customers.

Along the lines of “free stuff” are giveaways like bottle openers, t-shirts, and pens. The green movement is in full swing and products like organic clothing, seed packets, and reusable water bottles and lunch bags are proving to be popular promotional items. Some companies even emboss their logos on eco-friendly jewelry like watches. These make elegant gifts from one business professional to another. One of the newest environmentally conscious branded products is the reusable ceramic coffee cup, which can be used in the office, at home, or in the car.

People enjoy receiving things they can use so bypass the magnets and key chains and think practically. A USB drive is something any computer owner will find valuable. Flashlights and golf products like balls, bags, and tees present creative branding opportunities. Anyone who enjoys a cold beverage every so often will love a beverage holder or bottle of wine with the corporate logo imprinted on the label.

Food is always a big hit so consider iced cookies that feature the company logo in all its intricate detail. Through the wonders of technology, bakeries are able to scan the logo and get it onto the icing in an edible form. Businesses can also purchase products like handmade soap, lotion, and candles and apply their own labels to the items, advertising their company.

When the ideas seem to run dry, consider the activities and habits of the target audience. Beach towels, beach chairs, and step stools make memorable corporate gifts. Cold weather apparel like system jackets, gloves, hats, and scarves are the perfect way to market the company at sporting events and outdoor activities. Nearly any product can become a branded one if a business finds the appropriate vendor.

Selecting and measuring search volumes for specific, targeted keywords will help you to create the content for your website. You will be able to select the key phrases that your customers are searching for and incorporate these strategically throughout your pages. The search engines will then index the relevant content on the site and your page ranking position will rise as a result. Successful keyword and phrase research will also indicate which search terms not to focus on, whether because of low search volumes or if they are commonly overused and the competition is too high.

In terms of the website, examining fellow competitors will highlight the amount and type of traffic you should be looking to aim for, using their statistics to measure the needs of the consumers and their search volumes. This will then allow you to prepare your website to meet this level of visitor, helping to prevent any system disruption or failure.

The benefits of conducting competitor analysis are clear, as you can identify who you are competing against which allows you to identify the strengths and weaknesses of your online proposition. Consequently you will then be able to identify the specific actions needed to be taken in order to improve your competitive position within the market.

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There are plenty of options online to carry out a search on a competing product and services and understand their company’s marketing strategies and their strengths and weaknesses. Market research experts will be able effectively scan and incorporate a competitor’s marketing strategies and to find out the potential market for the product.

What is the importance of carrying out a research on competitors?

• Figure out the best practices in the market
• Gain an understanding of your competitor’s strategies
• Determine what the key success factors in your industry are
• Develop a better marketing plan for your product launches
• Maintain a competitive edge over others by ruling out the setbacks

To excel in the pharmaceutical industry, create a strategic marketing plan based on research studies and focus on the product’s unique selling proposition.

Innovative marketing strategies available online can be used to maximize ROI. Creating an impressive web presence goes a long way in winning over a majority share of the market. This is possible only with an understanding of strength and weaknesses of others in the industry.

Kirthy Shetty

Corporate Competitive Intelligence

Managing Global Teams

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