Yes, that means you do too. Having a strong competitor allows you to understand your own strengths, weaknesses, opportunities, and threats as well as theirs. Researching and analyzing your strongest competitors allow you to build a strong and solid business strategy to overcome the challenges they create for your brand.
Your brand and its competitors probably share the same target audience since the products you provide answer similar needs. By using influencers that share the same aesthetics and values as your competitors, you solidify your brand in the minds of your rivals' audience as a strong and interesting alternative for them to explore.
Bear in mind that high-profile rivalries will lead to public attention, but not always the attention you expected. You need to build a clear, innovative, and smart marketing strategy regarding public response to your competitors. Wrong or immoral responses to your competitors can create a negative public opinion on your brand and make it look petty or annoying just like another internet troll. The saying that "every publicity is good publicity" is not relevant for brands in 2020 and can literally obliterate them in the blink of an eye.
Be smart and sassy at the same time with your marketing strategy. A friendly and smart competition can increase your brand audience, market share and revenues, but it is extremely important to not cross any ethical boundaries and choosing the right people to build the right business strategy for such challenges.
Our team specializes in turning threats into opportunities. We take your brand weaknesses and turn it into triumphs.
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