There was a time when we proclaimed Facebook Inc. the reigning champion of leveraging the power of competition. Then we got to thinking—we all could learn a thing or three from Facebook for our marketing strategies. While it helps to keep tabs on your competition to keep your brand on top, don’t count out non-competing business for help either. Facebook recognized the advantages of Pinterest and decided that it could also work for Instagram as well. The intent may not have been to take Pinterest out of the equation—which we don’t predict will happen—but to improve the usability of Instagram. It’s genius! And you can do it for your business as well.
Follow Similar Industries
Competitors aren’t the only ones you should keep an eye on.
Stay connected with non-competing businesses in your industry to inspire your next move. Businesses that share your interests can offer fresh ideas and insight on how your audience likes to be marketed to. Pay attention to what their followers and fans react to on their pages, and use it as a stepping-stone to elevate your marketing strategy.
E.g.: Local wedding venues and photographers are great sources for jewelers during the wedding season. A weekly #WeddingWednesday post can inspire you to start #MatrimonyMondays.
These relevant brands can also reveal more people who you could be targeting and help to widen your audience.Stay connected with non-competing businesses in your industry to inspire your next move Click To Tweet
Join Forces With Non-Competing Businesses
Two heads are better than one, right? Teamwork makes the dream work. If you can’t beat ‘em, join ‘em. (P.S.: we know you can beat them, but we were on a roll there.)
While you’re connecting and networking with non-competing businesses, keep a note of a few that you can partner with. Make sure this is a quality business that shares your target audience and most importantly, you can trust. What’s next? It’s up to you! You can:
- Co-sponsor/Host an event.
- Host a joint giveaway/contest.
- Combine your products/services into a bundled package
- Offer a joint promotion.
- Create a blog series together
The end goal is to expand your audience, so it’s a win/win—they send customers your way and vice-versa.
Donate Your Product/Service
Hosting an event and planning an effective giveaway can be time-consuming. Allow another business to do the heavy lifting and offer to donate your product or service instead. This helps you gain more exposure, establishes a relationship with the hosting business, and gives you an opportunity to give back to your neighborhood.
Chances are the hosting business of the event will share their gratitude for your generous donation, exposing you to their audience. Giveaways can also convert a curious potential customer into a loyal one. That lucky winner can fall in love their prize and sing your praises to their friends and family.
While you don’t have to take Facebook’s direct approach, these methods will help improve your marketing strategy through other brands. Play nice with neighboring businesses to expand your audience and eventually your business.
Looking for more ways to improve your business’ social media presence? Get updates on the latest social media trends.