Different is where the money is.
In the advertising industry, one of the most fundamental objectives in all businesses is beating your competition. To do this, you must devote an incredible amount of time and energy in understanding who your competitor is, where they are advertising, who their target audience is and pretty much understand every single move your competitor is making at all times.
One of the most important aspects of competitive intelligence is figuring out who the target audience for your competitors are—once you’ve figured that out, you can begin to understand where you should advertise, how you should manipulate your creative and so forth. You can begin building off the hard work that other companies did without wasting resources, time and money. But what next? You’ve invested all your efforts in spreading information to a sector that is already saturated with messages from companies like yours. The amount of innovation and creativity that is found in these messages is limited as every industry has its creative boundaries.
We suggest a new approach to beating your competition- and it doesn’t involve your competition at all.
Think of it this way: You’re a hot dog manufacturer and you’re ready to start advertising your product. You look at your competitors and see where they are targeting their ads and what types of creative and approaches they are using. How different will your advertisement actually be? How effective will your advertisement be in grabbing the attention of your audience and screaming “I’m different! Look at me!” The answer is that this approach is not very scalable. There is a limit to how much you can advertise your hot dog as being better than the rest while still falling in the creative realm as what your tier 1 (competitor) companies are doing. But what if you changed your scenario? You’re still a hot dog manufacturer, but rather than focusing on the tier 1 companies, you look at your tier 2 companies, or complimentary companies. Complimentary companies are those who target the exact same audience as you while sharing a different product or service that does not directly compete with you. In the case of the hot dog scenario, this would involve products such as mustard, ketchup, relish, buns, hot dog trays, and so forth. By observing and studying what these complimentary companies are doing, you are able to think outside of the hot dog competition realm and focus on new and innovative ways to approach your target audience. Rather than focusing all your energies on competing companies, you are able to focus on making counter intuitive decisions that traditional companies are avoiding in today’s market. Those counter intuitive decisions are what will make you different and stand out in a sea of similarities.
Remember, being different than the competition is the enemy of being better than the competition and in today’s world being different is where the money is!
AdClarity is a Marketing Intelligence tool which provides online marketers with actionable insights about their competitors’ advertising activities. Driven by big data and proprietary behavioral content discovery technology, AdClarity unveils brands’ campaigns, ad creatives, impressions, and spend data across multiple channels, including Display, Mobile Web, Mobile Apps and Video. Data is collected across 20 geographies and covers over 50M URLs daily while discovering over 40K new campaigns every day. The AdClarity product suite is used by over 7,000 media and advertising professionals globally in Fortune 500 Brands, Agencies, Ad Networks, and Publishers.