Are You Blind to Your Competition and Your Ideal Customer?

Home / Digital Marketing / Are You Blind to Your Competition and Your Ideal Customer?

You may think you already know your audience, which, you very well may. But, I’ve found that most businesses haven’t identified their ideal customer. Let’s use the example of a plastic surgeon. He or she may think, “my customer is anyone who is looking to improve their appearance.” In the grand scheme of things, you’re right. In most cases, your customers would be people looking for self-improvement.

Even so, when you dive deeper, there is a lot more to that customer. Consider these three things:

  • First, it would be harder to identify these people making it tough to advertise to them. 
  • Second, many of these people may want to improve their appearance but don’t have the money
  • Third, some of these people are a nightmare to work with and end up taking so much of your time and energy you may end up losing money on the surgery.

Now you can see you have to spend time identifying your ideal customer. Otherwise, you won’t be able to have the kind of success that’s possible.

Your “Ideal” Customer

So, imagine your best customer, the one you enjoyed working with the most and brought in a solid ROI. As you’re thinking about him/her, here are some questions to answer. Remember, this is your ideal customer:

  1. What do they do for a career?
  2. How much do they make?
  3. What is their family and relationship status?
  4. What do they enjoy doing in their spare time?
  5. Where do they like to go online?
  6. What keeps them awake at night, eyes open, staring at the ceiling?
  7. What are they afraid of?
  8. What are they angry about? Who are they angry at?
  9. What are their top 3 daily frustrations?
  10. What do they secretly desire the most in relation to your business?

These 10 questions will help you identify that ideal customer, and where you should be “fishing.” By fishing, I mean, which online advertising platforms will make the most sense for this audience.

The last essential part of this strategy is to identify who your strongest competitors are and what are they doing online.

Watching Your Competition

The nice and convenient thing about digital marketing is it’s much easier to find out what the competition is doing and saying since it’s all online. But, you need to know where to look.

One thing that’s resonated with me for a while is the phrase “don’t re-invent the wheel.” Someone once told me, “You can always tell who the pioneers are because they have arrows in their back and are lying face down in the dirt.”

Your competition is out there spending and losing money, testing ad copy, landing pages, etc. to figure out how to generate an ROI from ad spend. They are the “pioneers.” You, on the other hand, can become a fast follower and utilize their data to help minimize ad spend risk and avoid the arrows.

From working with clients, I’ve found most of them have never spent the time evaluating their competitor’s online marketing strategies. Usually, it’s because they don’t know where to look or didn’t even know there were tools available to give them this type of data. So, let me ask you this, wouldn’t it be nice to know what your competition is doing online… like what kinds of ads they are running… and how much money they’re actually spending?

Well, let me show you a free tool few people, outside of digital agencies, know about. This tool gives you incredible data and the best part about it; it won’t cost you anything.

It’s called SEMRush.com.

This tool gives you incredible competitive insight and ways to model your campaigns after what is and isn’t working to avoid wasting money. You can see what your competition is spending on paid advertising, what keywords are bringing in the most customers, how much traffic their website is getting, where they’re ranking in the search engines… it’s fantastic info.

It’s as Sun Tzu said in the Art Of War:

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Leave a Reply

Your email address will not be published. Required fields are marked *