Marketing isn’t an autonomous thing – it will always be dictated by trends in the industry, and above all, your audience. This is why it’s so beneficial to watch what your competitors are doing with their marketing. They may have spotted a new trend that you haven’t and it really could be the next big thing for your audience. It’s a good way to get insights into the mindset of the people who will be buying your products or services; your competitors would only market if they thought they could sell something, so it’s probably going to be popular with consumers.
You should make it a regular habit to audit competitor marketing and campaigns. Don’t just look at their products though, look at the ways in which they are marketing as well. Take note of the channels they use, the language they use and their overall messaging. This can help you position yourself individually in the market.