| |
Marketing Tips
Conquering Your Competitors |
| |
In any competition, whether it is running a marathon in the Olympics or
marketing your business, knowing the strengths and weaknesses of your
competitors is vital for you to succeed.
Analysing and understanding your key competitors enables your business to: |
-
More easily identify your point of difference
-
Develop strategies to exploit their weaknesses
-
Counteract their activities more effectively
-
Identify why they may be taking business from you
-
Defend your relationships with your current customers
To analysis your competitors you need to gather information on them. Some
useful ways to find out more about your competition include:
1.Competitor Websites
One of the best sources of information on your competitors is their website.
Find out if your competitors have websites and whether you can register to
obtain updates or newsletters. Go through their website in detail and determine
how it compares to yours and if there is anything you can use to improve upon
your own website. Their website also enables you to gain a greater
understanding of the key features and benefits of their products and services.
2. Internet Search Engines
Search engines can be a good starting point to find out information about your
industry, customers and competitors. Go to a search engine and type in key
words that potential customers may use to find your business and see where your
website ranks versus your competitors. Find out if they advertise on the
internet and if so what their advertisements are communicating to potential
customers.
3. Trade Associations
For each major industry or group there is usually a trade association that will
provide data, articles and information pertinent to your business. The industry
you compete in may produce a magazine which you can subscribe to, to keep up to
date with what is happening in your industry and what your competitors are up
to. Find out if your competitors regularly advertise or contribute to industry
magazines or appear to have a higher profile.
4. Shop Your Competitors
One of the best ways of gathering information on your competitors is to shop
them. Shopping your competitors enables you to experience your competitor's
product or service as their customers would. This in turn enables you to make a
more objective assessment of their business and how it compares to yours. If
they have a store, walk in and purchase their product. If you and your
competitors distribute your products through a retail outlet go in and look at
the shelf space allocated to your products and your competitors. Once you have
purchased the product, go home and use it. If you sell a service, phone your
competitors and ask them for information.
5. Your Customers
Your customers, whether they are loyal to your business or have left to go to
your competitors, are the most valuable source of information on how you can
improve your business performance. Loyal customers will be able to tell you why
they like doing business with you, what makes you better than your competitors
and how you can improve your business. Customers who have left can give you
information on what attracted them to your competitors and what if anything can
get them to return to you. When researching your existing or lapsed customers
don't always assume that price is their primary motivation.
6. Competitors Advertising and Promotional Activity
It is a good idea to set up and maintain a competitor file(s) which keeps track
of all your competitors' promotional and advertising activities. If you have
several major competitors keep a file for each competitor. Get your employees
to also be on the lookout for competitor activity to collect and place in the
file. If your competitors produce a newsletter or catalogue get on their
mailing or email list. It is important to analyse your competitors advertising
message and what they are communicating to the customer. This will be
particularly useful when you start developing your own marketing strategies and
the tactics to support them.
Whilst it is important that you do not imitate your competitors, they may
perform certain tasks better than your own business, which you can learn from
and improve upon in the future.
M4B Marketing
Software provides a number of worksheets and competitor survey
templates that can assist you complete a comprehensive analysis on your
competitors.
|
| |
|
|
Plan 
