Being able to assess your competition will help you save money on your advertising and marketing. It helps you to identify how you can speak to your customers and your prospective customers in a way that will demonstrate the difference between you and them.
Assessing your competitors serves four useful purposes:
- It requires you to assess your existing market share and current business methods.
We all operate in a competitive environment, and it’s most likely that your competitors are planning to take customers and market share away from you.
How will they do it?
What strategies will they adopt?
Who will they target?
All these questions will be considered when you begin a serious competitor analysis review. Your prime objective is, of course, to secure your existing customer base before you seek new markets or new customer groups.
- Assess your competition to identify new market opportunities.
Most mature markets tend to be static in size and opportunity. If this is the case market share can only be won by attracting customers away from your competitors.
How can you do it?
Where are your competitors vulnerable?
Do you have a competitive advantage you are not exploiting?
Are they targeting a market segment you are not?
Are any of their strengths also a weakness?
- Assess your competition’s strengths and weaknesses.
By studying your competitor you can avoid potential pitfalls and save valuable time by not having to re-invent the wheel. However, don’t assume that just because they are doing something it is working. Always evaluate any of your competitors tactic or marketing methods through the lens of your strategy.
- It allows for an early review of potential changes in the market place.
Assess your competition and their ability to adapt to change.Changes can come from many directions, new technology, personnel changes, production processes, etc.
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