- Know Your Competition
- Great Networking Events to Attend
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Know Your Competition
Do you know who your competitors are? Have you taken a good look at what they are
doing? Have you thought – I don't have any competitors, my product or service
is one-of-a-kind?
Well, we all have competitors. If you think you don't, you do. It's true, you may
have a very specific niche or one-of-a-kind product or service, but there are still
other things that compete with it. If you don't have a direct competitor now, there
is always the threat of potential competitors.
First, look at your target market and the product or service your company offers
and why customers need it. You must first understand this before you can go on to
figuring out your competitors. Is there anyone else who has the same target market,
offering similar products or services? This is what I call a direct competitor.
If you can't come up with three direct competitors, then start to think outside
the box. Who has my same target market and is competing for the same dollars or
time?
I worked at local newspapers throughout a large portion of my career working in
marketing. I worked in markets where there were no direct competitors. The newspaper
I worked at was the only and best local newspaper around. However, we had many in-direct
competitors – the Chicago Tribune, the news on TV and radio, the internet,
etc.
Even though they did not offer the exact product, they did compete for the same
time. It takes time to read about your local news, so our biggest competitor was
often other products that competed for our potential reader's time.
Then, one day we heard rumors of a direct competitor coming to town. We then had
to anticipate for the competition and take those rumors seriously. We came up with
a marketing plan to address the threat of this new direct competitor. As part of
the marketing planning process, we did a thorough competitive analysis, which helped
assess the situation so that we were proactive.
Once you know who your competitors are, you need to conduct a thorough competitive
analysis. How are they marketing themselves, what is their pricing, how is their
service, what are their strengths and weaknesses, etc.
Look at their website. How is their website better/worse than your company's website?
Do they have pricing on it? How is their response to website inquiries? What can
you learn from the website?
Then, try to find out where/how they are marketing and/or advertising. Do they network?
If so, where do they network? Do they advertise? Look in newspapers, trade publications,
anywhere that you think they may be advertising. Get a hold of their ads and critique
them. What are their specials, sales, guarantees, headlines, etc.?
Perhaps having a mystery caller or sending in a mystery shopper would be of benefit.
The best way to do this is with an experienced mystery shopper. This may help you
determine the quality of customer service, unadvertised promotions, first impressions
of the place of business, etc.
Knowing as much about your competitors as possible will greatly assist you in determining
how to market yourself and what messaging will be most successful in marketing to
your prospects. Knowing their strengths and weaknesses, as well as your company’s
own strengths and weaknesses can also assist in making your products and services
better.
For more information, please contact Beth Boen at 303.981.1541
or by email
10 tips for competitive analysis:
- Be a customer. Shop your competition and buy something. This will give you the most
thorough view of their strengths and weaknesses.
- Research their website.
- Get copies of their marketing materials, pricing, rate sheets, etc.
- Find out how they market—where do they network, who are their power partners, where
do they advertise, etc.
- Know as many of your competitors as possible.
- Have an experienced person or yourself do the mystery shopping. Don't leave this
up to someone who has never done this before. Chances are they will not do it properly
and critical information will be missing.
- Keep your eye out for new competition. Take rumors seriously.
- If your competition has a mailing list or email list, get on it so you can keep
up to date with what they are doing.
- Put important information in a spreadsheet that will allow you to review everyone
side by side.
- Update your competitive analysis yearly for most current information.
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Great Networking Events to Attend
Meet fellow professionals and make new connections
Networking events are a great way to market your business by making connections
with other business owners and multiplying your contacts.
Here are some great networking events to attend this month:
NewBCI: This exciting speed networking event is
one-of-a-kind and a must attend.
2nd and 4th Thursday morning every month, Check-in 7-7:30 a.m., event starts at 7:30-9:30.
2nd Thursday is held at Hylands Golf Course, 9650 Sheridan Blvd., Westminster.
4th Thursday is held at Radisson Hotel, 3200 S. Parker Rd., Aurora.- To register and for more information, visit: www.newbci.com
Englewood Chamber Women in Business: Join the Greater Englewood
Chamber Women in Business "Pamper Yourself" event.Enjoy an afternoon of networking,
refreshments, relaxation and education featuring massage therapy, reflexology, skin care,
nutrition, acupuncture, Chinese herbs and much more. Great door prizes will be given away.
- Thursday, August 16 from 4:30-7 p.m.
- City of Englewood Community Room,
1000 Englewood Pkwy, 2nd floor.
- $10 members/$15 non-members (Select services may have an additional charge)
- Online at www.englewoodchamber.org
Make-It-Fly Cafè:
- Thursday, August 30 from 4:30-7 p.m.
- Season's Cafè in the DTC, located at 8101 East Belleview in the Marina Square
Center.
- There is no charge to attend.
- www.make-it-fly.com
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