Thursday, March 25, 2010

Know Your Competition Better Than They Know Themselves

Throughout my marketing career, just as many other marketers have, I have had the responsibility of creating and implementing marketing plans.  I have found that there are many different techniques and channels for marketing different products.  Each product is like raising a child and even though every child has their own personality and special needs, for the most part every parent no matter where in the world they are or what culture they are in,take some of the same approaches.  

Well, marketing can be the same way.  Every product or service definately has their own needs and certain channels work better than others, however, they all share some of the same marketing prinicples.

Whenever I start to begin forming a marketing strategy, I like to take a look at the competition.  I want to know more about the competition than they know about themselves.  I want to know what they are doing right and what they are doing wrong.  I want to gather as much information about them as possible.  Scour the internet to find strategic information on your competitors.  I have even pulled the unbelievable from time to time and just called them up and talked to them.  If they have a brick and mortar store then gas up the car and take a trip.  Talk to their customers and get a feel for your competitors brand experience.

Remember, the more you know about your competitors, the more you are equipped with the ammunition you are going to need in order to compete with them.  If you know where their weaknesses are, then you can exploit them and improve your company's brand and increase your market share.

No comments:

Post a Comment