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Digg it UP - Analyzing Your Competition
Do you recognize this. You arrive at the store for a new mobile phone and just the model you had targeted is not available... It is a simple example, but stock delivery could make all the difference in you business.There are two main options in managing your supplies and suppliers. One in the client-supplier relationship and the other in a part
3) From this long list of competitors, pick your top three and do a detailed competitive analysis. These are the three you should also use for your marketing plan.
Gathering information
The next step in a competitive analysis is gathe
The only thing that does not change in this world is change. The business world is no exception. At Wall Street, stocks and bonds rise and fall due to hostile takeovers. Multi-billion dollar mergers are a daily thing. Executive decisions are made with the goal of saving a corporation's bottom line, not jobs. In the blink of an eye, seemingly unlimited
Knowing your competition allows you to identify a niche and develop your own unique selling proposition (USP). Clearly defining and understanding the core value you offer your clients can depend on your having a firm grasp of your competitors' strengths and weaknesses.
Where do you start?
1) Make a list of your competitors. Think big in this step. Don't just think about your direct competition; think about indirect competition in other industries as well. For example, as a copywriter I could list my competitors as fellow copywriters that do freelance work. But I don't want to stop there. Other potential competitors may include large ad agencies, small ad agencies (each may play a different role with clients), technical writers, a company's in-house writers, journalists, and even fill-in-the-blank templates you can purchase on the Internet.
2) From this broad-based competitive list, list specific companies you compete with. For example, in the "other copywriters" category, I may list Sally Field, Shelby Foot, and Joe Blow. Under the large agency category, I may have only one or two large agencies I run up against when bidding on projects. Follow this procedure until you've gone through all the competing industries. Some may have no direct competitor and that's OK; acknowledging the potential is there--and getting the "big picture" of where competing business may lie--is what's important.
3) From this long list of competitors, pick your top three and do a detailed competitive analysis. These are the three you should also use for your marketing plan.
Gathering information
The next step in a competitive analysis is gather
But does it always come out to be true? Most of the time, but not always, there are times when you as a business person has been left in a situation where expenses and losses are more than your profits and soon you find out that you have incurred business debts.Business debts are normal for any business, but excess of anything is bad, in the sa
1) Make a list of your competitors. Think big in this step. Don't just think about your direct competition; think about indirect competition in other industries as well. For example, as a copywriter I could list my competitors as fellow copywriters that do freelance work. But I don't want to stop there. Other potential competitors may include large ad agencies, small ad agencies (each may play a different role with clients), technical writers, a company's in-house writers, journalists, and even fill-in-the-blank templates you can purchase on the Internet.
2) From this broad-based competitive list, list specific companies you compete with. For example, in the "other copywriters" category, I may list Sally Field, Shelby Foot, and Joe Blow. Under the large agency category, I may have only one or two large agencies I run up against when bidding on projects. Follow this procedure until you've gone through all the competing industries. Some may have no direct competitor and that's OK; acknowledging the potential is there--and getting the "big picture" of where competing business may lie--is what's important.
3) From this long list of competitors, pick your top three and do a detailed competitive analysis. These are the three you should also use for your marketing plan.
Gathering information
The next step in a competitive analysis is gathe
If you have ever simply watched people at work you will find that many often come in late or miss work entirely for days on end. We may be able to draw a connection in our reasoning that says all these people showing up 10 minutes late can add up to lots of lost revenue for the company. The problem is how to control attendance issues and still treat e
2) From this broad-based competitive list, list specific companies you compete with. For example, in the "other copywriters" category, I may list Sally Field, Shelby Foot, and Joe Blow. Under the large agency category, I may have only one or two large agencies I run up against when bidding on projects. Follow this procedure until you've gone through all the competing industries. Some may have no direct competitor and that's OK; acknowledging the potential is there--and getting the "big picture" of where competing business may lie--is what's important.
3) From this long list of competitors, pick your top three and do a detailed competitive analysis. These are the three you should also use for your marketing plan.
Gathering information
The next step in a competitive analysis is gathe
When computers or networks go down, a company is out of business. This is a simple fact of life in the current business environment. For most small businesses, being out of business for a day can work havoc on the bottom line. Most small businesses operate on tight budgets and need every sale. Being out of business for several days can mean the dif
3) From this long list of competitors, pick your top three and do a detailed competitive analysis. These are the three you should also use for your marketing plan.
Gathering information
The next step in a competitive analysis is gathe
The competition in the handset business in Nigeria, Africa like other countries of the world, is enormous especially in the major cities. Only entrepreneurs who go the extra mile will always make it. Though the market for GSM handsets is very large, most people find it difficult to break even in the business; an idea is what you will need to different
3) From this long list of competitors, pick your top three and do a detailed competitive analysis. These are the three you should also use for your marketing plan.
Gathering information
The next step in a competitive analysis is gathering information through competitive intelligence (CI). CI is the practice of gathering, analyzing, and disseminating information on what the marketplace requires (the demand), about how and you and your competitors meet these requirements (the supply), and how each strives to meet market needs better than others (the competition).
Gather marketing materials, visit stores, call and ask questions. These are common ways to collect competitive data. I go straight to Web sites and find almost everything I need there.
Here are a few things to look for while gathering competitive information:
What products/services competitors produce Who their target audience is Guarantees, pricing, hours of operation, and delivery options Overall, how do they position themselves (cheapest, best value, fastest, unique, patented, etc.)? What is their USP? After collecting this data, do a little analysis. What is your competition really good at and what is it not so great at? Are there any holes in their product offerings? A niche they're missing? How does your business fill in the gaps?
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