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Chapter 10 --- Know Your Competition
Doing a complete analysis of your completion is a crucial step in determining how to proceed in your marketing campaign. By analyzing your competition, you will have to look at the differences between your company and others. The analysis should also include how your competition markets their product and will give you insight on how you should respond with your marketing campaign. By analyzing your competitions marketing campaigns and strategies you will be able to see where they succeeded and where they failed giving your company an advantage when you implement your marketing campaign.
When you are doing a comparative review of your company against your competitors there are certain elements of information that you want to look at. From the information that you have already gathered you will want to compare target markets, sales, pricing, packaging, customer service, marketing objectives, and publicity. The secondary research that you have already done will be the best sources of information when it comes to checking out your competition.
After you have done a complete analysis on your company and your competition you will be able to know the market share of your competitors in relation to your company. How your competitors distribute their product. Their marketing strategies, and where they were successful and where they were not. You will be able to determine if they have a loyal customer base or whether consumers of their products have looked elsewhere.
Your comparative analysis should include an in depth look at your company and competitors marketing campaigns. After you have completed the review of your company and your competitors you will be able to get a clear understanding of your products strengths and weaknesses in comparison to the competition. You will also be able to see any trends in market share and sales. What percentage of the target demographic account for sales and is this the same target demographic as your competition. You will get a better understanding of your company’s marketing strategies and how they are like or different from your competitors.
In addition, you will be able to compare your products pricing to that of your competitors. You will also be able to know how your customer service stacks up against your rivals. You will see if your company relies on marketing more or less than the competition and you will see if your marketing campaigns were successful to driving business away from your competitors to your company.