Subscribe to usWhat to Spy for When Doing Competitive Research
Published Date: 2008-05-13 16:05:08 WorkOnInternet.com


Read More on Marketing StrategyIt is hard to be successful in marketing your product if you do not know your competition. If you do not know your competition, you do not know where you stand. How is your price point? Where are you selling your product? Are your competitors charging one dollar less and are at the local stores, not just the big box stores like you? Finding out what your competitors are doing not only helps you decide how to make yourself stand out in the crowd, but it also can show you where you need to step up your effort.

The hard part of marketing is persuading prospects to buy from you instead of your competitor. Here are four steps to analyzing your competition that will enlighten you on how to differentiate yourself from your competition. These differences will also show your unique qualities that you can play up in your marketing materials.

1. Research your competitors. The first step in analyzing your competition is to gather their marketing materials. Check out their Web sites, advertising (print, television, and radio), brochures and other color printing, and articles in which they have been featured. Request their sell sheets, brochures and any other marketing materials. Depending on your industry, you may also be able to do some mystery shopping, which will allow you to experience their customer service, and see and feel their products first-hand.

2. Assess "perceived" competitors. You probably have a lot more competitors than you think. In addition to your obvious competitors, evaluate the marketing tools and materials of any businesses your customers could perceive as offering a comparable set of services or products.

For example, a BBQ restaurant may compete directly with other restaurants that specialize in BBQ. However, if the restaurant’s customers also go to non-specialty restaurants for their BBQ the restaurant owner must evaluate the way the non-specialty restaurants market their restaurant. Do they have coupons or specials on their BBQ?

3. Analyze the message. After you have done some research, think about what is being communicated through the materials you have gathered. Pinpoint the promises made by your competitors. Do not be surprised if you find a lot of similarities. Which one of your competitors stands out to you? Why do they stand out?

Analyze their materials closely. Ask yourself why those materials are appealing to you. What kinds of materials are they – brochures, their Web site, business card – what impressed you the most? Which kind of material got your attention and clearly communicated their message to you?

4. Find a unique spin. Now that you have gathered all the materials and have learned the key message points of your competitors, you can start comparing yourself. How does your company meet its customers' needs in a way that the competition cannot? Is your marketing both compelling and unique? Do not only think in terms of the products or services you sell, but also how you operate. Do you show that you value your customers by offering a guarantee or free delivery?

If you cannot find a unique selling point based on your current product or service that will help you stand out from your competitors, use the information in this analysis to rework your marketing strategy.


Katie Marcus writes about the commercial color printing industry and technologies also, how these assist in the marketing plans of different businesses.

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