How well do you know your competitors?
Running a business is not just about you and your customers. It's important to know how the competitors run their game-plan to attract customers. In the current market scenario, it is important to keep your eyes and ear open on the ever changing marketing strategies in the market space.
You can add the most suitable and effective marketing strategies to your marketing mix by studying the marketing strategies employed by your competitors.
Here are few points for your competitive analysis framework
- Who are your competitors?
- What is the organization size?
- What market share they hold in ebiz?
- What are the markets they target?
- What is the price point of their offer?
- Which lists do you both use?
- Which biz lists work for them and not you?
- How often do your competitors send email campaign?
- When do they mail?
- What is the frequency of their mailing?
Track your biz peers on how they are positioned in the market
- Why clients buy your products/services?
- What extra benefits do you offer?
- What is the price of your offer?
- Who are targeted for your biz proposition?
- How does your marketing mix compare to other competitors?
This short note gives a gist of how you can go on to develop a comprehensive competitive business strategy. If you haven't looked outside your biz, then this last quarter of 2009 will be the right time to imbibe new lessons from your biz competitors.
Turning Data to Insight through Competitive Analysis
Data Check Central has developed database marketing strategies for several European multinational companies and for many companies in the U.S. market.
Our data analysts analyze and documented product/market requirements of our clients and recommend the best-fit data management solutions to meet their business requirement.
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