Marketing Focus – Understanding Your Competition
In order to successfully compete with companies who are offering similar products or services to the same target market you need to understand who they are, what they are doing, how you differ, how you are the same and what differentiates you. Many people want to hide from the competition and are hostile towards them, but it’s really a case of better the devil you know – especially in such a small place as Marbella. We have an unusual opportunity to personally get to know our competitors as part of networking events and share ideas and information in a transparent way. There are often ways that you can collaborate with these companies and having a positive relationship with them will always be beneficial.
Gaining Competitor Intelligence
Competitor Intelligence is all around you and normally free and easy to get hold of, once you fully understand what it is your competitiors are doing you can more clearly evaluate your own performance, identify competitors strengths and weaknesses which should be addressed or exploited, learn from what they are doing, identify new customer groups you may not have thought of and improve both business planning and sales forecasting.
Here are 10 questions you should try and answer about your competition: