Studying your competitors
Recognising and promoting your own business strengths
Whether you business is new or already established you will be eager to get your target audience to want your new product(s) or service you offer. But so is the competition.
They also want your customers and they want your product or service to fail. They will offer deals and promotions to lure customers away from you. It becomes very important to stay one step ahead of your competitors as there is a never-ending struggle between businesses to dominate the market and get the sale.
Whether you business is new or already established you will be eager to get your target audience to want your new product(s) or service you offer. but so is the competition. They also want your customers and they want your product or service to fail. They will offer deals and promotions to lure customers away from you. It becomes very important to stay one step ahead of your competitors as there is a never-ending struggle between businesses to dominate the market and get the sale.
Studying the competition
Who is your competition? The answer to this question affects everything that you do when marketing your business. Your competition tells you where you should offer it, how you should price it and what your growth rate can be. This doesn’t mean to copy them, but rather understand where they are going in relationship to you. Be proactive, not reactive.
Make a list of your competitors. But don’t just think about your direct competition. Think about those from other related industries too. Classify and put them into groups based upon commonality. Select the top players in each group to keep track of,this will give you a general idea of trends in the industry. Also keep track of your direct competitors, the group that you would most likely fit into if they were classifying you. Pay attention to everyone in your group. A small change in one of these companies can have a big impact on your bottom line. Ask yourself: why do people buy the competition’s product or use their services? What are their strengths? What features do they offer that I don’t? What is their unique value proposition? The answers to these questions can help when deciding on the content of your targeted promotional materials and advertising. Look at your own strengths and weaknesses when considering your marketing strategy. With an experienced team of Graphic Designers, Premier Digital will help you in creating the right kind of targeted flyers, leaflets, and brochures using creative design techniques that will help give you the edge over your competition.
Their strengths and yours
It can be easy to simply dismiss the competition and you never want to appear that you’re trashing other businesses. This could turn customers away from you. As difficult as it may be, one of the best strategies to have is to admire your competition when they’ve had their successes. You can’t afford to be dismissive of them. Study and learn from them, examine what they’re doing well and try to find a way to improve on that. Learn why their products attract the consumers they do.
As you breakdown what makes your competition’s products tick, look for ways that let you offset any advantages they might have in the eyes of your customers.
Ask yourself the following:
What are their weaknesses and how can they be exploited?
In what ways are their products and services superior to yours?
In what ways is your new product and services superior to theirs?
Is there a way that you can use this information to your advantage?
The more you study how others have been able to successfully sell to your customers, the more opportunities you’ll have to gain a larger share of the market. By focusing your own businesses strengths against their weaknesses, you improve your odds for success. Try to get a hold of as much of the competition’s marketing materials as you can. Go to their websites. Talk to sales people and ask questions. In the end, analysing how your business compares to the competition is a good way to determine its strengths and weaknesses. It gives you the opportunity to further examine any potential areas for improvement that you might find and address those issues.
Once you have thoroughly examined and studied your competition, you should have a good idea what you business strategy will be. You can then focus directly on your own marketing and branding materials, which is were Premier Digital will develop your creative content in the form of logos, web design, leaflets, business cards and promotional flyers etc. to give you the right focused approach when marketing to your target audience.
For the right creative and targeted approach you want for your business please contact us using the online enquiry form on the website.