Love it or hate it competition is everywhere. Being a advocate of free enterprise, competition is a good thing. If their wasn't a high demand for your product or service then that means your in the wrong business. If your competition has the upper hand on you as far as generating sales you must research your market and your competition more to see what problems they are solving that you are not, what benefits they are offering that you are not, and how the market place views them compared to you.
Also, while researching your marketing and competition you must research your customers:
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What problems do they have that need to be solved?
- How do they want them solved?
- What is it worth to them to have their problems solved?
The answer to these questions are not only the basis for your marketing plan, but is a major component of your business model. You must know what is important to your customers if its not important to them, its not important to you. The first step in mounting your attack is gaining knowledge. A Mastermind Marketer knows everything going on in his marketplace, including information about leading prospects/customers and competitors. There are many forces and factors behind how customers purchase products and services. Gaining this knowledge goes a long way toward earning a reputation for being a savvy businessman.
Research is vital to survival in this industry, unfortunately this aspect of the game is overlooked by many. MM's never leaves a rock unturned, from researching the market opportunity, products, services, media options, competition, industry, prospects, customers, technology, benefits, partnerships, to external forces/threats, the economy, and more. Leave this out and your asking for trouble.
Always have your eyes open for potential threats and to uncover opportunities. There are many public sources, online and offline, where information on competition and the market environment can be focused. Know who the ideal customers are what the competition is doing to go after them. Intensive research will uncover the potential market in which you will work and play, the customers within, and what is appealing to them now-appealing enough for them to pull their wallets to spend money on your products and services. Once you know these appealing factors, you can draft your strategies, tactics, and plan of attack. Be prepared, then, to put money in your wallet.
Carry out these research steps on a regular basis:
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Visit a competitor's web site.
- Visit a customer's web site.
- Visit a prospect's web site.
- Participate or visit newsgroups and information forums.
- Mine sites for information.
- Extract and explore databases.
- Purchase competitive products and services.
- Find and contact strategic alliances.
- Communicate quicker than ever with customers, prospects, and employees.
- Conduct surveys.
- Test market products, surveys, headlines, and advertising.
The more information you gather, the better equipped you are to compete. Research is most valuable if it is done regularly. Do your research before your competition does!!
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