Performing a Simple Competitive Analysis - In fact you...
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In fact, you can even borrow tactics from second- or third-level competitors to compete more effectively against your first-tier competitors!
It's to your advantage to know as much as you can about the details of your competitorsí businesses. Study their advertising, promotions and brochures. Analyze their pricing strategies and distribution methods. Talk to their channel partners and end users to determine what your competitors are doing well that you can imitate and what they do poorly upon which you can capitalize.
Secondary data, as well as information from your sales force or other contacts including your suppliers and customers, can provide rich information about competitors' strengths and weaknesses. Basic information every marketer should know about his or her competition includes:
Competitor's market share, compared to yours.
How customers and prospects perceive or judge your brand, as well as your competitors'.
Your competitors' financial strength, which affects their ability to invest in advertising, promotions, and abilities to invest in equipment among other things.
Each competitor's capabilities and speed of innovation for development of new products.
There may be other facts you need, depending on the type of product you offer. For example, if you're in manufacturing, you'll want to know how quickly your competitors can fill a typical order, their return policies and what they charge for shipping and handling, etc.
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