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How Do You Identify Your Key Competitors?

In marketing, it is necessary to find out who your key competitors are. The reason is that it will help you develop an effective marketing strategy. If you identify these key competitors, you should also analyze them. You have to embark on detailed research in order to identify as well as analyze the key competitors in your market segment.

Start By Researching

As hinted earlier, a major step towards identifying and analyzing the major competitors in marketing is research. First, you need to take stock of the primary products and/or services you offer. Next, research businesses that sell the listed product and or service and identify about ten of them. Those companies or businesses are in competition with your business.

Don’t forget to search both locally and nationally, and internationally too. It is possible some companies are offering the same services as you and selling the same products that you sell. While competition with the offshore companies may not be feasible, being aware of their existence as your competitors will propel you to be more strategic with your local marketing campaign.

Assess the Competition

In the course of researching your competitors, don’t forget to determine their competitive advantages. Some common competitive advantages include bundles, promotions, extra services, free shipping and so on. Also, don’t forget to find out if there’s a slight difference between the products and/or services that these competitors offer and your own products and services.

When you are properly updated on these pieces of information, including your own competitive advantages or weaknesses in comparison with your competitors, you will be better prepared to plan your marketing campaigns. If you are working with an outsourcing marketing company, you can relax and let the company do all the research and analysis for you.

Study Your Competitors’ Sales Process

You need to know how your competitors’ sales process functions. This is why you should research their sales process. Some of the sources at your disposal to study your competitors’ sales process include their websites, relevant reviews, and the BBB (Better Business Bureau) website.

Track Competitors’ Success

You can achieve this by engaging with online business software. Such online tools will enable you to find out the volume of searches on business, including the keywords people use in searching a business. Those tools would as well show the time of the day that these businesses are usually searched.

The sales process is simply the product in question, the demand for the product, its valuation, and the mode of delivery. Learning this information about your competitors is a great way to figure out your competitive advantage as well as their own competitive advantage.

The bottom line is; those competitors that attract your customers even when their products are slightly different from yours are your key competitors.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.

One Response to “How Do You Identify Your Key Competitors?”

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