Per our preferences and their marketing nudges we select our favourites.
While many is focussed on the pick one mentality of competition, the truth is competition drives market.
When those brands ask you to choose, both brands participate in rivalry with the understanding that the average person is going to have to try both products in order to make a decision like you going to have to buy both Coke and Pepsi in order to choose one over the other.
All of these competition drives dollars in both directions.
Knowing your competitors knowing who is in your sector, does what you do will give you some insight on how you fit in the market and what you need to do unique that others don’t.
What can you do to stand out.
By knowing this information you can tailor your marketing campaign to appeal to a consumer base by offering what they’re missing.
Research Your Competitor
How to determine who your competitor may be.
First establish your product or service and then create a list of at least five companies that offer a similar product or service as yourself.
And ask yourself how are they similar, how are they different and how do you benefit from knowing that information.
Do some research on their customer profile, look at their target demographics. Who are they trying to market their product directly towards.
How do you benefit from that information
And how similar is your target demographic to theirs.
Can you tap into a demographic that’s not reached by your competitors and how will you reach them. A little competition is a good thing.
You can’t just be fast, you must be faster than your competition.
It is that competition that will motivate you to work harder and be better and that will lead to your success.
Explore how are you similar
How are you different and how do you benefit from knowing that information.
Do your customer base reflect their customer base? And if not how do you reach a wider audience
What do you do to get that demographic that is not served by your competitors.