Your Competition - What Do You Know?
What’s up with your competition? Do you know who they are? What are their strengths? Where are their gaps or opportunities? What is their target market? Who are their customers? How can you tailor or market your products to compliment their identified target market?
Your competition are those companies who currently sell the same or similar products or services. It is important for you to know who you are competing with. The questions I ask in the introduction are just a few of the questions you should be asking yourself about your competition.
I wonder if Dave Thomas, Wendy’s founder, ever visited a McDonald’s or Burger King. I betcha he did. Do you remember how Dave Thomas got brand recognition in the mid 80’s? According to Wikipedia, “elderly actress Clara Peller receives a competitor’s burger with a massive bun (the competitor’s slogan was “Home of the Big Bun”). The small patty prompts the gruff Peller to angrily exclaim “Where’s the beef?” The humorous ad and Peller’s memorable character soon gave the catch-phrase a life of its own, and it was repeated in countless TV shows, films, magazines, and other media outlets.”
In order for Dave Thomas to differentiate his burger, he had to know what the other burgers looked like.
What does your competition’s burger look like? You need to invest some of your valuable time studying the competition. You need to know them well enough to leverage your product or service and draw the attention of their identified target market. Come up with a catchy ad campaign and get those customers.
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On a personal note:
Tonight is my last post for Small Business Boomers. Jim Norton is back at the helm and he will begin to post here. Please feel free to visit me at Tough Questions? Great Answers!. It has been my pleasure to guest write here at Small Business Boomer!
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POSTED IN: Marketing
1 opinion for Your Competition - What Do You Know?
Jim Lane
May 15, 2007 at 2:05 am
All firms should run a competitive analysis on the competition - at least do a SWOT on the biggest two or three.
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