Marketing You: Competitive WorkbookIdentify your competitors and analyze their strategies.
In business, you can’t rest on your laurels. No matter how great your products and services are, there’s always someone looking to steal share. Whether it’s the big-box store in the strip mall or the mom-and-pop down the street, your competitors are after the same customers you are.
Do You Know Who Your Competitors Are?
You may think you do, but chances are, you aren’t thinking broadly enough. For example, a local Steakhouse may rightly think that Outback and Texas Roadhouse are their closest competitors, but they may not be thinking of indirect competition from fast-casual restaurants or macro competition from grocery stores.
Do You Know How to Beat Them?
To build out an effective competitive strategy, you need to start with understanding who you’re coming up against, then you can move on to deconstructing their business and marketing strategy.