Join LinkedIn Learning Instructors for an in-depth discussion in this video Evaluating Competitors as a Marketer, part of 2-Minute Tips for Marketing.
- Every company has competitors. As a part of your marketing plan, you need to uncover who they are and how they compete with you. Then you'll be able to identify your competitive edge. Hi, I'm Deirdre Breakenridge, a Marketing Expert and Author of six books on PR and Branding, and I have some tips that can help. Let's start with the Who part. There are head to head competitors. They sell exactly what you do. Think of McDonald's and Burger King. They attract consumers who want quick, inexpensive, and easy meals.
Then there's the first tier competition. A first tier competitor is a company that has similar products but not identical product lines. You have to keep a close eye on these competitors as they may add more in the future. There's also second tier competition. These companies are on the fringe of what you sell. They have one or two products that you offer. For example, McDonald's and Starbucks are very different brands, but they have coffee drinks. Now it's time to dive into how they compete.
Ask yourself these questions. What are your competitors' strengths and weaknesses? What are their revenues? How are they positioning their products? And what types of experience do they offer to their customers? You can learn the answers by experiencing your competitors through technology. Visit your competitor's website to see how their consumers navigate. Or sign up for a trial demo to learn about their products. You can set up a monitoring system to track online news coverage, participate in webinars to learn what they're doing and the messages they're sharing.
And check out consumer rating sites to see how customers feel about the competition. Looking more deeply into the competition means you learn how to enhance your products. When you evaluate your competitors, you're able to seize your competitive advantage.