Join Deirdre Breakenridge for an in-depth discussion in this video Research your customers' needs and wants, part of Marketing Foundations: Competitive Market Analysis.
- When I first got into marketing I thought…the best brands in the world only worked with the…big advertising agencies because they thought…the most brilliant ideas came from…big agencies but that's not the case.…National grants often take risks on small boutique…advertising agencies like one I used…to work at early on in my career.…Big brands often feel that smaller…marketing boutiques offered more unique,…impactful advertising than bigger agencies.…It's important to be 100 percent sure…of how your customers feel about your competition…so you don't undercut your business.…
To do this you want to get into the customers mindset…with qualitative research then research quantitative data…to further support your findings.…For example, using focus groups…and one-on-one interviews really make a difference.…There could be more than one reason why people…choose your product and your job is to highlight…and always reinforce these reasons.…Is it because of the prices you offer?…Or do they love the benefits of using your product…
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- Explain the benefits of a competitive analysis.
- List three elements to include in a competitor profile.
- Recognize the biggest challenge when researching your own strengths and weaknesses.
- Recall the advantage of knowing your competitor’s strategies.
- Identify three elements included in competitor research analysis.
- Define the elements that make up the SOAR framework.