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Member You - Important Factors to Consider in Competitive Analysis
Almost every day we encounter an ad, a slogan, or some other communication that admonishes us to Listen! Entire ad campaigns have been built around a theme that tells the world that they listen to their customers. And I agree that listening is a very powerful way to connect with another person. That being said, I firmly believe that listening is only part
• Identify your direct and indirect competitors and understand their impact on you.
• Identify the features that differentiate your product from the competitors’.
In order to address the basic issues, you must know where to find competitive and industry information. Information
A simple hello can go a long way in wireless retail, but a recent J.D. Power and Associates customer satisfaction study makes a startling case for the conventional in-store greeting. The study found that overall customer satisfaction declines considerably if customers’ wait time (the time before customers are greeted upon entry) exceeds 30 seconds.Thi
When you consider your competitors, determine what are the similarities and differences between their products and yours. You must also consider how their prices compare to yours and how well they are doing. You must have a specific plan to compete. For example, you can offer better quality services, lower prices, more support, or easier access to services. You must address the following basic issues:
• Define your target market.
• Determine the size of the target market.
• Drill down to your specific segment within the target market.
• Define the size and the revenue opportunity that your segment represents.
• Determine how fast the overall market and your specific segment are growing.
• Learn what factors are most important to your customers such as price, technology, ease of use, or new uses.
• You must know the most important characteristics in your industry. Is is driven by high or low volume? Is it capital or labor intensive? Is it seasonal?
• Identify and profile your targeted customers by their consumer budgets and by how they make decisions to buy a product.
• Identify your direct and indirect competitors and understand their impact on you.
• Identify the features that differentiate your product from the competitors’.
In order to address the basic issues, you must know where to find competitive and industry information. Information
Many of the questions I have been receiving lately from solo-professionals and small business owners center on the topic of where to get a quality website, graphics and marketing materials, on a budget.I can totally relate because when I opened my business eight years ago I faced the same challenge. I had connections in the marketing industry through
• Define your target market.
• Determine the size of the target market.
• Drill down to your specific segment within the target market.
• Define the size and the revenue opportunity that your segment represents.
• Determine how fast the overall market and your specific segment are growing.
• Learn what factors are most important to your customers such as price, technology, ease of use, or new uses.
• You must know the most important characteristics in your industry. Is is driven by high or low volume? Is it capital or labor intensive? Is it seasonal?
• Identify and profile your targeted customers by their consumer budgets and by how they make decisions to buy a product.
• Identify your direct and indirect competitors and understand their impact on you.
• Identify the features that differentiate your product from the competitors’.
In order to address the basic issues, you must know where to find competitive and industry information. Information
The law of demand states that the quantity of a product demanded decreases when the price of that product increases. So when the BMW manufacturer raised the price of their cars over a two-year period, sales should have dropped off. Right?Not exactly. This strategy helped incredibly for BMW sales in South Africa. To keep sales from slipping BMW actuall
• Define your target market.
• Determine the size of the target market.
• Drill down to your specific segment within the target market.
• Define the size and the revenue opportunity that your segment represents.
• Determine how fast the overall market and your specific segment are growing.
• Learn what factors are most important to your customers such as price, technology, ease of use, or new uses.
• You must know the most important characteristics in your industry. Is is driven by high or low volume? Is it capital or labor intensive? Is it seasonal?
• Identify and profile your targeted customers by their consumer budgets and by how they make decisions to buy a product.
• Identify your direct and indirect competitors and understand their impact on you.
• Identify the features that differentiate your product from the competitors’.
In order to address the basic issues, you must know where to find competitive and industry information. Information
Turning an idea into a businessIdeas are like sparks -they fly off in thin air. The challenge would be to convert the idea into a full-fledged project and commercializing it into a revenue generating business. When Google started off, they had an idea - one to make it easier for an internet surfer to find precise informat
• Learn what factors are most important to your customers such as price, technology, ease of use, or new uses.
• You must know the most important characteristics in your industry. Is is driven by high or low volume? Is it capital or labor intensive? Is it seasonal?
• Identify and profile your targeted customers by their consumer budgets and by how they make decisions to buy a product.
• Identify your direct and indirect competitors and understand their impact on you.
• Identify the features that differentiate your product from the competitors’.
In order to address the basic issues, you must know where to find competitive and industry information. Information
You spent years training for what you thought would be your life’s work. You were excited, inspired – or maybe you just wanted to be able to support yourself and your family. But now you feel disillusioned – and feel guilty for feeling disillusioned!There are at least four reasons for your heart not to be in the field of work for which you trained.er budgets and by how they make decisions to buy a product.
• Identify your direct and indirect competitors and understand their impact on you.
• Identify the features that differentiate your product from the competitors’.
In order to address the basic issues, you must know where to find competitive and industry information. Information is available from the Federal Commerce Department online or in the library. You can review Edgar Online and business websites to obtain required financial filings. Look for an industry trade association and industry publications. Go to Hoovers Online or Bacon’s to look for business publications in your industry. You can also check online for www.usdata.com or for North American Industry Classifications www.naics.com.
After all basic issues have been addressed and your competitive research is completed, you should be able to describe all of your competitors and their strengths and weaknesses. You should be able to clearly articulate what is different about your product and why customers will choose your product rather than the competitors’. You should also be able to describe your target market and target customer and what will motivate them to purchase your product. Finally, your should be able to explain how you will gain and keep a sustainable competitive advantage.
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