Review The Competition
Competition is critical to Marketing. Competition is defined as any other product or brand that a customer may buy instead of the one you are selling. One of the products that I market are Gourmet Candles, Competition for Candles is high. I did my research though when I was putting together my Business Plan, and found that there are at least 7 different companies and over 73 consultants or distributors in my area alone. So, when I chose to market locally I had to come up with unique ways to market my own product.
Understanding and knowing what other products are on the market can help you to develop a more effective position for your product. By analyzing the competition, you can gain valuable tips on the characteristics of products that will sell in your area, you will also find out what the appropriate price level and what stratagies to use for marketing in your area. Sometimes, I go through the Ads to find out what the competitions current promotions are, and then I adjust mine, always keeping in mind, "That Mine Are High Quality Gourmet Candles". I will not give it away just to make a sale.
You must view you competition as not only a force to be overcome but as an Aid in Marketing your product!
Next week we will deal with finding your Own Niche!
My next post will be coming Monday, and it will not be the follow up to this series, so check back often for more tidbits....enjoy!
Of course if you click on the Follow Button you'll know fast when I post!