Know the Competition
On day 3 of our 31 ways to build your brilliant brand series, we turn to look at the competition.
Whilst we don’t advocate getting overly hung up on what your competitors are doing, it is vital you understand who is competing with you for your customers’ time and money. You need to know how your customers choose between you and the competition - is it based on price, reputation, expertise, image, word of mouth and/or something else?
It’s time to play detective. Get online and look at their websites. Follow their social media channels. Look at their ads. Read the paper: are they in the news? Talk to their customers (if you can!) and try to understand:
- Their size / market share;
- Their level of expertise compared to yours;
- If they have a good or bad reputation;
- How fast they are growing (or shrinking);
- What resources they have – staff, financial, backing;
- What image they have built, what marketing they do;
- What they say are their unique selling points;
- What their strengths and weaknesses are.
By knowing what you are up against, you will understand what threat they pose to you and be able to articulate how and why you are different (and better).
If you'd like to kick-start your marketing but aren't sure where to begin, give us a call at ORCHID on 888992, email [email protected] or check-out our Kick-Start Your Marketing package.