Do Competi

tors

Really Mat

ter?

2

Don’t think about the competition – everConsider the competition – carefully

Two ways of thinking

3

Ignorance is bliss

Don’t pay attention to themResearching the competition is a complete waste of time, money and effort

Negative effectsCompanies who spend too much time on competition become reluctant to introduce new products or servicesCompanies begin to prematurely change their plans

4

Ignorance is bliss continued

Focus on your own peopleWork on yourself, your customers, your partners and your employees

Warning signsOverly worried about competition is usually indicative of companies that are failing to innovate within their own space

5

Careful consideration

Keeping tabs on the competitionHelps predict likely market trendsBetter forecast how they will react

Strict regimenDo not leave the job half donePick one day per quarter to focus on themCreate a schedule for that day and stick to it

ResearchCreate a list of your company’s 10 closest competitorsAsk employees, trusted partners and clients for their opinion on who your competitors areAdd 15 more names to the list

6

Careful consideration

Finding the Right informationGet on their mailing listGet on their newsletter/e-mail listMystery shopOrder their annual reportResearch sponsors and exhibits at tradeshowsReview places customers are likely to look for productsCommunicate with the sales team

7

Careful consideration

Questions to ask as you researchHow do they interact with clients and prospects?Are they quick to follow up with leads?What is the tone and medium of communication they use?Is their process user friendly?What are they pushing?Who is their target audience-are they really a competitor?What products and marketing instruments do they use the most?

8

Analysis

Different doesn’t mean betterIs the competition better or just different?Is the competition doing worse?

9

Call to action

Full Report-

http://crunk.starrtincup.com/competition William TincupW: www.starrtincup.comE: tincup@starrtincup.comP: 817-204-0400