People often start doing business without even considering about their competitors.  They draft into their marketing plan templates with a marketing checklist that does not address the issue of competitors putting in risks in their business.

Tango

Competitors should be kept under close watch.  For one, they impose this risk of lessening traffic and buyers in your own market.  They can go subtly, like offering a better product.  Or they can do it drastically, by creating a negative feedback and do dirty marketing by dishing out some negative points in your products that does not even exist.

You can never avoid competition.  One way or another, you have to face it head on.  Or, if you prefer, dance along with their tune and see who will be the last one standing.  Find out who they are affiliated with.  Once you do, get affiliated with them as well.  This way, you will be drawing away some business traffic from our competitor towards you.  Some affiliations require a sum of money for continued patronage.  Know how much your competitor is offering.  Once you do, go up a notch from their price and you may even win that priced contract.  Get them to patronize your product, and make them realize the benefits of advertising your trades other than those of your competition.

Thanks to the advancement of technology, it is now easier to spy on your competitors.  Media advertisements give you an idea on what they are doing in order to promote their market.  The internet is a very useful tool in this process.  Visit your competitor’s website.  Study it carefully, and see sort of information they are giving to their clients.   That information is your gateway to know what are their weak points, as well as their selling points.  Once you have that under tabs, you can redesign your marketing plan template to create a whole new marketing strategy that would enable you to go against your competition.

Your social network enables you to keep a friendly relationship with business partners.  However, as they say: “Keep your friends close, and your enemies closer.”  Always keep a close watch on your competitors for they have the ability to cause failure in your marketing strategy.

Advertisements