Thursday, March 1, 2012

Spying Your Business Competitors

Spying on competitors can help businesses align marketing and pricing strategy.
While identifying competition, it is necessary not to keep your vision too narrow. A wider angle and more thorough approach will bring more competitors on your radar. Companies that fail to adapt this wider approach and identify their competitors narrowly are endangered by smooth operators who can easily become strong competitive threats.

This fast paced business environment requires quick and comprehensive information on competitor’s activity and the next potential move or product launch or even sponsorship to an event. In simple words, a successful business always stays at least one step ahead of its competitors.

While identifying competition, one of the key mistakes is to look only for your competitor’s positive points that might pull your customers. Not many businesses consider importance of negative aspects of your competitor’s business model – think about it, if you exactly know the negative elements of your competitor’s branding, marketing or pricing strategy, you can use this as an advantage to your company.

I read an excellent piece by David Aaker who is the vice chairman of Prophet and the author of Brand Relevance: Making Competitors Irrelevant. He writes the blog on branding. David suggests;
Click here to read complete article

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