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The Keys to Marketing Success - 3 of 7

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The 7 Keys to Marketing Success series outlines the elements needed by small business owners and entrepreneurs to develop strong, strategically-based marketing plans for long-term business growth.

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The Keys to Marketing Success - 3 of 7

  1. 1. The 7 Keys to Marketing Success FREE Video Training Series With Paul Keetch Co-Author, Make My Marketing Work
  2. 2. The 3 rd Key – Know My Competition <ul><li>Competition Defined: </li></ul><ul><ul><li>Anyone (or anything) that can impact your business. </li></ul></ul><ul><li>3 Primary Types of Competition </li></ul><ul><ul><li>Direct </li></ul></ul><ul><ul><li>Indirect </li></ul></ul><ul><ul><li>Variable </li></ul></ul>
  3. 3. The 3 rd Key – Know My Competition <ul><li>Direct Competition </li></ul><ul><ul><li>Businesses who offer the same (or very similar) product/service. </li></ul></ul><ul><ul><li>Compete in the same marketplace as you </li></ul></ul><ul><li>Example: </li></ul><ul><ul><li>Mexican Restaurant competes with other Mexican Restaurants </li></ul></ul><ul><ul><li>Also competes with all other local restaurants </li></ul></ul>
  4. 4. The 3 rd Key – Know My Competition <ul><li>Indirect Competition </li></ul><ul><ul><li>Businesses who compete for the same “Budget Dollars” </li></ul></ul><ul><ul><li>Regardless of what they “actually” sell </li></ul></ul><ul><li>Example: </li></ul><ul><ul><li>Eating out is part of “entertainment budget” </li></ul></ul><ul><ul><li>Movies, DVD Rentals, Live sports & entertainment all compete for these budget dollars </li></ul></ul>
  5. 5. The 3 rd Key – Know My Competition <ul><li>Variable Competition </li></ul><ul><ul><li>Any EXTERNAL factors that could negatively impact your business </li></ul></ul><ul><li>Example: </li></ul><ul><ul><li>Non-competitor entering your marketplace </li></ul></ul><ul><ul><li>Garbage strike </li></ul></ul><ul><ul><li>Transit labor dispute </li></ul></ul>
  6. 6. The 3 rd Key – Know My Competition <ul><li>SWOT Analysis </li></ul><ul><ul><li>Strengths, Weaknesses, Opportunities, Threats </li></ul></ul><ul><ul><li>Complete SWOT on each type of competitor </li></ul></ul><ul><ul><ul><li>Their weaknesses are your opportunities </li></ul></ul></ul><ul><ul><ul><li>Their strengths are potential threats to you </li></ul></ul></ul><ul><ul><li>Complete SWOT on your own business </li></ul></ul><ul><ul><ul><li>Where are you strong and weak? </li></ul></ul></ul><ul><ul><ul><li>Where might you fail internally? </li></ul></ul></ul>
  7. 7. The 3 rd Key – Know My Competition <ul><li>In Summary </li></ul><ul><ul><li>3 Types of Competition </li></ul></ul><ul><ul><ul><li>Direct </li></ul></ul></ul><ul><ul><ul><li>Indirect </li></ul></ul></ul><ul><ul><ul><li>Variable </li></ul></ul></ul><ul><ul><li>Beware external factors that could come from left-field to disrupt your business </li></ul></ul><ul><ul><li>Be adaptable and you will be successful </li></ul></ul>
  8. 8. The 7 Keys to Marketing Success FREE Video Training Series www.MakeMyMarketingWork.com/mmmw.html With Paul Keetch Co-Author, Make My Marketing Work

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