Do Competitors Really Matter?

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Do Competitors Really Matter?

  1. 1. Do Competitors Really Matter?
  2. 2. <ul><li>Don’t think about the competition – ever </li></ul><ul><li>Consider the competition – carefully </li></ul>Two ways of thinking
  3. 3. Ignorance is bliss <ul><li>Don’t pay attention to them </li></ul><ul><ul><li>Researching the competition is a complete waste of time, money and effort </li></ul></ul><ul><li>Negative effects </li></ul><ul><ul><li>Companies who spend too much time on competition become reluctant to introduce new products or services </li></ul></ul><ul><ul><li>Companies begin to prematurely change their plans </li></ul></ul>
  4. 4. Ignorance is bliss continued <ul><li>Focus on your own people </li></ul><ul><ul><li>Work on yourself, your customers, your partners and your employees </li></ul></ul><ul><li>Warning signs </li></ul><ul><ul><li>Overly worried about competition is usually indicative of companies that are failing to innovate within their own space </li></ul></ul>
  5. 5. Careful consideration <ul><li>Keeping tabs on the competition </li></ul><ul><ul><li>Helps predict likely market trends </li></ul></ul><ul><ul><li>Better forecast how they will react </li></ul></ul><ul><li>Strict regimen </li></ul><ul><ul><li>Do not leave the job half done </li></ul></ul><ul><ul><li>Pick one day per quarter to focus on them </li></ul></ul><ul><ul><li>Create a schedule for that day and stick to it </li></ul></ul><ul><li>Research </li></ul><ul><ul><li>Create a list of your company’s 10 closest competitors </li></ul></ul><ul><ul><li>Ask employees, trusted partners and clients for their opinion on who your competitors are </li></ul></ul><ul><ul><li>Add 15 more names to the list </li></ul></ul>
  6. 6. Careful consideration <ul><li>Finding the Right information </li></ul><ul><ul><li>Get on their mailing list </li></ul></ul><ul><ul><li>Get on their newsletter/e-mail list </li></ul></ul><ul><ul><li>Mystery shop </li></ul></ul><ul><ul><li>Order their annual report </li></ul></ul><ul><ul><li>Research sponsors and exhibits at tradeshows </li></ul></ul><ul><ul><li>Review places customers are likely to look for products </li></ul></ul><ul><ul><li>Communicate with the sales team </li></ul></ul>
  7. 7. Careful consideration <ul><li>Questions to ask as you research </li></ul><ul><ul><li>How do they interact with clients and prospects? </li></ul></ul><ul><ul><li>Are they quick to follow up with leads? </li></ul></ul><ul><ul><li>What is the tone and medium of communication they use? </li></ul></ul><ul><ul><li>Is their process user friendly? </li></ul></ul><ul><ul><li>What are they pushing? </li></ul></ul><ul><ul><li>Who is their target audience-are they really a competitor? </li></ul></ul><ul><ul><li>What products and marketing instruments do they use the most? </li></ul></ul>
  8. 8. Analysis <ul><li>Different doesn’t mean better </li></ul><ul><ul><li>Is the competition better or just different? </li></ul></ul><ul><ul><li>Is the competition doing worse? </li></ul></ul>
  9. 9. Call to action <ul><li>Full Report- </li></ul><ul><li>http://crunk.starrtincup.com/competition </li></ul><ul><li>William Tincup </li></ul><ul><li>W: www.starrtincup.com </li></ul><ul><li>E: tincup@starrtincup.com </li></ul><ul><li>P: 817-204-0400 </li></ul>

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