When you’re evaluating the competition for your customers’ attention and dollars, look at all the alternatives. As business owners and executives, we have our eye on other companies that are offering similar products and services. A large part of an analysis involves looking beyond competitive companies to evaluate all the alternatives that your customers have to your product or service.
How is your offering better than any of those alternatives?
All of these other options for your customers are your competition. Simply doing nothing may be a substitute for what you have to offer. Your customers may feel as though they don’thave to do anything or have to purchase anything to solve a problem. So, they’re doing nothing. They may not feel that there’s even a problem at all! This is where a deep understanding of your market is invaluable. When you understand your market’s worldview, your marketing becomes much more efficient. You may have to explain the “problem” before you can demonstrate the benefit of your solution.
Marketing is communication. When it comes to communicating with customers and prospects, you must demonstrate how you’re going make their lives better…even if your competition is doing nothing.
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