Competitive Analysis

Are you finding that a large portion of your best prospects are already working with your competitors? When you seek a new chance and opportunity, is someone else catching the prize? Well, maybe it’s already time to re-assess your market positioning.

Understanding Market Position

Your business position is the spot you possess in the mind of your prospective customers. It’s the way they consider you among your competitors and rivals. Modifiers like established or cutting edge; high-quality or inexpensive; convenient or full-service are all relative terms. At the point when this is applied to you and your business, they recognize you from the competition.

Your customers’ impression of how your business compares can figure out if they want to work with you or not. Try doing some thorough examination to discover what it is that customers like about the individuals you compete with. Can you imitate those qualities? In what areas are customers not satisfied? Would you be able to offer more fulfillment there?

Ask your present and previous customers about their experience with the competition. They may be very sincere with you about what they enjoyed and didn’t like for, and give you some significant insights into why they picked you. Look at how your rivals are situating themselves by surfing the internet. Mission statement, lists of features and benefits, and so on will surely be posted on their sites. You can likewise have a friend to ask for their writing, or contact an expert economic analyst.

Target market surveying can help if prospects are letting you know they need what you are offering. In the event that you think they require a group building retreat or a team building, however they are searching for more skills training, you won’t make a deal. However, if you learn more about how prospects see their own difficulties, you can build up another business position to better match their mental, or genuine purchase order. Your retreat may fly if you called it “an intensive three-day training program in the critical skills required for successful leadership and teamwork.”

Approach your fulfilled customers for a testimonial letter. The way they describe the work you do and the advantages they got from it can give you profitable clues how to offer it to others. An assessment survey can be utilized for the same reason. Try asking, “How would you describe my service to somebody who could use it?”

Your research may uncover that your service isn’t packaged in a manner that prospects want to purchase it. Adding and developing a better service package could make what you offer more appealing. A marketing consultant who has been charging by the project may discover customers more responsive to a month to month retainer they can spend for. An interior designer experiencing resistance to his hourly charge may rather raise his bonus rate on decorations, and didn’t really charge by the hour.

Sometimes, just simply naming your service package can make a difference. An image consultant may be significantly more successful selling the “One-Day Makeover” than soliciting customers to purchase six hours from her time to redo their entire look. While doing your market research, try asking your prospects how they want to purchase services like yours, and tailor your offering to their choices.

You may make the discovery that you’ve picked the wrong market — the apparent requirement for what you offer isn’t sufficiently strong, they aren’t willing to pay what you have to charge, or the size of the business is too small. For this situation, now is the right time to position yourself for a totally diverse business.