Monday, March 15, 2010
Competitive analysis: How does your business stack up?
You know your product or service inside and out and have crossed the t's and dotted the i's on your marketing materials. Next step is to sell, sell, sell, right? Not quite. Have you done your homework on what your current and potential competition is up to? Having a firm grasp on the strengths and weaknesses of your competitors helps provide strategic framework through which to identify opportunities and threats for your own business.
As business strategist, Joan Florian of TTX Ingenuity, shared with members of the Birmingham Bloomfield Chamber at a recent Professional Edge workshop, it all starts with a solid understanding of your market. Many market research tools exist including those readily available at public or university libraries to assist in identifying the target market size and geographic area your business is striving to acquire a share of.
Doug Fertuck of Fertuck Enterprise Directions helped participants frame their response to their competitors' products and services platforms with a variety of decision-making tools.
To read the complete article, click here.