How to Scout Out Your Competition
A few weeks ago I was asked what I did to scout out my competition. My answer to the question was immediate! Observe the Fundamentals.
I was taught early in my corporate career to build my business plans around the fundamentals of the 4-P’s of Marketing: Product-Price-Placement-Promotion. The 4-P’s provided a strong framework to build my plans. So when I want to analyze my competition, I simply follow the same rule I use to build my business. I learn about my competitions by undestanding how they focus on the 4 P’s. The 4-P’s are as follows:
- Product – I gain a clear understanding of their product/programs/services and how do they rate versus mine
- Price – I gain a clear understanding of how they price their products/programs/services and how they rate versus mine
- Promotion - I gain a clear understanding on how they promote their products/programs/services
- Placement - I gain a clear understanding on where they promote their products/programs/services
After analyzing the 4 P’s of my competition, I then build powerful action plans better than theirs so I can differentiate myself in the eyes of our customer.
If you want to read more about how others “scout” the competition just view the article at the Toiletpaper Entrepreneur website I listed below:
