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The Importance of Evaluating Your Competition Before Starting a New Business
Collecting information about the logistics of your potential competitors is a valuable tool in identifying their ability to carry out the various strategies successfully.
This is why studying the competition is a highly useful activity that, as entrepreneurs, we have to do before launching ourselves into the market. In turn this will instruct us positively in the development of our so-called tactics stage to work more efficiently and subsequently conqueror over the competition.
A correct analysis of the competition includes a scrutiny of different factors such as the companies profitability, its marketing strategies, its growth curve, its objectives, the target audience and its interaction with others, its business organization and, above all, a careful study of the products or services it has to offer.
An evaluation of the latter can help us to establish the characteristics that make a product or service something unique and therefore, and what are the attributes in which we need to work to attract more customers.
When defining a market strategy, it is important to focus on both the strengths and weaknesses of our most direct competitors:
•What do they excel in?
•What they do wrong in?
•What is the main reason why customers find them convenient and attractive?
•What is the leading cause for dissatisfaction among their clients?
The correct ways to answer these questions is to visit the forums related to the companies of your competition, or their activity in social networks.
Another more direct way would be to put yourselves in their shoes and the shoes of a potential client and, to think objectively for a minute and evaluate in your mind everything about the products and services that they offer.
This will allow you to experience the most desirable characteristics that customers have, their needs and how to go about covering them.
A recipe for almost certain success when starting a new business in a highly competitive niche is to focus marketing on ensuring that you are the only – or at least first – to meet a new need in consumers.
In this way, the first commercial strategy that we will use will be to direct our initial publicity to emphasize the lack of a particular service or characteristic in the market.
From this, we will generate a need in public and increase its demand, and then emphasize that we are the first to have thought about it and that we are certainly the only ones able to satisfy that demand immediately and long-term. This part of it will be hard but long-term will be highly rewarding. It’s long term we want to consider not just here and now and gone tomorrow!
Successful companies, leaders in their respective market segments, have thrived thanks to offering at least one feature that makes them different from the competition even in popular niches.
A good strategy may be to expand their scope and target those distant markets that are also overflowing with potential customers.
Take Airbnb for example….
Look inside book to see more!