Using A Competitor Analysis Table To Analyze The Strength Of Your Competition

Using a table you can collect the information you need for your market situation analysis in a more thorough and complete manner

. This type of competition analysis table will give a summary of the differences and main similarities between you and all your main competitors. Figuring out how your competitors operate and what their strengths and weakness are will make you much more effective in your own marketing.

There is nothing absolute here when putting together this information, just suggestions. The reason for this is because your marketplace will vary based primarily on your competition. Still analyze the marketing communication of your competitors and gather information. By doing this you can probably find some information on how they sell and distribute, where they are located, who are their most loyal customers, and perhaps how much product they're selling.

Don't forget the customer perspective, which is the most important part. Put this information into a list and take a look at what works for your competition as well as what doesn't work. In the end you want to have a table for easy analysis that has all the available data on all the important information about your competitors.

This analysis will identify your strengths and opportunities as well as oncoming threats and weaknesses. Build your marketing strategies around these findings in order to have the best change for success The growth in your business will accelerate and prosper when you have your marketing strategy down like the back of your hand. Clarify the strategy section of your plan until it can be easily explained. This will lead to perfect execution and implementation and make it much easier to understand specific marketing activities and objectives.

Clarify these objectives by clarifying them.

Consider what are the most appropriate objectives and the most realistic for you. An example of this would be sales growth and/or brand building. This will come to you after you have a few marketing strategies and also have a good handle on the current situation.

Whatever you decide to do, there is no doubt that your market strategy will cover specific objectives. Maybe you need to open a new territory in order to grow sales. If this is the case then you would need to make specific goals that include increasing sales in that territory. This number will become your specific objective. Without these goals and a way to measure them you won't have any idea what your return will be. You'll also have no way of being able to accurately track your performance as you implement the plan.

You really can't ever stop thinking about your plans or objectives. They will be a key objective to making this all work. You don't have to clutter them with a lot of words to make them effective. You can devote half a page or up to two pages at the most.

Always keep in mind that you have a finite amount of available resources to pull off even the greatest of ambitions. Don't come up with a plan to be the largest in your market by the end of the year, especially if your currently the 10th largest competitor. This may need more product inventory and marketing dollars then you have access too at this time.

Have your objectives in line with you resources and capabilities with a reasonable time frame attached to them. Would a perfect stranger feel confident in what you were doing and that you could accomplish your goals with a little work, even if the had no idea about your business? If you can't answer that, then find some people and asked them.

by: Robert D. Waltz

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