subject: Strategic Planning Ways - Target Your Competitor's Fringe Market [print this page] One key to developing an energized business arrange is to understand your business surroundings in terms of how your competition "visualizes" your target audience. It would be foolish to not assume your competition has invested their own time and cash in what you now can see as a "working" market plan. Why not find out about your target market from this outside perspective? Why not take advantage of it to strengthen your own plan? Avoid "reinventing the wheel"! You'll gain a completely different and perhaps higher perspective of your target market by studying the selling campaigns of your competitors. Understanding their success provides a "free" outside analysis of your niche market and valuable insights that could save your business time and money.
Sensible promoting will typically emphasize the advantages of a product or service rather than dwell on the needs of your target audience. On what key edges does your competition build their promoting campaign?
1. Summarize your most successful competitor's action arrange in two-5 sentences by identifying what their "offerings" are and how they use conduct their promoting campaign(s).
2. Identify themes or keywords that seem most often in content regarding their product, their business mission, and their "on-line complete". What are the most outstanding benefits they offer their target market?
3. Build a list of themes and keywords that COULD BE associated with your niche audience or the product/services in question BUT are infrequently or randomly employed by your competition. In other words, what's it that they "do not" say?
4. Outline "limits" in your competitor's selling campaign(s). Establish the "benefit" boundaries of their "offering" and indirectly, the "perceived scope" of how your competition views your mutual target audience.
Not everybody has revolutionary ideas that change a market. After all, the "first" NEW product or service in an exceedingly market is typically hampered by a lack of public recognition and acceptance. Focus your business efforts on "benefit boundaries"; on offering a "higher mousetrap" rather than introducing a "new" concept in rodent extermination. Perceive where your competition has "drawn the line" in terms of product or services.
Target the boundaries of your competition's vary of benefits. Supply little, incremental improvements on the "marketing fringes" instead of attempt a full head-to-head attack on market share through, for example, a reduced price. When you are new to a market niche, request to expand that market rather than lower a worth point for existing merchandise or services. People are willing to pay more for a a lot of expensive "Excedrin" as compared to a generic tablet with the same ingredients as a result of they believe it "works better". Marketing "Excedrin PM", following this logic, is a terribly lucrative "no-brainer"!
