- by Rory Ramsden
This is the step that most small business marketing strategies miss. How can you hope to position your product launch well if you have little or no data on your competitors? Spending time doing a SWOT analysis on your major competitors will surface a mine of information not only about their products and services but also…
#1. Their website
#2. Their Sales Funnel
#4. Their Advertising Spend
You’ll be able to see the evolution of their site. What changes were made, when and how long it took for the evolution to occur. This will give you valuable information to use in the development of an innovative solution to the challenge that your audience is facing
Knowing all this and monitoring the changes as they occur – check back monthly – will give you insights into their objectives, the resources that they are using and how effectively; what is central to their core objective; what assumptions they hold; and indeed what resources they can bring to bear on achieving their stated aims.
You can use this data to do 3 things…
- Create your core concept so that it really is laser-focused, benefit driven, exciting and original and will set your new product apart.
- Apply your expertise and experience to create an original product targeted on the problem that your bigger competitor cannot afford to service
- And position your offer so that it strikes your competitors where they are weakest
This will pay big dividends come launch day. As a smaller nimbler player you will create a micro niche that never existed before and gain traction in the market
Your larger competitors will be left powerless to react. The need to service their far larger overheads will only allow them to compete in the bigger more generic markets.
Meanwhile you can build a good business for yourself by doing one product launch after another and dominate several smaller niches where you will be regarded as the go-to guy with all the attendant benefits…