This is the 5th part in a 9 part series on building your marketing plan.
It's very important to analyze your competition.
Start by looking at two main groups. Direct competitors offer the same products/services that you do. Indirect competitors offer products/services that may satisfy the same need but through a different approach.
An example of this would be if you sold bikes, a direct competitor would also sell bikes. An indirect competitor would sell scooters or skateboards. All solving the problem of personal transportation.
Once you have identified your competition you want to look at:
What is their business model?
How do they market their product?
Where are they located?
What is their market share?
What are their strengths and weakness?
Once you have answered these questions you can find out how you compare, what your competition is doing, and how you can set yourself apart.
4t Creative is here to help you develop your strategic marketing plan. Contact us to find out more about our consulting services.