KNOWING YOUR COMPETITION

AND BEAT THEM!

  Knowing your competition
 Differentiate yourself
 Perfect your marketing strategy & research
 Target new markets
 Look after your existing & key customers

 Strategy
 Find and solve customers' pain points
 Explore strategic partnership opportunities

AGENDA  Set competitive pricing and offerings

 Execution
 Our 6-step approach
 Review of your competitors analysis
 Identifying the areas of improvement
 Implementation
 In order to stand out in your market, you need to know who
your competitors are and what they are doing vs. what you are
KNOW YOUR doing. And it is most important to begin by examining the
COMPETITION marketplace and industry.
FIRST, TAKE A HARD LOOK AT THE THINGS YOUR
COMPETITOR DOES DO AND ASK YOURSELF:
 Does that company have intimate conversations with customers that lead to
conversions?
 Do they have a unique angle to tell their story from?
 Are they providing a solution for customers that you aren’t?
DIFFERENTIATE YOURSELF

 It’s essential to give your customers good reason to come to you rather than a rival. To provide this reason, you
first need to know what differentiates you from your competitors. Once you know this, you can use it to your
advantage when competing in the market.
 This can be achieved by developing a unique selling point (USP) that taps into what your customers really want.
way. Building solid buyer and/or user personas from the outset can help you shape and steer what you want your
USPs to be.
 Maybe you are cheaper, or you offer more value, or you provide a different service. Either way, you need to have
that one thing that sets you apart.
 You can also be unique in how you market yourself. You have to be if your product or service is exactly the same
as your main competitors.
PERFECT YOUR MARKETING & BUSINESS STRATEGY
It is not enough in today’s competitive
market to have some business cards,
pamphlets, and a generic website. You
need to develop your online and offline
presence in a way that makes you stand
out from the crowd. It’s no good just
shouting the same things into background
noise - you need your voice to be heard
over it.
Make more effort to tell people who you
are, what you sell, and why they should
buy from you. It doesn't have to be
expensive – cost-effective promotional
ideas include everything from leaflet
drops to campaigns on social media.
TARGET NEW MARKETS
 When you have one market locked down, selling into new markets can
increase your customer base and spread your risk. This is important in
learning how to handle competition in business as new markets can lead to
faster and better growth.
 You should ask: Are there other potential customers similar to your existing
target market? Could you reach a wider audience by selling online or
overseas? Make sure you tailor your offer to each different market segment.
 This idea goes hand-in-hand with finding something unique about yourself. If
there isn’t anything unique in your offerings or abilities, look for an
underserved group. The old saying, “the riches are in the niches” applies
here. Find something people need and be that. Starbucks didn’t invent
coffee but it did brand a lifestyle and coffee-house experience into that cup.
 To find these target markets, you need to analyze your customer data to
determine the typical demographic information of your audience, their
geographical location, their spending habits, and other relevant patterns.
 For a marketing campaign to thrive, it needs to be strategic and highly
focused. Hone in on a specific target market for each of your core services
or product niches, and develop strategies that cater to each niche
individually.
LOOK AFTER YOUR EXISTING CUSTOMERS

 The customer is king! As product marketers,  we know that but how many of us really create strong processes
around it?
 New markets are exciting to enter, and when your company is ready, new markets can lead to a big payoff.
However, don’t forget the customers who are already loyal to your company, as they are your competitors' target
market. They might have become brand advocates but now the work is in keeping it that way.
 To begin with, use customer feedback surveys to gather this information. Learn how your competitors offer to
support their customers and weigh yourself accordingly to discover the scope of improvement. Customer support
and satisfaction is the door to a profitable business as it helps businesses win their customer trust and maintain
loyal relationships.
 Product & Portfolio development.
 Knowing who your competitors are, and what they
are offering, can help you to make your products,
STRATEGY services and marketing stand out. It will enable you
(BUSINESS & to set your prices competitively and help you to
MARKETING) respond to rival marketing campaigns with your own
initiatives.
FIND AND SOLVE CUSTOMERS' PAIN POINTS
These questions include:
 What is your company's biggest obstacle to
growth?
 What is your biggest personal obstacle?
 What matters the most to your supervisor?
 Which tasks occupy most of your time?
 What are your complaints?
 What might account for any recent business or
customer losses?
pain points
 One likely way to beat your competition is to address the needs
of your shared target audience better than your competition can.
Ask open-ended questions to find exactly what your customers
want while using your products or services.
 Certain trigger questions that identify pain points may be
especially effective to ask your customers.
 After you identify a customer's pain points, you can attempt to
solve them by discussing their issues using terminology that
they use themselves. Once you have a clear picture of the issue,
the next step is to ascertain who at their company can solve
those pain points and who is authorized to purchase your
products and services.
EXPLORE STRATEGIC PARTNERSHIP OPPORTUNITIES
These symbiotic
relationships help both
For businesses, partnership
partners by providing some
opportunities are very
sort of opportunity that was
popular right now. Most
not otherwise attainable.
businesses are reaching out
When considering
to others in the hopes of
partnerships, think of what
tapping into a new market or
your company needs to
demographic.
succeed more and then act
on that opportunity.
Starbucks has partnered with
Earthwatch since 2001. One
of the goals of this
partnership was to introduce This partnership helped
Starbucks employees to the Starbucks develop its ethical
scientific research behind approach to coffee while
coffee beans – benefitting assisting Earthwatch in
Earthwatch’s goals. spreading sustainable and
Additionally, Starbucks was scientific practices.
able to increase employee
engagement through this
partnership.
SET COMPETITIVE PRICING

One of the easiest ways to beat your

competition is to offer more affordable
pricing.
To determines the ideal price point; you
need a clear picture of what your
competition's goods or services are priced
at.
Research which competitors offer the best
value. Then you need to determine if what
you are offering brings more value to the
table and thus should be priced higher.  
  Our 6-step approach
 Review of your competitors analysis
EXECUTION  Identifying the areas of improvement
 Implementation
 Review of your
competitors Follow-up
analysis.

Review of your
Implementatio
OUR 6-STEP competitive
APPROACH n
position.

Identifying the
Strategic action
areas of
for victory.
improvement.
 REVIEW OF YOUR COMPETITORS ANALYSIS

Who are your SWOT Their external Their

Their strategy Their results
competitors? Analysis communication customers
IDENTIFYING THE AREAS OF IMPROVEMENT

How to further How to strengthen Define the key

capitalize on your and turn around performance
indicators for your
strengths. the areas of success and how you
weakness. score relatively to
your competitors.
IMPLEMENTATION

The implementation of the previously define

actions follows the SMART approach
 Specific
 Measurable
 Ambitious
 Realistic
 Time-bound
 THANK YOU
 HITESH KOLADIYA
 VISHWJEET JWALA

UNDER THE GUIDENESS :

SUDHA SHAH