Jasz
VIP Contributor
The best way to map your competitive position is to analyze where you sit in the market and what your competitors are doing.
How do you know where you sit in the market?
1. Informational research: This involves gathering information about your competitors’ products, services and marketing strategies. The main sources of information are secondary sources such as industry reports and business magazines, as well as primary sources such as interviews with customers or salespeople. You can also use social media sites such as Twitter and Facebook to gather information on competitors’ activities. For example, if you wanted to find out more about your competitor’s pricing strategy, you could search for tweets containing its brand name along with “price” or “discount” (or any other relevant keyword).
2. Observational research: This involves observing what other companies are doing in their markets. For example, if you wanted to find out whether your competitor was expanding into new markets or developing new products or services, then you could attend industry conferences or visit trade shows where it exhibits its products. You could also try talking to its customers (either directly by telephone or indirectly by visiting them.
How do you know where you sit in the market?
1. Informational research: This involves gathering information about your competitors’ products, services and marketing strategies. The main sources of information are secondary sources such as industry reports and business magazines, as well as primary sources such as interviews with customers or salespeople. You can also use social media sites such as Twitter and Facebook to gather information on competitors’ activities. For example, if you wanted to find out more about your competitor’s pricing strategy, you could search for tweets containing its brand name along with “price” or “discount” (or any other relevant keyword).
2. Observational research: This involves observing what other companies are doing in their markets. For example, if you wanted to find out whether your competitor was expanding into new markets or developing new products or services, then you could attend industry conferences or visit trade shows where it exhibits its products. You could also try talking to its customers (either directly by telephone or indirectly by visiting them.
