How to market an idea, product, or service entails learning where and how you fit into your market. The best way to figure this out is to evaluate your competition. Answering these seven questions will help you create new marketing strategies by focusing on what makes you stand apart from your competition.
Who is your Competition?
List every business that competes for the same target market as you do. These may be other home businesses in your area, large retail stores, or online websites.
Where is your Competition?
Determine where your competition is located compared to you. Are they in close proximity? Do they have physical locations in your city or are they primarily online?
How Long Have They Been in Business?
The purpose of this question is to help develop up some marketing angles. It really doesn’t matter if you are the oldest or the newest. Both have their advantages. Older businesses offer stability while new businesses offer new up-to-date ideas.
How Much of the Market Share Do They Have?
Does the competition equally divide the market or does one business take on the majority?
Do you offer the exact same product, service, or idea? Chances are they are not EXACTLY the same. If they appear to be the same, concentrate on developing some type of difference.
Strengths of Competition vs. Yours
What makes your competition better than you? Are they things that you can fix or are they things that you can use to your advantage?
Weaknesses of Competition vs. Yours
Look for weaknesses in your competition and turn them into your strengths.
How to market an idea, product, or service entails learning more about your competition which in turn will teach you more about your own business. The purpose of this exercise is not to make you want to throw in the towel. It is to take a good look at how you are different and what you can do to stand apart from your competition.