Competitive Assessment – How do you rate relative to your competitors?

Marketing Ingredient # 007

Competitive Assessment

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A common pitfall among entrepreneurs and business executives alike is underestimating the competition. It’s a crowded and noisy marketplace – to be different you have to know what’s out there! (And please don’t tell us you have no competition!)
Also, don’t forget that two of the biggest competitors are apathy and the incumbent.
Key question: What are the key product – service attributes that are important to the customer? How do your competitors rate? How do you rate relative to your competitors? Plotting the competitors’ strengths and weaknesses relative to yours is a key marketing ingredient.

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