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How about a sound marketing foundation and strategy to start?

I’ve recently come across companies who rely so heavily on their most recent competitive analysis that they believe even a basic marketing strategy is not needed. Sure, a competitive analysis can help find “low-hanging fruit”, but this alone cannot serve as a marketing strategy. Why? Let’s get down to basics and look at what a competitive analysis and marketing strategy are:

Competitive Analysis

  • an assessment of the strengths and weaknesses of current and potential competitors
  • used to identify opportunities and threats
  • focus = on your competitors

A competitive analysis can help you determine:

  • Who are your direct and indirect competitors?
  • What can you learn from them?
  • What are their strengths and weaknesses?
  • How does their product or service differ from yours?

Marketing Strategy

  • a process that allows an organization to concentrate its resources on the greatest opportunities
  • used to increase sales and achieve a sustainable competitive advantage
  • focus = on your company

A marketing strategy can help you determine:

  • What you want to achieve.
  • Activities or tactics needed to achieve those goals.
  • What tools to use.
  • When to use the tools.

    In essence, the competitive analysis is a component of the overall marketing strategy. It’s a tactic and is great information to have, but it does not provide you with a plan to follow to meet your goals and objectives.