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:
- 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?
- 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.