Tuesday, February 19, 2013


I am a firm believer that when you are devising a marketing approach, a solid competitor analysis should always be included. This very important exercise should not only highlight the strengths & weaknesses of your competitor but should give you important insight into any current market shifts or advantages.

When it comes to understanding competition - think puzzle solving; the more pieces you have the easier it will be to solve. Always start by breaking the analyses into three initial categories and go from there. (I've attached brief samples to illustrate approach:)

1. Historical Data:
a. Did anything change within their financial/ business environment?

b. Any milestones and/or setbacks – and how did they affect?

c. Market perception – did it remain favourable or decline? Why?

2. Observable Data:

a. Did their pricing structure change?

b. Did they bring any new/additional products to market?

c. Have they changed their market focus? If so, how?

3. Opportune Data:
a. Any ex-employee recruitment opportunities?
b. Shared suppliers/distributors opinions about the state of the market.
c. Maintain social contacts within the entire industry.

Remember, no matter what the size of your business, annually exercising in competitor profiling will prove to be time well spent. If done properly, it should feed nicely into your overall business strategy.

Rhondi Rule #23: Always LEAD your business...MAKE your competitors follow.

A good competitor analysis only proves that the ‘Lion’s Share’ of the market is planted exactly where it needs to be: FIRMLY with you!