Embed Size (px)
DESCRIPTION
The 7 Keys to Marketing Success series outlines the elements needed by small business owners and entrepreneurs to develop strong, strategically-based marketing plans for long-term business growth.
Citation preview
The 7 Keys to Marketing SuccessFREE Video Training Series
With Paul Keetch
Co-Author, Make My Marketing Work
The 3The 3rdrd Key – Know My Key – Know My CompetitionCompetition
Competition Defined:Competition Defined:– Anyone (or anything) that can impact Anyone (or anything) that can impact
your business.your business. 3 Primary Types of Competition3 Primary Types of Competition
– DirectDirect– IndirectIndirect– VariableVariable
The 3The 3rdrd Key – Know My Key – Know My CompetitionCompetition
Direct CompetitionDirect Competition– Businesses who offer the same (or very Businesses who offer the same (or very
similar) product/service.similar) product/service.– Compete in the same marketplace as youCompete in the same marketplace as you
Example:Example:– Mexican Restaurant competes with other Mexican Restaurant competes with other
Mexican RestaurantsMexican Restaurants– Also competes with all other local Also competes with all other local
restaurantsrestaurants
The 3The 3rdrd Key – Know My Key – Know My CompetitionCompetition
Indirect CompetitionIndirect Competition– Businesses who compete for the same Businesses who compete for the same
“Budget Dollars”“Budget Dollars”– Regardless of what they “actually” sellRegardless of what they “actually” sell
Example:Example:– Eating out is part of “entertainment Eating out is part of “entertainment
budget”budget”– Movies, DVD Rentals, Live sports & Movies, DVD Rentals, Live sports &
entertainment all compete for these budget entertainment all compete for these budget dollarsdollars
The 3The 3rdrd Key – Know My Key – Know My CompetitionCompetition
Variable CompetitionVariable Competition– Any EXTERNAL factors that could Any EXTERNAL factors that could
negatively impact your businessnegatively impact your business Example:Example:
– Non-competitor entering your Non-competitor entering your marketplacemarketplace
– Garbage strikeGarbage strike– Transit labor disputeTransit labor dispute
The 3The 3rdrd Key – Know My Key – Know My CompetitionCompetition
SWOT AnalysisSWOT Analysis– Strengths, Weaknesses, Opportunities, Strengths, Weaknesses, Opportunities,
ThreatsThreats– Complete SWOT on each type of Complete SWOT on each type of
competitorcompetitor Their weaknesses are your opportunitiesTheir weaknesses are your opportunities Their strengths are potential threats to youTheir strengths are potential threats to you
– Complete SWOT on your own businessComplete SWOT on your own business Where are you strong and weak?Where are you strong and weak? Where might you fail internally?Where might you fail internally?
The 3The 3rdrd Key – Know My Key – Know My CompetitionCompetition
In SummaryIn Summary– 3 Types of Competition3 Types of Competition
DirectDirect IndirectIndirect VariableVariable
– Beware external factors that could come Beware external factors that could come from left-field to disrupt your businessfrom left-field to disrupt your business
– Be adaptable and you will be successfulBe adaptable and you will be successful
The 7 Keys to Marketing SuccessFREE Video Training Series
www.MakeMyMarketingWork.com/mmmw.html
With Paul Keetch
Co-Author, Make My Marketing Work
