Marketing and your competition

If you are going to be successful in marketing your company, products and services, you will need to have an understanding of exactly who your competition is and how you make your company more visible. Learning about your competition and how they fit into your marketing, is crucial to putting together an effective marketing plan. In addition, learning about your competition, will help you gain the exposure you will need, in order to run your business, for the long term. Here is what you need to know about marketing and your competition-

• Know your competition-Not caring about your competition or worse yet, even assuming that you don't have competition, is a fast way to doom your business. Savvy business owners understand that they need to know who their competition is and what they are doing. You should know how your competition got started, who runs their company, and what products and services the offer. You should learn about their employees and what customer service they offer. This is especially important because the level of customer service a company provides is often what keeps them in business, over their competitors. If you find that your competition is lacking in customer service, then you know where to strengthen within your own company. Building a relationship with your customers is the essence of good marketing. Don't forget that you can also go online to research your competition and find the details you need to know.
• Know that your competition can help you-Too often business owners look at their competition as the enemy. The reality is that the opposite is really true. You can use your competition to work together and form a business alliance. For example: If you and your competition sell complimentary products, you can take measure to promote each business. Sometimes this is as simple as including their pamphlet or business card, in your outgoing mail, along with your own. In return they will be doing that for you. This alliance can bring together small businesses that have limited marketing options, into a larger alliance, with a much bigger marketing reach.
• Know how your competition is marketing-Another valuable way to learn about your competition is to watch their marketing. This can also help you to be able to respond to market changes. You want to be aware of when your competition is going to launch a new product, or have a big sale. If you are vigilant in watching how they are marketing, you can be ready to respond with the appropriate type of marketing, from your business.
• Know how to take the high road-Dirty marketing has become the norm, within many industries today. However, studies show that customers rarely respond to these underhanded marketing tactics. Do not allow your company to be sucked into using underhanded marketing tactics that downgrade your competition. Many times a business will launch a negative marketing strategy, against a competitor, in hopes of drawing them into a public fight. This is never a good way to be marketing your company, and will constantly put you on the defensive, making you look and undervalued. Resist the temptation to respond to negative marketing, and instead position your company, as the expert in your field. In addition, it is crucial to maintain an original position with your marketing. You don't want to be copying a marketing strategy, from a competitor. Not only can this leave you open to legal issues, consumers will quickly spot a duplicate and be turned off by it. You want to be able to launch a creative and original marketing campaign that shows your company and the products and services you offer, in the best possible light.