|
The Marketing Edge
bulletin
Competitors - who
wants 'em?
All of us should.
1. Competition is healthy;
it ensures that businesses remain focused on what their
customers want. Customers vote with their pound, so if
your product or service is not precisely what’s needed,
they will spend their cash on a competitive brand that
does meet their specific requirements.
2. Competitors allow
companies to gauge their effectiveness in the marketplace.
Having a 46% share of the frozen doughnut market this year
versus a 42% last year shows competitive growth. Customers
are choosing your brand over that of the competition.
3. Competitors force
companies to keep their products and services both relevant
and up to date. If 75% of your business is selling pickled
peaches you need to be reminding people why they should
buy your brand,
and looking to lower your reliance on a single product.
4. The brand leaders,
those brands at the top of the tree, all have competitors
and some have beaten their competitors to reach the coveted
number one spot. Walkers crisps started with a rapid delivery
service to local outlets - they had a passion for
offering ‘crisp crisps’. Smiths failed to take
the new upstart seriously and so Walkers ruled supreme.
That was of course
until the launch of Kettle Chips....
Back...
|
