Compare And Contrast Your Business With The Competition

2007-12-23 Word Count: 409 Category: Advertising

I have been losing sleep for the past few days because I cannot decide which car to buy. Buying a car is a major decision. If I do not get the right one or I get something not worth my money then I will be spending hard earned money for something that I should not have bought in the first place.

There are just so many manufacturers in the market with each one trying to outsell and outperform the other. It is good I found a website that has a matrix that compares one car to the other. I was surprised to see how many variables one should consider. There were comparisons as to the safety, design, engine displacement, material, capacity, accessories, etc. It was very helpful because I was able to see the advantages and disadvantages of each one of them. I am down to three choices and hopefully, I will be able to make that ‘intelligent’ decision soon.

I cited this story to introduce to you a strategy that would make your business become more competitive. From my introduction, you would probably have an idea about what I am going to talk about: Comparing and contrasting your business with the competition.

The best to do know your business is to identify those you consider the largest threat to your business. If am a maker of an SUV, which among the other makers of SUV should I do a research on?

I guess the age old wisdom of Sun Tzu can be applied here: ‘Know your Enemy’. Come to think of it, I think this article could be all about that principle. Moving on, if you know your enemy then you can prepare for him. Understanding your enemy means you are prepared to compete with him. You can either engage him or retreat to build upon your ‘arsenal.’

Do not just focus on the strongest, you must also identify other competitors. Know them, understand how they advertise, why their customers buy them and what areas are their weaknesses, and how successfully you can expect to compete with them.

The key here is to make these information available to your prospects.

Prepare a matrix and print them in your flyers. Highlight what is strongest about your product and build upon it. Intelligent decisions are made through clear and straightforward facts. Your flyers should be able to help clients like myself make that ultimate decision – to buy your product.

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