In this video, learn how to learn more about your customers' preferences and their interactions with your competitors.
- When I first got into marketing, … I thought the best brands in the world … only worked with the big advertising agencies … because they thought the most brilliant ideas … came from big agencies. … But that's not the case. … National brands often take risks … on small boutique advertising agencies, … like one I used to work at early on in my career. … Big brands often felt that smaller marketing boutiques … offered more unique, impactful advertising … than bigger agencies. … It's important to be 100% sure of how your customers feel … about your competition so you don't undercut your business. … To do this, you want to get into the customer's mindset … with qualitative research. … Then, research quantitative data … to further support your findings. … For example, using focus groups and one-on-one interviews … really make a difference. … There could be more than one reason … why people choose your product, … and your job is to highlight and always … reinforce these reasons. … Is it because of the prices you offer? …
- Explain the benefits of a competitive analysis.
- List three elements to include in a competitor profile.
- Recognize the biggest challenge when researching your own strengths and weaknesses.
- Recall the advantage of knowing your competitor’s strategies.
- Identify three elements included in competitor research analysis.
- Define the elements that make up the SOAR framework.