Wednesday, March 28, 2012

4 questions to answer on why your customers buy somewhere else

Competitive analysis is the starting point of differentiating your product or service from all others, writes Brian Tracy in his book Now, Build a Great Business! with Mark Thompson.

Consider these four key questions:
  1. Who or what is your competition? Put another way, who else do your prospective customers buy from rather than you?
  2. What value do these customers perceive that causes them to buy from others and not from you? How can you neutralize this perceived advantage? How can you change your offerings in such a way that potential customers prefer yours over others'?
  3. Why would (or should) your ideal prospects switch to your product or service? (If you cannot answer this question in 25 words or less, your marketing strategy is probably in serious trouble.)
  4. What are your critical assumptions about your competition? Errant assumptions are at the root of most marketing failures. Could your assumptions about your competition be wrong? If they were wrong, what would you have to change or do differently?

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