In the era of open market, marketing intelligence is more than necessary.
Have you observed why some market leaders are no longer leading in their business? Here are some common errors when they are dealing with competitors.
- Under or overestimating the reactions of your competitors
- Thinking that, because you have a strong business, competitors are not relevant
- Underestimating the willingness of some competitors
- Trying to avoid meeting competitors at public events
- Not using the in-built agility of your small business
- Thinking that a large competitor is not vulnerable
- Forgetting that competitor make good take-over bidders or targets
- Not exploiting the weaknesses of your competitors.
Some potential danger sign
– Has a change of senior management
– Move into larger premises
– Take over another business or taken over
– Starts to recruit more sales staff
– Raises capital
– Launches a product or service similar to yours.
Which business survive?
Where there is competitive struggle, it is not necessary the best or the cheapest. The underlying financial strength and how well it promotes its products or services can count for much more in the long run.
(Source: Effective Marketing, Peter Hingston, 2001)