Have you ever thought that perhaps the reason your competitor is doing better than you is because they understand their weakness and strength
A common practice for me when creating marketing plans is to study my client’s competitors to uncover their strength and weakness to see how we can leverage both to position for opportunities in the industry and prepare ahead of threats.
Today, I will be sharing some of the questions that help me uncover this
Strength
Weakness
Opportunities
Threat.
Questions to identify your strength
What do we do well?
What do customers like about us?
In what area do we outperform our competitors?
What is unique about our business or services?
Questions to identify your weakness
What can we improve?
Where do we fall behind our competitors?
What are our customers dissatisfied with?
What do we not know?
Questions to identify oppurtunities
What emerging trends can we take advantage of?
What similar markets can we tap into?
Are there locations with less competition?
What strengths do we have that customers and partners may find useful?
Questions to identify threats
What are our competitors doing?
What economic issue could impact our business?
What market trends are we unprepared for?
Do you have answers to any of these? Let me know
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