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Why learn about your competitors? | Brandon Gaynor of Rancho Cucamonga

Brandon Gaynor is having experience been working as a Senior Branch Manager for a Mortgage company in Rancho Cucamonga since 2017. Brandon Gaynor is also a social Worker he always wants to help needy people that need any kind of help.<br>

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Why learn about your competitors? | Brandon Gaynor of Rancho Cucamonga

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  1. BRANDON GAYNOR OF RANCHO CUCAMONGA Why learn about your competitors?

  2. SESSION OBJECTIVES ➤ Collect information about your competitors ➤ Research and analyze your competition ➤ Identify direct and indirect competitors ➤ List your product/service features and benefits ➤ Define your business’s unique value proposition

  3. THE MARKET SHARE PIE ▪ Your com pan y ▪ Co mp eti tor #1 ▪ Compe titor #2

  4. GOAL: FIND YOUR COMPETITION ➤ Who else is selling my product or service in this industry? ➤ What makes my business different? How will my business stand out (be different) from the competition?

  5. WHY LEARN ABOUT YOUR COMPETITORS? ➤ Knowing where your business is strong, and the other company is weak, can help you stand out in the industry. ➤ Knowing where your compe0tor is strong, and you are weaker, can help you learn and improve the way you do business.

  6. TYPES OF COMPETITORS ➤ Direct compe0tors: businesses that offer similar products/services to yours. They are the most risky, and should be central to your research. ➤ Indirect compe0tors: offer alterna:ve products/services to yours. They may surprise you one day with a compe:ng product! ➤ Phantom compe0tors: forces outside your control that can have a big effect on business

  7. WHERE TO FIND INFORMATION ➤ Company websites and search engines ➤ Social networks ➤ Visit your competitors ➤ Google alerts ➤ Ask your customers…and ask them again! ➤ Survey existing or potential customers ➤ Conferences & trade shows ➤ Better Business Bureau

  8. WHERE TO LOOK ➤ Local market focus: may want to look at compe:tors within 50 km, if a restaurant, that might be a smaller area (15-20 km); If in a bigger market (e.g. Manitoba) will need to look more broadly throughout the Province, and potentially to neighbouring provinces ➤ Online: who else is selling online? Where do they show up in search rankings (e.g. Google) ➤

  9. INFORMATION ON YOUR COMPETITORS Company details Target market Strengths/weaknesses Products/services Price Added benefits How do they reach customers? Features & benefits Unique value ➤ ➤ ➤ ➤ ➤ ➤ ➤ ➤ ➤

  10. ABOUT COMPETITORS ➤ The amount of information you can find may be different for each competitor. ➤ Don’t be discouraged if you can’t find all the informa:on you need for every compe:tor. ➤ Do check several of the poten:al sources just covered.

  11. FEATURES & BENEFITS ➤ What is a product/service feature? ➤ What is a product/service benefit?

  12. FEATURES AND BENEFITS: DEFINITION ➤ Feature: what your product or service is or does. Least effec:ve in selling. ➤ A benefit explains what features mean and why they are important. Benefits tell your customers how your product or service features will solve their problems.

  13. IS IT A FEATURE OR BENEFIT? ➤ 10 megapixel camera ➤ Camera that shoots clear pictures, even in action shots ➤ Gluten-free pizza ➤ Safe pizza for celiac customers ➤ Lightweight vacuum cleaner ➤ Vacuum that is easy to carry up stairs

  14. ALL-NATURAL DOGGIE TREATS Features Benefits High quality, organic Health, longer life, doing ingredients what’s good for your dog Safety, decreased accidents Safe for dogs with allergies or food sensitivities Come in 10 flavours or reactions to food, health Options for the fussy dog. Your dog will eat them! Safe for the environment,   Sold in biodegradable packages Sold in pet stores low waste Convenience

  15. UNIQUE VALUE PROPOSITION A promise of unique benefits that your product/services offers to your customers. ➤ A few sentences long, includes your product features/benefits, and can apply to your entire business, or individual products or services. ➤ A UVP answers 2 questions: How can your product/service solve my problem? ➤ ➤ Why should I buy from you and not someone else? ➤

  16. UNIQUE VALUE PROPOSITION Your UVP can be used to communicate your product/service’s value to: ➤ Customers ➤ Investors/lenders ➤ Potential partners ➤ Employees ➤ Suppliers

  17. THANK YOU

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