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Marketing
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Competitive Advantage |
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It may be helpful to list your Weaknesses
as well as your Competitive Advantages, because some weaknesses
can become advantages, if they are presented to the customer
properly. What do you do better than your competition? The qualities you outlined in the topic “Define Niche” reveal your specific strengths, and your “Niche” becomes more obvious. The people you originally thought were competitors may not be competition at all! For example – the fitness company that is used in the “Sample Marketing Plan” may have originally thought that all gyms and fitness clubs were competitors. Fitness clubs may want to cater to body builders, other clubs may want to cater to seniors or working women. Each of these groups requires different equipment, programs, and staff attention. These businesses are not competitive, but illustrate the “Niche” that each enjoys within the industry. Yes, seniors can join a fitness club that caters to body builders, but this audience is not the club’s target market, and the senior may not be happy in this environment. So as you evaluate your strengths and weaknesses, you may discover, as in the case of our fitness club, that advertising “We do not cater to body builders” may turn into a strength if you are marketing to working women or seniors. Weaknesses may also be important when setting your Objectives, if you plan to correct these problems or keep them in mind as you grow. Your Strengths become the copy subject matter for advertising as you expand your marketing. You want all your customers (Target Market) to know your strengths and see the advantage to them in using your services or products. This is the “What’s in it for me?” answer to all your customers. They need to know that you will deliver what they want! You should carry each one of these strengths forward individually, and develop copy and advertising materials for future work accordingly. Also, you should plan a strategy to develop these strengths even more for the future. For a more detailed look at your Strengths and Weaknesses do a SAOT Analysis - a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a business project. For more information return to GregSchaale.com Home Page
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