Identifying the key benefits that answer the question of WIIFM (“What’s in it for me?”) for your customers and prospects, the first step in writing compelling copy. The second is positioning what you have to offer relative to what your competition has to offer.
In considering your competition you need to (more…)
Not many people remember a product called Zima, and that’s the point of this post. As a marketing professional, I’ve always been interested in new product introductions and advertising campaigns in general— how well do they work? how long do they “run” (suggesting that the positive effects are continuing to produce results or, if nothing else, that the agency and client haven’t “pulled the plug” prematurely).
In addition, as someone who is not a “beer drinker,” I was interested several years ago when a new product was introduced—Zima—a beer-based beverage that was supposed to be light and refreshing. Hmm. Sounded interesting. The campaign was extensive, attention-getting, and effective—to a degree. It raised awareness. It generated preference (at least initially). All was good. Right? Wrong. (more…)
Every business has competitors and needs to successfully position itself against those competitors to succeed in the marketplace. Creating a competitive analysis matrix can be a good way to help you identify areas of opportunity for your business and its products and services. Here we show you how.
(more…)
by Justin Grensing, Esq., MBA
Tesla, the electronic vehicle (EV) company headed by high-profile billionaire Elon Musk, is a fascinating organization in many ways. The media has recently been excited about the company’s back-to-back quarterly profits. Despite the company operating in the red for so long, observers love to root for the revolutionary company. It’s also interesting to look at Tesla from a business strategy standpoint. For example, Tesla is widely recognized for the way it generates intense customer loyalty. (more…)
In a highly publicized conference call, first reported by Forbes, Papa John’s founder John Schnatter used the “N-word” during a discussion between Papa John’s executives and marketing agency Laundry Service. What followed was weeks of turmoil where Schnatter first stepped down as chairman of the Papa John’s board of directors, then said his decision to step down was a mistake, and then filed a lawsuit against the company he founded for what he describes as the “heavy-handed” way he was treated. The company’s stock has (more…)
When facing competitors, there’s an old saying that goes, “If you can’t beat ‘em, join ‘em.” In other words, if you aren’t able to overcome your rivals, you’re better off cooperating with them or joining their side in the hopes that you’ll gain some sort of advantage. In the business world, a better saying might be, “If you can’t beat ‘em, copy ‘em.” (more…)
Whether you’re a startup looking to break into an existing market, or an existing business looking to branch into a new product or service line, it can be intimidating to survey the competitive environment and find yourself potentially face-to-face with behemoth multinational corporations and Fortune 500 companies. While a mega-competitor could, theoretically, direct its massive resources into forcing out an upstart competitor, there are some ways to compete by exploiting the advantages small can have over large. (more…)
Any business school graduate has probably had a healthy dose of Michael Porter’s Five Forces, and for good reason. The framework is a great way to look at the competitive landscape. Porter’s framework is designed to look at the competitiveness of a particular industry, as opposed to companies within that industry. For example, you might use the framework to determine the attractiveness of starting a soft drink company, as opposed to investing in PepsiCo versus The Coca-Cola Company. We’ve provided a broad overview of the tool in the past, but we’ve recently been taking time to look at each individual force in greater detail. Today, we’re diving deeper in the threat of new entrants. (more…)
Michael Porter’s Five Forces framework uses industrial organization economics to evaluate the attractiveness of an industry based on the overall level of competition within that industry. The more competitive an industry, the lower profits will be. Conversely, an industry with little competition is likely to be more profitable and, therefore, more attractive. We’ve already written on the Porter’s Five Forces generally. Now we’re looking at each of the forces individually and in greater detail. Today we’re taking a closer look at the supplier power. (more…)
Michael Porter developed his Five Forces framework as an associate professor at the Harvard School of Business in 1979 as a way to help evaluate the attractiveness of different industries based on the primary five forces he saw driving the competitive environment of those industries. We’ve covered the framework generally, and now we’re looking at each individual force. Today we look at competitive rivalry. (more…)
Subcribe to This Blog
Brand Evaluation
We’ll help you assess the gaps between how you’d like to be perceived and how you are perceived. More
CONTENT CREATION
Whether you need web copy, blog posts, whitepapers, ghostwriting--or RFP or report creation, we can help. More
PR/MEDIA RELATIONS
We can provide you with media training and coaching, help you identify relevant media and help you generate media coverage locally, nationally and online. More
SOCIAL MEDIA
Social media isn’t for everyone, but if it’s right for you we’ll help you identify, implement and assess the impact of your online communications. More
STRATEGIC PLANNING
Our name says it all! We’re passionate about strategic planning and work with clients to develop marketing and communication plans, as well as broader business plans designed to provide actionable--and measurable--direction. More
We invite you to republish our posts. Click here for details.
