Although most markets are fiercely competitive, with so much focus on demand generation, many marketers cannot allocate sufficient resources to anticipating competitors’ moves. Companies need to make a myriad of strategic and tactical decisions regarding how they will operate in the market and engage with customers. These decisions often require a strategic lens that considers both the customer and competitive environment. A focus on customer insights is a good thing -- but when marketing organizations fail to anticipate competitors’ moves that affect customers, all the insights may be for naught.
When was the last time you and your team took time to consider how your rivals operate, or might operate based on changes that you make? For example, if you brought a new product or service to market:
As part of developing a go-to-market plan for innovations and/or market strategies, we consider technology, functionality, customer segments and requirements, channels and partners, pricing and promotion. Our competitors are doing the same. Therefore, thinking about these questions and areas from the perspective of your competition provides insight into their potential opportunities and possible responses. Answering the following questions from your competitors’ point of view may enable you to better anticipate and counteract their moves:
These ten questions will probably spark more questions for you and your team to address. Reflecting on these questions will help you sharpen your thinking when it comes to innovation and market entry strategies.