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Are you actively monitoring your competitors? Do you analyze this information and adapt your marketing plans to maximize your effectiveness? If not, you should heed the advice of the ancient Chinese military strategist Sun Tzu. Sun Tzu’s The Art of War could be a handbook for today’s marketer dealing with an ever-changing competitive environment, consumers empowered with social media publishing platforms, new emerging technologies and devices, and 24/7 news cycles. Here are three techniques to help you gain the most insights from this data.
According to Michael Corleone in The Godfather Part III, “Never hate your enemies — it affects your judgment.” This is useful marketing advise. You must monitor your competitors to be able to develop effective strategies that weaken their ability to attract profitable sales. The hardest part is determining who your competitors are since it’s not always obvious. Here are seven competitors every marketer has.
Lan Sheng, a midtown New York based Chinese restaurant, is located across the street from one of the best Szechuan restaurants in Manhattan. Here are 5 points to competitively assess your product offering. Please read on …