Tip:
Highlight text to annotate it
X
Hello there, I’m Jim Glover, That Branding Guy. Today is Recon Thursday and we’re going
to get you taking a close look at your competitor’s products to see if there are opportunities
for you to one-up them.
Are you paying close attention to what your competitors are selling? Do you know which
products are selling the best? Maybe which products aren’t moving very fast? And maybe
which products they are not offering at all. Those are the kinds of questions you want
to ask yourself so that you can see there are any holes that you can fill by enhancing
or adding new products to your product line to out-do your competition.
Let’s revisit our taco stand on the plaza. Suppose you are standing there operating the
stand and a customer comes up and asks do you have gluten free tortillas? They say that
the guy over there didn’t so I thought you might. You say I’m sorry we don’t have
any gluten free tortillas. So that customer leaves and doesn’t buy from either of you.
What you do is you make a mental note and you go out and get gluten free tortillas and
you add them to your stand. Put up a big sign so the next time somebody comes up and asks
do you have gluten free, you say of course, how may I help you?
You need to take that same approach when you look at your competitors products in general
to see if there is any other opportunity that you can do to improve your product and attract
maybe some of their customers your way.
I think that you can see that it is a very good idea to have a thorough understanding
of the products your competitor offers. And then you can think about ways to enhance your
own products, you can think about filling voids that they are missing. Then once you’ve
got that product mix shaped up a little bit better, then you want to make sure you tell
your customers because that will distinguish and differential you from the competition.
Thanks so much for watching and we’ll see you tomorrow for Digital Friday. If you need
branding support, please contact me to discuss an online or face to face service engagement,
you can find that information at the end of this video. I am Jim Glover, That Branding
Guy, for Once a Day Marketing and we will see you next time.
James Glover Once a Day Marketing
06-21-12