From the course: How to Write a Marketing Plan
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Research competitors in your industry
From the course: How to Write a Marketing Plan
Research competitors in your industry
- [Instructor] I looked at my competitors and I thought that, "If they could do it, I could do it. And if they're popular and doing well, I could compete with them," an interesting quote by Tommy Hilfiger, fashion designer. What did we learn from this quote? Don't fear your competitors. Instead, use them as a learning tool to improve your business. While the average company owner may be paralyzed by the thought of competition, the savvy business owner is carefully monitoring their rivals to gain insight into their target audience. Competitive research is an essential part of an effective marketing plan because it helps position your products and services within the market. Let's learn how to conduct competitive research to get the most out of your customer base. Who are your competitors? It sounds like a simple question, but it's not. There are two types of competitors to consider, direct and indirect. Your…
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