In this exercise, you'll be gathering and analyzing information about your competitors' activities and general trends in your marketplace to further your own goals.
Depending on the situation and the people involved, complete the Competitor Information Worksheets using various information sources, including online research, local and national media reports, competitors' marketing pieces, or by asking people to participate in an informal marketing survey during interviews and social occasions.
- List your major competitors by company name. Keep updating this list.
- Distribute copies of the Competitor Information Worksheet to associates in your firm, your best clients, centers of influence and referral sources.
- Ask that the forms be completed using various information sources, including first-hand knowledge, resource interviews and market research.
- Ask them to keep the forms handy, starting as many forms as they need to, adding whatever information they may have or come to learn about each competitor.
- Collect the completed forms and review them regularly.
- Look for ways to create competitive advantages in your marketplace based on the information you receive.
- Include the completed worksheets or summarize the results and your conclusions in your Marketing Plan.
