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Offline vickysmith123

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 Who do your target customers buy from when they do not buy from you? And what do they buy? That is your competition! Your competition is not always in the

same business you are. Keep alternatives and substitutes in mind. Once upon a time railroad companies dominated the transportation market. Competition was

other railroads, or so they thought. It turned out that the real competition was the automobile and, later, airplanes. Now railroads are the afterthought

in the transportation industry. Movie theaters compete with bowling alleys and books. Health food stores compete with fitness centers. Plumbers compete

with hardware stores. The idea is to understand who your competitors are, how effective they are, and your competitive standing in your target markets.

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Then you can determine how to compete better. First, identify who your main competitors are ?the five or ten who do the best job of attracting the

customers you want to attract. Then you should evaluate their positioning, as well as their major strengths and weaknesses. Finally, determine your own

competitive effectiveness and decide where you rank among them. This competitive analysis, plus the insights you have already trained from studying your

target markets, will enable you to select the marketing mix you will need to excel in your markets.

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 6.Key Marketing Indicators ?Tracking your Marketing Strategy. You should look at the size of your market as a whole. Next, look at what part of the market

you over?with your marketing activities. Determine how much of your market coverage can be converted into interested potential buyers. Then measure how

many of those potential buyers actually convert into customers. This is like a funnel that narrows at each step of the process. You can quantify each level

of the funnel with indicators of marketing effectiveness ?your key marketing indicators ?and track how well your strategy is working. Your key marketing

indicators are: (1) market size; (2) market growth; (3) market potential; (4) market coverage; (5) lead generation; (6) lead conversion; (7) market share;

and (8) average sale.

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 In the above processes, you will develop the marketing mix for your business that enables you to become more effective in attracting and retaining

customers. This will enable you to put together a written marketing strategy using systems and processes to gather the information needed to develop your

overall marketing strategy and use metrics along the way. 
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