Marketers should keep a keen eye out for their competitors when devising their annual business plans, an expert has said.

Donna Bletzinger, president of marketing consulting firm Dyer Stephenson, urged marketers to conduct in-depth assessments of their competition so they can gain a more thorough view of the market.

Writing in Marketing Profs, she encouraged marketers to find out what their competitors are doing to entice consumers to buy their products and services and determine whether those firms are doing something they themselves are not.

“What is the price of your product compared with that of your competitors?” Ms Bletzinger commented.

“Do they have a website? Do you? If you are a professional services consultancy, are your competitors emailing a monthly newsletter with information about their services? Are you?”

Ms Bletzinger also advised marketers to think outside the box when trying to compete with their rivals and “look more broadly” at their competitors.

Steve Adams, vice-president of Campaigner Marketing, recently urged B2B marketers to uphold industry best practice guidelines otherwise their clients may opt to take their custom elsewhere.

Posted by Julie Knight, Managing Director – General Marketing, Industry News

Related Topics: General Marketing