Today I'm going to briefly highlight what Battlenomics is, and how it paves a clear picture of how you should be marketing.
In fact, Battlenomics is the only complete marketing system.
So, I'm sure you've learned all sorts of wonderful things about how to your business with a bunch of marketing tactics. Unfortunately, many business owners stick to learning tactics without understanding the strategy behind them.
This is a lot like a boxer learning how to throw a few punches, but not understand the overall fundamentals needed to win fights, and certainly not sufficient to be a champion.
So, today we're going to go over your competition, and your market.
Before you came here, I doubt you had any idea how to categorize your target market. Many people think of their competition as the company that sells similar products. Unfortunately, this is not sufficient because your competition helps guide you marketing efforts, and some of them will even help you directly increase your revenue. Now I bet I have your attention.
So first, let's split your competition into four categories:
Four Pillars of Competition in Battlenomics
- Organizational Competitor
- Product Competitor
- Benefit Competitor
- Parallel Competitor (Affiliates)
Now let's define each one. Now don't worry, this isn't all conceptual nonsense; rather, what I have developed here is in every way a competitive analysis to list, differentiate and exploit the strengths and weaknesses of all of your competition.
An organizational competitor offers the same exact *product and *benefit as you.
*Product: Substance that create value
*Benefits: Value added from product
If you sell produce, than Wawa is your organizational competitor.
If you sell supplies for pregnant women, than Target is your organizational competitor.
Organizational Competitors are your most competitive adversary because your prospective customer is making a direct buying decision with you and your competitor in mind.
Your prospective customer does not always have a picture of your competitor in mind, but simply a placeholder that allows them to imagine that somebody else offers the same exact product and benefit as you.
General Strategy: In your competition business plan, you need to differentiate your company's brand from your competition.
If they have been in business for 40 years, then you advertise how your company offers the latest in products/services. If your competitor is big and sleek, advertise you are specialized and a boutique. If they have a greater market share, ensure you provide a stark contrast and alternative to their product/service.
A Product Competitor offers the same product as you, but with a different benefit.
For example, if you sell running sneakers, than somebody who sells basketball sneakers is an Product Competitor.
If you sell healthy cereal, a Product Competitor sells cereal with gallons of sugar injected into it.
The bottom line is a Product Competitor offers a very similar product, and so you need to exploit the fact that the benefit between the products offered by your Product Competitor is much different.
Strategy: There are a few things you can do here. Incidentally your competitor has showed you some good ideas for complementary goods (other products you can sell).
For example, I got into marketing to get small businesses more customers. Eventually we began doing SEO (search engine optimization) because that also gets our clients more customers (benefit to customer). This has been a viable source of income, and today it is now our specialty.
Another approach you can take is to completely differentiate the benefit of your product to your prospective customer. For example, AXE body spray differentiated the benefit of their product as a way to attract women.
Before AXE came along this benefit was advertised, but never emphasized to the extent of AXE's marketing campaigns. So you see, the benefit of your product could also be perceptual.
However, never neglect concrete benefits of your product as well. If you're selling those basketball shoes we mentioned but your competitor is selling designer sneakers, then you can market your basketball sneakers as: the shoe that always puts the competition in its place.
In your competitive business plan, place a heart next to your Benefit Competitor because you love them -- they're going to increase your revenue.
A Benefit Competitor offers a different product than you, yet with a very similar benefit.
As a natural consequence of being in business, Benefit Competitors are depriving you of profit and growth as a result of taking resources from your target market; however, they incidentally provide you with some very convenient access to your target market.
For example, if you are an accountant to large New York manufacturing firms, a marketing agency that provides advertising materials to the same industry is a Benefits Competitor. You see, you both serve the business needs of large manufacturing firms in New York; however, Benefit Competitors offer completely different products and services compared to one another.
Strategy: Use your Benefit Competitor as an affiliate.
My definition of an affiliate is: one who does an aspect of your marketing for you while you do an aspect of their marketing for them.
Simple, right? The great thing is the idea of "competition" with regard to a Benefit Competitor is a very ostensible idea.
You may not see each other in this light because you are offering a completely different product; however, if Tim is looking to take his date out for a night of fun, he chooses between several different Benefit Competitors, such as: movie theaters, restaurants, amusement parks, etc.
Here we see the same benefit all of these providers have in common (i.e. a 'night out'), however, they all offer a different means of accomplish this. The PATCO and car dealerships are also perpendicular competitors to name a more unique example.
Parallel Competitor (Affiliates)
Parallel Competitors offer a completely different product/service than you.
They can serve the same target market as you, or not.
If you sell cakes, they sell books. If they sell instruments, you sell life insurance.
Parallel competitors only enter into the realm of becoming Benefit Competitors when the product offers their same benefit as yours. Be very aware of this distinction as trends in business tend to shift Parallel Competitors into becoming Benefit Competitions and vice versa.
For example, due to the decrease of new lawyers being able to attain jobs in law following graduate school, many loan specialists should be targeting them to re-consolidate debt and offer short-term loans until they are able to attain employment.
Typically the chances of debt consolidators getting clients from higher-end jobs perpetually decrease as salaries increase. However, now law firms are Benefit Competitors to debt consolidators because the graduate students seeking these seemingly high-paying jobs, may have no choice but to take out a short-term loan.
Strategy: The best strategy you can use with regard to using a Parallel Competitor is to find ones that serve your target market, and strike a promotional alliance with them.
Breast Cancer research is a Parallel Competitor of birth control medication. This is because both offer a completely different product and benefit; however, both are trying to retain resources from similar markets so therefore it is inferred that they are in competition with one another.
However, a birth control pharmaceutical company could co-sponsor a fundraiser for breast cancer research to increase visibility and brand recognition. Obviously the target market for both would be women, and the birth control pharmaceutical company would be hoping to promote their business to women through a relevant charitable event. This is one of endless opportunities on how to benefit form Parallel Competitors that you need to be considering when drafting your marketing plan.
I hope this introduction gave you a good glimpse into how to categorize, analyze, market against, and with, your competition using Battlenomics.Don't compete — DOMINATE.
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