In Battlenomics, a Parallel Competitor sells a completely different product and benefit as you, to your target market.
Now you may be wondering why they are even considered competition. I'll tell you.
The fact of the matter is 99.9% of people have limited resources, and those same people must make buying decisions on a daily to weekly basis.
Because of this, people are not always choosing between which garden hose to buy, or which movie to rent, they are also choosing between:
How do we spend our income tax refund? A Disney vacation - or - a brand new pool?
Should we buy a new house - or - get married?
Should I go back to college - or - play the stock market?
Should we buy a bunch of books - or - join a wine club?
Should I by power tools - or - buy new furniture?
So now you see how, even though you don't think you're competing with Parallel Competitors, EVERYONE in a free market is competing for dollars.
The best way to approach a Parallel Competitor is to ask yourself 2 questions:
- Are any of my Parallel Competitors a direct threat to my business?
- Do any of my Parallel Competitors serve my target market which could produce a mutually beneficial relationship?
With regard to both questions, Dodge Durango didn't feel the upcoming move: Anchorman 2: The Legend Continues was a threat to their revenue; however, they did see a unique opportunity to use the star of the film, Ron Burgundy, to act as the spokesperson for their newest SUV.
The marketing campaign worked amazingly well, in fact, character Ron Burgundy has now been ranked by Dodge as their best salesperson in the history of Dodge selling 40% more vehicles during the campaign while website traffic was up 80%.
So as you can see, creating mutually beneficial relationships with other active competitors (Parallel Competitors), is a creative step toward increasing your market's awareness of you, as well as the appeal of your products.Don't compete — DOMINATE.
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