Marketing Tip - Know Your Competition...

Again, I know it sounds basic. But it is SO important, and it can take a lot of time to really do the research into this area!

So, firstly there's your direct competitors - those who provide the same product/service that you do. Who are they and what makes them different to you? What is their core value proposition, their unique selling proposition?

But what about those who provide products that could replace yours - substitute products? If you sell breakfast cereal, bread is a competitor too! As are those shake up pancake mixes. And yoghurt. What are you doing about them?

And have you thought about those who provide products that compliment yours? Sticking with the breakfast cereal example, what about milk providers? Are you sure they aren't working with other breakfast cereal providers to get new products out onto the market? What would that do you to if it did happen? And why aren't you working with them?