43. Competitor Promotion MethodBy Roger Bryan
In order to get the best out of your promotion campaign, most businesses try and analyze the same about their competition and adapt accordingly. Hence, it is important for you to consider the various promotion methods being considered by your competition.
First of all, make a list of the various promotion methods being used by the competition in your business plan. Generalize these methods into various categories for an in-depth analysis.
Detail the facts about the results of the promotion methods of the competitor. How much sales did the promotion methods produce? How well sustained were the sales?
Next, include the focus of the competitor’s promotion methods. For e.g. do they focus on a particular segment or are their methods executed in general? What exact customer base are they targeting?
Include details about what your competitor is offering via their promotion methods to the customers and try to give reasons as to how you can edge past the competition.
The monetary aspect of your competitor promotion methods should also be included. What percentage of their capital outlay do they spend on promotion and how? Include details about what is working for them and what is not. Try to answer these questions and draw up a balanced promotion plan for your business by taking cues from the competition.