Posted by: midpen | November 10, 2011

Three Key Steps to Determining Your Competitive Advantage

Anne WenzelThis may be the season for Turkey and Shopping and Gifts. But it is also the season for PLANNING. Everyone should be taking some time out to plan for next year’s marketing efforts, and that planning process needs to be proceeded by some research – some data collection.

According to Ann Wenzel, Economist and author, analyzing the competition and our customers’ choices is the key to developing pricing and marketing strategies for a profitable business. All companies have competition, and long term business success requires small business owners to determine how they are best able meet their customers’ needs, and communicate this “competitive advantage” to potential customers.  We know we are different from other vendors out there, but are we truly better able to meet our customers’ needs?

We also need to examine other markets, products and services (indirect competition) that potential customers can turn to fulfill their needs.  Understanding the alternatives our customers have for fulfilling their needs further allows us to develop our competitive advantage.

Finally, do your potential customers really understand your “competitive advantage” so that they’ll want to choose you as their vendor?  You may know how you are different, but do your potential customers?  Developing effective marketing and sales campaigns requires that you know your customers well and communicate to them in a way that they understand.

The December 20th presentation from MPPA will provide some answers to these questions. Largely based on material from Ms. Wenzel’s past workshops and also presented in her upcoming book, The Entrepreneur’s Guide to Market Research, the Three Key Steps to Determining Your Competitive Advantage, will provide

The Entrepreneur's Guide to Market Research

small business owners with new ways to think about their markets so that they can develop products, pricing strategies and marketing campaigns to more easily grow sales and profits.

You can sign up at   https://www.123signup.com/register?id=cbdzc

About Anne Wenzel

Anne Ramstetter Wenzel, Principal of Econosystems, is an economist and market research consultant specializing in researching small and home based business’s customers, market trends and competition.  Ms. Wenzel writes market analyses and business plans that demonstrate the business’s profit potential for her customers to present to lenders, investors or potential partners.  Econosystems also provides market survey assistance to small businesses.  Prior to founding Econosystems in 1999, Ms. Anne Wenzel was the economist for the Chemical Economics Handbook program in the Chemical Marketing Research Center at SRI International, Menlo Park, California.  She received her Master’s degree in Economics from San Francisco State University, and teaches Managerial Economics at Menlo College (Atherton, California).  Ms. Wenzel is President of the Silicon Valley chapter of the National Association for Business Economics, has served on the Home Based Business Roundtable for the U.S. Small Business Administration in Washington, D.C., and is a Certified Business Advisor for the Silicon Valley Small Business Development Center.


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