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Know Your Company . . . Know Your Competition!

A few weeks ago I was watching the 2008 World Series of Poker on ESPN. Please stop laughing. I know that event happened last year and yes I know who won but there wasn’t a ton of other things on and I like to watch poker on TV from a strategy standpoint. Most professional poker players would say that in order to be successful, you need to read the other players better than playing your cards. In essence, know the competition, know their tendencies, understand them . . . really understand them and you will probably beat them.

I paused for a minute or two and asked myself is the same true about all industries and specifically the market research industry. If you are a finalist for a piece of business:

  • Do you know who the competition is?
  • Do you know what your strengths are compared to them?
  • Do you try and highlight their weaknesses?

To me it was interesting to think about and relate it to our company.

Yes in this economy, price is a deciding factor on lots of projects–more than many people would like to admit. But with that said, there has to be a number of projects where highlighting your strengths vs. the competition should come into play.

If that is the case what are you doing about it?

  • Do you ask clients who else is in the bidding process?
  • How much information do you know about the competition?
  • Are you on their websites?
  • Do you review their ads and marketing materials?
  • Do you get their newsletters?
  • Do you know their pricing strategy? (Okay, I’m pushing the envelope a little bit and know that most people WON’T admit that.)

I look forward to reading your comments.

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