Why you should always know what your competitors are up to.
By Alex Yewdell
Knowing and understanding your competition is important. In business, your competition has a direct influence on your bottom-line—and in the association world, your competition will influence your non-dues revenue.
If asked who is your competition, would you be able to answer this question, and would you know the complete answer? You might find that addressing the simple question of WHO your competitors are, is actually not so simple.
First, cast a wide net by compiling a big list of all the companies working in your same space. From there, determine the different levels of competition—you will have groups that you compete with more than others and understanding the competitive hierarchy in your space or industry is important. As you narrow down your list, you should be left with a collection of groups that offer similar resources, products and events as you. This is who you need to be keeping tabs on!
Start with their shows, when and where are they taking place? Examine the education schedules: what are they doing differently? Are they offering anything that you do not? It is at this top level of your competitive hierarchy that you are competing for the same attendees. By understanding your competitors and their meeting offerings, you will not only improve your events, but you will learn how to best market your conferences!
As you move over to their advertising offerings, it is important to realize that you are competing with this top tier of opponents for the same advertising and marketing dollars. Are they offering any opportunities that you are not? Do they provide access to the audience in ways that you do not? As you better understand the opportunities available to the advertisers and vendors in your industry, you’ll be better equipped manage your advertising and marketing offerings and put your best foot forward.
At Blue House Sales Group we always make sure to keep tabs on our client’s competitors. Not only does this give us a better idea of how we stack up in comparison, it also helps us pinpoint new ways we can improve our offerings and strategies.