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The Top Small Business Books For Dummies_2

Tham khảo tài liệu 'the top small business books for dummies_2', kinh tế - quản lý, kinh tế học phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter 4 Sizing Up Competitors and Staking Out Market Share 55 Where does your business rank among your competitors Avis knew where it fit in the rental car competitive hierarchy back when it began advertising that Avis was 2 and trying harder. The company built a successful strategy and marketing plan around an honest assessment of how it ranked competitively. What about your business Evaluate your sales revenues in comparison to those of your competitors to get a feel for how you rank based on size alone. Estimate your market share compared to that of your competitors. See the following section for market share calculation advice. Evaluate your top of mind ranking sometimes called your mind share. When prospects are asked to name three to five businesses in your field does your name consistently pop up as one of their answers If so you can be pretty sure that you rank in the top-tier competitive level for your business arena. Keep listening and you ll gain a great indication of what other dominant businesses your prospects think you re up against. And if you don t hear your business name listen anyway because once you know which businesses are in the top-of-mind category you can begin to analyze what they re doing differently to achieve the prominence you seek. Moving up the competitive ladder Most businesses misdirect their time and energy by tackling the wrong competitors. They shoot too high taking on the biggest names in their market area rather than the biggest threats to their business. As you develop your competitive plan of attack follow these steps 1. Start by winning market share from the businesses you re actually losing customers to today. Do this even if it involves facing the harsh reality that your customers consider your business among a less prestigious group than you wish they did. 2. Make a list of the companies you wish you were running with. Evaluate why you re not in that group. Is it because of the physical look or location of your .