Evaluate the 4 marketing Ps – product, price, place, and promotion – of your product or service to determine where prospects actively and inadvertently ‘touch’ the competitor’s products. In high level terms, the 4 marketing Ps describe the marketing mix that you’ll use to go to market.
The 4 Ps typically refer to the following:
- Product describes what you sell and to whom
- Place describes where you sell your product and how
- Price information details what and how you charge end customers and channel partners
- Promotion tells how you plan to extend your reach
With the impact of the internet on e-commerce, social media, and customer service, you should also consider two more Ps – process and people.1 By focusing on processes, increased efficiencies and lower costs can lead to consumer-driven offerings that meet customer needs. And with a focus on people, a business’s employees can provide superior and more consistent customer service.2
Next, research whether external or environmental factors impact your customer’s willingness to purchase your competitor’s product or service.
And finally, investigate what motivates your target customer to purchase.