A key part of every Strategy project we do is learning more about our clients' competitive landscape. The discussion starts with a simple question: "Who are your competitors?" At first, many clients list the 4-5 companies that manufacture the same kinds of products or offer the same kinds of services that they do. We try to push beyond that...and quickly. Why? Because the best email programs are built on an understanding of competition that goes beyond a traditional definition, and that recognizes the realities of the modern inbox. As you continue to refine your email marketing strategy, go beyond your "share of market" competitors and begin to focus on your competition for "share of wallet" or even "share of inbox."
A share of wallet (or share of inbox) competitor is anyone who is fighting for the attention, time or money of the same people you're working to capture. For example, I have a 12-year old son who--thanks to his allowance and generous grandparents--has a little money to spend on things that interest him. If you're competing for a share of his wallet, you're competing with iTunes, the video game store, and the local candy shop. If you're competing for his attention in his email inbox, you'll be going head-to-head with Apple, Nintendo, and even personalized emails from characters in his favorite books.
Even if your target audience isn't a 12 year-old kid, your subscribers will have other While none of these companies may be in "your industry" they can all have significant impact on whether your email program, and your company as a whole, is successful.
To get started with the process of expanding your view of the competition, answer a few questions:
- Who is the primary audience for this email communication? How old are they? What jobs do they hold? What other responsibilities might they have?
- What are people in this group interested in? What kinds of hobbies, other purchases, and media habits might they have? What other messages might be in their inbox?
- Who are the best-in-class communicators in areas related to those hobbies, purchases and interests? What are those communicators doing in the 1 to 1 communications space?
- How can I leverage the things that my "share of wallet" competitors are doing well to improve my own program?
Have you had any big insights from looking at email programs that don't fit your organization's traditional definition of competition? Share them in the comments area of this posting.
ExactTarget Feed
Powered by Compendium Blogware
Comments for Strategy Tip of the Week: Expand Your Notion of "Competitors"