When Victoria’s Secret pushed their beauty assortment in the 90s, they added this key element to their approach: Know your competitors.
When customers came in store, they met with knowledgeable salespeople who knew the full assortment of Victoria’s Secret Beauty. They also knew something else. They knew their competitors. They knew who their customers were likely purchasing from before and stood ready to provide an alternative.
“Oh, you like this from them? You’ll probably love this from us.”
Listen, you don’t need to spend all of your time analyzing your competitors. You don’t need to take time trying to become just like them. However, you do need to take the time to learn who they are and what they do. If you’re trying to win, don’t you need to know who you’re racing against?
Who are your competitors? What are the alternatives to your product? How can you use that knowledge to boost what it is that you’re doing?
Source: Bittar, Christine. (Feb 17, 2003). Spreading Secret. Brandweek, 44(7), 14-16.
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