Opportunity Knocks

opportunity knocks web

Know your competitors’ weaknesses to seize Know your competitors’ weaknesses to seize opportunities when they arise.

Has there been negative news coverage about one of your competitors lately? How about a sudden surge in complaints about their customer service on social media? Or a higher than usual volume of negative online reviews? If so, are you ready to pounce? Has there been negative news coverage about one of your competitors lately? How about a sudden surge in complaints about their customer service on social media? Or a higher than usual volume of negative online reviews? If so, are you ready to pounce?

It’s important to know your competitors’ strengths, but it’s equally important to know their weaknesses. Then you can have direct mail, email, and mobile strategies at the ready to take advantage of windows of opportunity as they arise.

Take the example of Amazon. The closure of Toys R Us has left a hole in the competitive landscape, and Amazon isn’t about to let the opportunity pass by. Along with the closure of the beloved toy retailer is the disappearance of its Big Book, which is widely considered to be the “bible” of toy products for kids and parents alike. As toy lovers mourn their disappearance, Amazon is stepping in and filling that void. According to reports, Amazon is preparing to snap up former Toys R Us customers by replacing the Big Book with its own toy catalog. The catalog will be mailed to millions of U.S. consumers in advance of the holiday shopping season and distributed at Whole Foods locations, a retail chain Amazon purchased last year. ake the example of Amazon. The closure of Toys R Us has left a hole in the competitive landscape, and Amazon isn’t about to let the opportunity pass by. Along with the closure of the beloved toy retailer is the disappearance of its Big Book, which is widely considered to be the “bible” of toy products for kids and parents alike. As toy lovers mourn their disappearance, Amazon is stepping in and filling that void. According to reports, Amazon is preparing to snap up former Toys R Us customers by replacing the Big Book with its own toy catalog. The catalog will be mailed to millions of U.S. consumers in advance of the holiday shopping season and distributed at Whole Foods locations, a retail chain Amazon purchased last year.
 
Not every marketer will be given such a clear opportunity to snatch up a competitor’s customers, but it does exemplify how to capitalize on key moments when they arise. 

When your competitors have a weak moment, here are a few things to keep in mind: 

• SPEED IS OF THE ESSENCE. These moments are often brief, so be prepared to move as soon as possible. 
• DO YOUR RESEARCH . . . OVER AND OVER. The reasons customers become dissatisfied with their favorite suppliers or brands can change quickly. So keep your ear to the ground. 
• HAVE A PLAN AT THE READY. Although the details of your strategy will depend on the situation, have at least a basic structure ready for when that door opens. 

Prepare a Competitors’ Disaster Plan—and do it now. You never know when a competitor’s disaster will arise, and you don’t want to be caught unprepared.