Competitor Profiles

Competitor Profiles

• Who are your competitors?– Do they vary by customer segment? What about substitutes?

• What do you need to know about them?– Customer segment(s) they serve (Customer wants/needs? Preferences?

Demographics?)

– Specific product(s)/service(s) they offer• Image?• Features/benefits?• Promotions?• Pricing?• Advertising Media?

– Major strengths/weaknesses• Existing customer base?• Financial resources?• Product/service niches?

– How you plan to differentiate yourself from them

Competitor Profiles – Example (Yoga Studio)

Customer Vignette – Middle Income Urban Professionals:

This group is the core segment of potential students of the yoga studio. Their demographic characteristics are the following:

• Ages: 23-40.• Sex: 30% male, 70% female.• Family Income: $30,000-$50,000.• Health/Lifestyle: Active individuals that are focused on healthy

food and dieting. Over 70% of this group are members of gyms. Approximately, 40% of potential customers have taken yoga classes before.

• Social Pattern: Will more likely attend as part of group. • Center's selling point: Close to work. The classes lower stress.

Can be attended with workmates as group activity.

Competitor Profiles – Example (Yoga Studio)• Simply Power Yoga• Customer Segment: Middle-income urban females• Specific product/service: Standard Yoga classes

• Image: Practical presentation and organization of activities. Blend of fitness and wellness foci.

• Features/benefits: Two locations. Wide range of classes. Existing community of members and instructors.

• Promotions: Intro rate for one month of “testing” classes.• Pricing: $30 for 30 days of unlimited Yoga.• Advertising media: Word of Mouth, SEO, Facebook, Blogging, ??? (ask beta

customers, search online).• Major strengths/weaknesses:

• Strengths: Installed base of members & instructors, financial resources.• Weaknesses: Physical locations, need to appeal to broad base.

• Target differentiation focus: Individualized wellness plans, flexible geographic location.