Sample interview questions: How do you approach competitive analysis when developing promotions?
Sample answer:
1. Identify Your Key Competitors:
Start by identifying your primary competitors, both direct and indirect, who offer similar products or services and target a similar audience. This will help you understand their strengths, weaknesses, and potential competitive advantages.
2. Analyze Their Promotions and Offers:
Collect information on your competitors’ current and past promotions, including discounts, loyalty programs, freebies, and unique selling propositions. Analyze their frequency, duration, targeting strategies, and customer response.
3. Monitor Their Marketing and Advertising Efforts:
Keep an eye on your competitors’ marketing campaigns, social media activities, press releases, and advertisements. Understand their messaging, target markets, and communication channels.
4. Research Customer Feedback:
Gather customer reviews, testimonials, and feedback about your competitors’ products, services, and promotions. This can provide valuable insights into their perceived strengths and weaknesses.
5. Analyze Market Trends and Consumer Behavior:
Stay informed about industry trends, consumer preferences, and emerging technologies. Understand how these factors might impact your competitors’ promotional strategies and the overall market landscape.
6. Conduct Market Research and Surveys:
Commission market research studies or conduct surveys to gather quantitative and qualitative data on customer preferences, bra… Read full answer