Sun Tzu #3 – Use deception and prior knowledge – Maximize the power of market research

Tactical items from the legendary Sun Tzu are tailored for business and broken down to help you gain a competitive edge over your competition. This article specifically covers the use of Sun Tzu’s principle of outperforming your competitors through the application of deception and prior knowledge. Learn the tactic, how to apply it, and how it can help you develop and strengthen your online presence, as well as your overall business.

What is prior knowledge from a business strategy perspective? Prior knowledge is a first-hand view and understanding of what your competitor does, their strengths, their weaknesses, their plan, and their people.

How do I get prior knowledge?: Competitive analysis is the field of business dedicated to helping you gain prior knowledge.

Know your competition:

• Understand your strengths, weaknesses, capabilities, limitations, etc.
• Check the financial results How many employees do you have? What products do you offer? In which markets is the competition active?
• Buy competitive products and analyze them. How much do you think it costs them to build them? How fast can you make the product? What areas of improvement are there? Why is it made as it is and placed as it is?

Building from the basics:

• Take these basic elements of what a company is doing, how they’re doing it, how effectively they’re doing it, and add a deeper level of understanding based on your first-hand intelligence.
• Review your ads and marketing campaigns.
• What does the press say about your competition?
• What do consumers say about them?
• Review their past behavior to understand how they react in different situations.
• Analyze the top people who work at a competitor’s store: where do they come from? What experience do they have? Where do you get your information from? What are your ambitions?
• Check strategic alliances: who are they partnering with? Who do you work closely with? How is the relationship presented to the audience? What services are being used?

know yourself:

• Know your strengths, weaknesses, limitations, and capabilities.
• Fully examine your situation quantitatively and qualitatively.
• Compare who you are and your strategy with that of your competitors. What areas of weakness are exposed in your competitor? In yourself?
• Know your customers and why they buy from you.
• Study your strongest and weakest offers, identify your opportunities and threats. How does the media talk about you? How do customers see you? How does your competition see you?

Know your market:

• How big is your market(s)?
• How fast are these markets growing or shrinking?
• What industry forces exist in each market (take a look at Porter’s five forces)?
• Create a strong infrastructure and plan to continuously monitor your market; learn to predict changes Know your target market information (demographics, preferences, buying styles, price sensitivity, social style and level of activity, etc.)

use deception:

• Safeguard the information that is given to the press or used in social situations.
• Be on the lookout for opportunities to steer eager listeners down a path you don’t intend to take.
• Don’t show your full strength, look for opportunities to use underestimated strength.
• Act Ethically – Maintain the moral high ground in the area of ​​deception and gain the trust of your market.
• Build trust with your customers through good solid business activities and avoid disappointment from eager competitors who study you.

online specifications:

• How is your competition using the Internet?
• How do they convey their message?
• Is the web an area where you are strong or an area where you can attack a weakness?
• What product offerings do you have online?
• How much traffic do they get? Where are they getting it from?
• How well do they convert? What sites do they own?
• What keyword phrases are they targeting?
• Are they using PPC or other paid marketing campaigns?
• How well are they trusted online? Are they unique in what or how they are offering their service/product?