I’ve been thinking about life science marketing checklists and wondering: What items are so important from a marketing perspective that they should appear on a checklist?
One item that would be on my marketing checklist is this:
- Keep track of your competitors on a periodic basis.
There is a school of thought in business that says you shouldn’t pay too much attention to your competition. If your offering is really a valid one, you’ll attract customers and if you spend too much time worrying about what your competitors are doing, you’ll take the focus away from the relationship between your firm and your customers and prospects, this line of thinking goes.
There is some validity to this line of thinking. You don’t want to be distracted by what your competitors are doing. But your potential customers will be looking hard at your competitors’ offerings. Why wouldn’t you?
How often do you keep track of your competitors? Yes, you see their booths at trade shows, but how often do you visit their web sites and spend enough time to figure out what’s new? What frequency do you feel is the right frequency to monitor your competition?