1. Wastage of too much time on finding and analyzing competitors.
End Result: You might lose your own identity while trying to fight your competitor
Solution: Discuss about your competitor’s practice on a weekly official meeting may be for 15 mins. You never know who has a better solution.
2. Sponsorships should be measured by the “opportunity cost of not sponsoring” not by the cost.
End Result: Your competitor might just make large out of small
Solution: Analyse the potential of the event and think whether you can make it large within the requested amount. May be with some support from your PR agency.
3. Even if your competitors’ ads look lucrative, do not start copying them.
End Result: You lose your loyal consumers.
Solution: Remain on your own pattern and try to find further lucrativeness or differentiate.
4. CEO says, “We have such a strong team, can’t we arrange the launching by ourselves”. The overenthusiastic executive says, “Yes!”
End Result: The entire team works so hard to fix the stage that they forgot to make any arrangement for the journalists. Lose everything.
Solution: Assign a event management team and a PR agency. You would supervise.
5. Frequent discount and sales (FREE!!!) offers to increase sales.
End Result: If your brand does not feed only the ‘price seekers’, then pretty soon you are going to lose any loyal consumer, eventually the brand dies.
Solution: Initiate a research. Find your competitive advantage. Promote a SINGLE positioning statement. Start practicing CSR too.
"I press here", says SMO Nawed from Bangladesh 