Yesterday I began my inspection of ePrize’s continued dominance in the internet promotional marketing industry. I found that its current market share is directly related to the foundation and creation of the company.
Force a two-front battle
Not unlike Tradestation, the company I featured last week, ePrize creates the ancient competitive dynamic the Chinese call "Besiege Wei to Rescue Zhao." They compete with traditional promotions companies, online marketing companies and traditional advertising agencies.
But ePrize is a combination of the three parts creating a whole that others cannot compete with. Traditional promotions companies cannot justify the technology investment ePrize has already made to produce highly sophisticated technology-enabled promotional campaigns. And technology marketing firms lack the experience to do promotions as efficiently and effectively as e-Prize.
Linkner saw this opportunity early on and he built the company around it. He said, "We set out to change an industry, to be pioneers."
Looking beyond traditional competitors and to multiple, related industries, you can probably find a new competitor or a new avenue to expand your own business.
Ask yourself and your management these three questions:
- Who are our traditional competitors?
- Who could be our future competitors?
- How can we combine several services or products to gain more market share?