For my general studies I took a marketing elective and this is all I remember. At least I can apply it to writing!
When thinking about your product, there are specific categories that relate your product to others on the market. Here is a brief overview and how I relate them to books.
Brand competitors
My text book defined brand competitors as different diet
sodas. Coke vs. Pepsi. You know.
In book terms, I
think of this as the genre. Someone who wants Supernatural Fiction will choose
between the zombies, vampires, or some other form of chanted immortals. They
probably won’t reach for a Crime Thriller, just like a Coke drinker will be
stoned to death before settling for Pepsi and vice versa. These tastes are
fairly decided and in the given market a consumer is consistently brand loyal.
Product competitors
Product competitors offer the same idea in different
products, like diet teas vs. diet sodas.
These are your other authors writing in your genre. Here
your consumer is looking for an idea, as above, Supernatural Fiction. But their
taste will vary between zombies and vampires. If you’re in the zombie camp, you
may persuade those from the vampire camp to your ways, but know that they have
different tastes.
Generic competitor
The dieter above chooses water instead of a beverage. So no
matter how you package your diet drink, the generic choice is cheaper and not
really in the same realm as what you are selling.
I’m not sure if there’s a generic version of a zombie book.
So in this I’ll use the free kindle edition of A Christmas Carol I downloaded
instead of buying the book. I needed to save money and still read the Dickens. With
many ebook authors offering free or .99 downloads, there are going to be many
consumers shopping only in this price range.
Total budget competitor
Diet soda, bananas, newspaper or a pack of gum are all in
competition for the consumer’s budget.
All books can be included in this, and not just as in Memoir
vs. Supernatural Fiction. When I ask someone to buy a book or download a
e-copy, I’m competing with the hot pockets they buy at lunch, movie tickets,
and supplies for their latest hobby, not just other books.
Putting my book into these categories gives me a more
focused perspective when thinking about how I will publish my next book. To
compete in the generic range should I offer a book for free? If I’m tackling
the diehard Zombie Brand consumers, what do the other books offer that they
want and how can I offer them more? Are there a lot of product competitors in
my genre? These questions will all have different answers depending on which
book I’m working on. Weigh the logistics of where your consumers are more
focused and keep in mind that you are competing in the consumer’s total budget.
Happy marketing!
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