The Perfect Porterhouse

How Porter's 5 Forces Can Help You Make Better Marketing Decisions

One thing that I always try to push myself towards is trying new things and having new experiences. The problem is that I’m also super competitive (I can totally beat anyone at steak).  This usually means that when I try something, I usually go all in – which means investing a significant amount of time, energy, and mental fortitude. Because of this, I have to weigh-in whether or not this new experience is going to be worthwhile for me.

You likely go through the same feelings when you are deciding to launch a new product, create a new advertising campaign, develop a new partnership, or even open up your business. Fortunately, there are some tools that can help you analyze the situation and realize whether or not it is a worthwhile investment. One of my favorites is Porter’s Five Forces. [Editor’s Note: Technically, this was only designed for industry strength, but many have found that it has a much wider application]. Here are each of the five forces to consider when making a new business decision:

Read More