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53Episodes
Category: Business

There are SO many things that you could be doing to grow your business, but only 24 hours in a day. So how do you decide which ideas will make the most difference to your bottom line? And how do you get results – fast? Tune in to Idea Time for tools, tips and interviews to find out how

How to do Competitor Analysis

March 12, 2021

The purpose of this episode is to create space and insight for you to think about some useful, pragmatic competitor analysis for your business, to support innovation and growth.

 

Competitor analysis evaluates the strengths and weaknesses of competitors’ current strategies to help identify opportunities and threats for your business to enhance your own strategy.

 

When seen through a customer-focused lens, competitor analysis is not about head-to-head comparisons.  Instead, it’s about assessing how much better or worse a product or service is at helping the customer get a job done.

 

Together in the show, we’ll explore the context of the changing world and why competitor analysis is important for you and your business, including these key global trends for 2021 and beyond:

  • Health and wellbeing
  • Collective empowerment
  • Back to basics
  • Community focus
  • Virtual living
  • Sustainable spaces
  • Digital challenges

 

I’ll share how you can access the benefits of competitor analysis:

  • Nail down or create your value proposition
  • Better understand current market trends
  • Better target your current customer base
  • Uncover untapped markets that your competitors aren’t selling to
  • Gather benchmark data to measure your growth against
  • Find errors and gaps in your competitors’ strategies

 

You’re looking for learning to create opportunity.

It’s not about copying - it’s about outperforming, finding gaps and opportunities – innovation.

 

Be savvy.

 

Avoid "comparisonitis”.

 

Tune in to learn more, and access my 7-step process for effective competitor analysis:

  1. Who are your competitors?
  2. How do your products & services compare?
  3. What additional intelligence on them do you need and why?
  4. Get the intelligence
  5. Combine the intelligence with customer needs and trends
  6. Identify gaps and opportunities for innovation and competitive advantage
  7. Create and communicate competitive differentiation

You might like to access the free resources here on my website:  https://www.bigbangpartnership.co.uk/resources/

 

If you’d like to get in touch to book me for a live virtual session in your business, just comment below or contact me https://www.bigbangpartnership.co.uk using the contact us section.