Want to get with Competition Analysis in 3 Simple Steps? Yes, only 3 🙂
Step 1: Being Competitive Means?
What does it mean to be competitive? What is the purpose of competition? And finally, when all does it mean to compete? Every business needs to be clear on these questions.
I have used this very often with the client to get them to focus on right competition and the expected outcome of being competitive:
Step 2: Listing Competition
Competitive landscape is a spectrum. Not all competition is a threat. We need to list our potentials across the whole spectrum. I have used following 4 heading to help clients list out competition.
Step 3. Competition Deep Dive
Identify key competition(s) from each block and do a deep dive. Here is one canvas to help structure it:
To revisit some thoughts:
- Be clear why business need to be competitive and expected outcome
- Competitive lanscape is a spectrum
- Not all competition is a threat (at a given point)
- Identify competitions from each block on the spectrum and do a deep dive