Competitive Analysis & Intelligence
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The document outlines the importance of competitive analysis for startups and existing businesses, detailing its key components and methodologies. It emphasizes the need to monitor rival products, understand the competitive landscape, and implement strategies for competitive advantage. Further, it provides resources for gathering competitive intelligence and suggests metrics for evaluating competitors.
Competitive Analysis & Intelligence
- 1. Compe&&ve Analysis Didem Michenet didem@thestartupatelier.com
- 2. Content • What, why • Key Components of a CA • Resources • Result analysis
- 3. Compe&&on Always watch an eye on rival products / services! True for all companies but even more for start-‐ups in all the below cases, trying to enter to : • An exis&ng market (exis&ng players) • A niche market (exis&ng players) • A new market (poten&al players) WHY : To understand the full compe&&ve landscape. To develop a strategy for compe&&ve advantage. To an&cipate compe&tor behavior pre / post launch.
- 4. CA Components Comparison Categories Product / Service Range Product / Service Quality Unique Selling Proposi&on Target Customers Key Channels Pricing Customer Service Branding Market Share Financial Health
- 5. CA Methodology Collect data for each category Rate each category and compe&tor Complete with qualita&ve data Produce final comparison charts Define top compe&tors Create your SWOT Collect as much data as possible for key categories. Define which ones to rate, not all can be rated, some are for qualita&ve data. Add other categories if needed. Defiine how many compe&tors you are looking into (max 5-‐6). Rate each category (e.g. 1-‐5). Usually weights are also used for a total score comparison. Do not s&ck only to scores. Iden&fy quali<ta<ve elements. Adjust final compe&tor assessment. Have comparison charts by category and a final one for all compe<tors. Select top 3 compe&tors to monitor and adjust your compe<<ve advantage strategy. Create your Strengths – Weaknesses – Opportuni<es – Threats quadrant. Integrate this to your overall business strategy.
- 6. Resources Where to find Compe&&ve Intelligence data? Internet is a great resource ! Company web sites Product descrip&ons and offerings Customers Annual reports Press coverage Whitepapers Paid services (Gartner, Forrester, etc). Others ! Events Conferences
- 7. Digital Space What to obtain in digital marke&ng world? • For products that have high u&liza&on of digital channels, you can add the following to your reports : – Paid display adver&sing (look of ads, prices they offer, look of their landing pages) – SEO (keywords, etc.) – Twi_er (Followers, tweets, retweets, favorites, etc.) – Blog (Blog contents, update frequency, etc).
- 8. Compe&&ve Analysis Results Summary Top 3 compe&tors • Quality • Price • Customer base • Unique Selling proposi&on • Total score Your Compe&&ve Advantage • Quality • Price • Customer base • Unique selling proposi&on • Total score Your SWOT Analysis • Strengths • Weaknesses • Opportuni&es • Threats Digital Presence • Paid Ads • SEO • Social Media • Blog • ….