Analyse your company, competitors and customers to find out how distinctive you are in the market.
Rather than relying on impressions and gut feel to make your marketing decisions, you should map out the competitive landscape and frequently reassess your position against your competitors in the market. A better understanding of how your strengths and weaknesses play out against each other will enable you to find innovative ways to position yourself for long term success.
Before you start analysing your company, competitors and customers, it is important for you to understand what is happening in the industry. Changes in the industry can create opportunities or threaten your business. Below are some areas you should find out more about:
If you only know yourself, but not your opponent, you may win or may lose.
If you know neither yourself nor your enemy, you will always endanger yourself.”
-Sun Tzu, The Art of War
It is important to understand the strengths and weaknesses of your company. Be honest and realistic in your assessment.
The following are some areas you might want to include in your assessment of your company:
The more you know about your customers, the better you will be at developing products that your customers want and need. Identify factors that are most important to them. This will highlight factors about your company and competitors that should matter most to you.
The following are some areas you might want to include in your assessment of your customers:
Act On It
Analyse Your Competitive Position
Now that you have gained a better understanding of your company, competitors and customers, identify your strongest competitors and analyse your competitive position. You should review this periodically, or as and when new information is available.
Below are some definitions that you need to know to use the template.