In this video, learn the best approach to take to uncover competitor strengths and weaknesses.
- AJ Kitt, the ski racer, said, … "You have no control over what the other guy does. … You only have control over what you do." … Well, that's true. … But think about the control you would have, … if you knew more about … your competition's strengths and weaknesses. … Let's take a look at a few important areas … you can research. … First, you want to dive into the competitor's product … to uncover the scope of what they offer … and what's favorable in the eyes of the customer. … This is all about product evaluation. … There are a few essential questions you can ask … to evaluate your competition's product. … You want to ask, what is the range of products they offer? … How long have their products been on the market? … Where are the positive attributes … in the eyes of the customer? … Were there any negative attributes? … If you'd like a way to organize your answers … to these essential questions, … I've created a matrix to guide you. … To get started, download exercise file 02_03. … Answer the questions from the perspective …
- Explain the benefits of a competitive analysis.
- List three elements to include in a competitor profile.
- Recognize the biggest challenge when researching your own strengths and weaknesses.
- Recall the advantage of knowing your competitor’s strategies.
- Identify three elements included in competitor research analysis.
- Define the elements that make up the SOAR framework.