In this video, learn the best approach to take to determine your own company's strengths and weaknesses.
- What's that old saying, what's good for the goose … is good for the gander? … Researching your competition is appropriate … and necessary for you, and also for your own company. … All of the areas you've researched, … including product evaluation, market share, … financial revenues, and more have to be probed … for your own organization. … Then, the questions you asked under each … of those areas about your competitors would also have … to be answered. … Your goal is to gather just as much in-depth information … to add to your competitor matrix … with a new column detailing your own company. … The biggest challenge you may face … is getting honest feedback … about your organization and products. … Not so much when you're looking at the hardcore facts, … figures, and when you're evaluating your media coverage. … The tough part is the transparency when it comes … to questioning members of your company … about what's working and not working … as a part of their interactions with customers. …
- 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.