In this video, learn how to create a ranking exercise to help analyze customers' feelings.
- Gap tried to change their logo back in 2010. … It was a huge flop. … There was a firestorm of negative backlash from customers. … There were some very strong, passionate reactions … on social media. … One Facebook user wrote on Gap's Facebook page, … "This is the worst idea gap has ever had. … I'll be sad to see this change take place." … Understanding your customer's feelings about your product … is a part of your competitive advantage. … You see it all the time. … You're thinking about buying a cell phone online … and an advertisement pops up. … The advertisement is a matrix that compares that cell phone … with other options you can buy, … showing you that this cell phone is the best choice. … Don't wait for your competition to show your weaknesses … in an advertisement. … So what can you do to get ahead of your competition? … To help you organize your research, … I've created a matrix for you to fill out information … around your competition and how their customers feel. … Download exercise file 03_02 …
- 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.