In this video, learn how to define your goals and strategies versus your competitors'.
- Could you grow your business if you didn't know … your main goal and the strategies to reach customers? … Absolutely not, you need goals and strategies, … and it's safe to say that your competitors … are working diligently to do the same. … That's why you have to identify your competitor's goals. … What are they trying to achieve? … And pinpoint their strategies too. … This is how they're going to accomplish their goals, … or what approach they're going to take to achieve them. … If you know their goals and strategies, … then you can develop informed counter strategies, … or the ways that you'll attack your competitor's weaknesses, … and gain market share using your present strengths. … A counter strategy uses tactics … to stop your competitor strategy from working. … Now that's competitive intelligence … that offers a clear picture, … and moves you from reactive company, … not on the radar to a serious market contender. … When you know this information, … you'll be a more strategic player in the market, …
- 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.