In this video, learn the best frameworks available to help you evaluate and analyze your products.
- When you're working on a jigsaw puzzle … with hundreds of pieces scattered on the table, … each puzzle piece doesn't carry much weight. … But when you connect the pieces … of the puzzle, you start to see the big, beautiful picture. … This is like the bits and pieces … of intelligence you've uncovered about your competitors. … You've gone to great lengths to identify … the who and the what to analyze. … Now, your next step is to bring your evaluation … into one place to complete your puzzle. … To do this, you want to select a framework … that shows the big picture, … the areas where you can find opportunity … and advancement for your product in the market. … There are two different frameworks … that you can use for this exercise. … Now, you may be all swotted out as a marketer, … but SWOT, which stands for strengths, … weaknesses, opportunities, and threats … are still an effective framework. … The second is the SOAR framework. … SOAR stands for strengths, opportunities, … aspirations, and results. …
- 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.