Know Your Competitors... and Beat Them!

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Information about Know Your Competitors... and Beat Them!
Business & Mgmt

Published on March 9, 2009

Author: christophefp



Know Your Competitors… and Beat Them!

The advantage Business is competition. By getting stronger, you make your competitor weaker. Having the right information on your competitors make you stronger. Yet, too many companies spend too little time on knowing their competitors. The ones investing in that knowledge are the better performers.

Our 6-step approach Together with you, we will carry out this program in the following 6 steps: Step 1: Review of your competitors analysis. Step 2: Review of your competitive position. Step 3: Identifying the areas of improvement. Step 4: Strategic actions for victory. Step 5: Implementation Step 6: Follow-up

Review of your competitors analysis Who are your competitors? Their strategy SWOT Analysis Their external communication Their customers Their results

Review of your competitive position SWOT Analysis Review of the past 3 years: –What you gained –What you lost –Quantitative evolution of your performance Analysis of your customer base –Customer evaluation system –Your customers vs. your market –Your customers’ customers •Your external communication and perception

Identifying the areas of improvement From the previous 2 steps, we will map: How to further capitalize on your strengths. How to strengthen and turn around the areas of weakness. Define the key performance indicators for your success and how you score relatively to your competitors.

Strategic actions for victory The Market Information Organization. –Roles, from CEO, to employees. –Procedures. The 20 reasons to buy from you. –Find your unsuspected potential. –Become the indispensable supplier. The spies that can work for you for free. Who are they? How can they serve you?

Strategic actions for victory (2) Know the customers’ customers. –Know your customers’ business at least as well as they do. –Bring the right solutions. Truly adding value to your customers. Make their business run more efficiently. Support them to beat their competitors. Always go for Win-Win.

Strategic actions for victory (3) Innovation and Productivity. –Enhance creativity. –Search and find better solutions, for you and for your customers. Survival of the (financially) fittest. –Manage for profit and for working capital. Envision the future Market surveys picture the past. Think what your customers will need 1, 3, 5 and 10 years from now.

Implementation The implementation of the previously defined actions follows the SMART approach – Specific – Measurable – Ambitious – Realistic – Time-bound

Follow-up Follow-up to take place within 6 months after implementation, for review and corrective action if needed.

Interested? Then contact us at: before your competitors do.

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