Weekly Winning Strategies: Competitor Analysis Projects Should Never Be A One-Off
This week’s insight. Never underestimate the frequency of engagement needed in competitor and market analysis. Competitor Analysis Projects should never be one try and then move on.
There’s a common pitfall I see in business strategies. Especially those of smaller enterprises and solopreneurs.
I don’t mean the “they don’t worry about our competitors” one. It underestimates how often they need to analyse their competitors and market.
The notion that you can set your competitive intelligence activities on autopilot is overly optimistic. Signing up for a CI platform and expecting continuous insights is overly optimistic.
No matter how cool their marketing is, there is no magic intelligence button.
Dedicate 10% and 20% of your strategic planning time to conducting and updating your competitor and market analyses. This analysis should inform where you position your business in the market.
Here’s the stark difference between regular and sporadic analysis:
When you engage in competitive intelligence, you identify opportunities that lead to increased market share and revenue. You may still improve your market share even if you don’t use competitive intelligence.
Throw enough mud on a wall, and some of it sticks. But competitive intelligence is about more than spotting immediate opportunities. It’s about steering your business closer to strategic superiority.
Take, for example, feedback from a business leader, “Josh Jones”. He acknowledged the benefits of continuous competitive monitoring:
Josh had been observing shifts in the competitive landscape affecting his business sector for over a year.
Finally, he decided to pivot his strategy based on consistent intelligence gathering. He just needed that regular push of data to make an informed decision. (Update: His strategic pivot earned a significant competitive edge.)
Monitoring should mean something other than tracking competitor press releases and website changes. It has to be so much more than that.
However, effective competitor analysis is about something other than collecting data. It’s what most miss.
It’s why some researchers and, yes, some CI platforms are powering up ChatGPT to fire out even more nonsense. But so much quicker than they used to. It’s about the deeper analysis.
Sorting through the noise and sifting out the valuable insights, digging around, looking for patterns and trends that reveal crucial competitor insights. The insights they might prefer to remain hidden. Such as uncovering weaknesses in their operations.
Or shifting their customer base or introducing innovations that still need more development. It’s about transforming raw data into actionable intelligence to provide a tactical advantage.
Regular and rigorous analysis allows you to anticipate their moves and helps craft strategies that position you as a leader. Turning potential threats into opportunities for growth
How many insights like Josh’s are out there waiting to be uncovered in your market?
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