Join Deirdre Breakenridge for an in-depth discussion in this video Considerations before you start, part of Marketing Foundations: Competitive Market Analysis.
- You may be familiar with Conor McGregor, the MMA fighter.…McGregor said, "Competition gives me energy…"and keeps me focused."…Of course, in business, having competition only feels good…when you have the appropriate team, time, and resources…to analyze that competition.…Here's the best way to set your team up for success.…Your competitive analysis team should be qualified…to handle the research and analysis…of the competitive landscape.…If you don't have the luxury of a team…and you're appointing one person to manage the process,…create a checklist of job skills to select the right person.…
In most cases, you're looking for professionals,…who are familiar with your industry, research, analysis,…and have strong writing skills.…Now, you can develop a realistic timeline for your analysis.…Many companies feel the need to rush their products…and services to market.…This is the concern that I've heard…all too often from executives.…There isn't enough time to fully research.…But skimping on the research…will not lead to better positioning…
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- 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.