Purpose
To discover any gaps in the competitive advantage of competitors and to develop specific action plans to improve the strategy of the organisation under review.
Activity
- Brainstorm the factors that customers use to decide who they buy from in the industry under review. For example if the industry is consulting, the factors could include, reputation, price, track record and regular contact. Try to identify 10 factors.
- Weight each of the factors to reflect the importance of each e.g.
- Reputation = 20
- Price = 15
- Track Record = 35
- Regular Contact = 30
- TOTAL = 100
- Rate the firm at 50% of the weighting and then audit 2 or 3 competitors below.
- Review the total scores to establish the competitive position of each firm in the industry.
- Decide what score you need to achieve the position in the industry that you want. Lets assume, based on the table above, you want to get to 60 points.
- Where can you produce the 10 points required? e.g. Can you improve your rate of contact? this might raise that score 15 to 20 points.
- Develop specific action plans to achieve the targeted scores and implement them using the One Page Plan process.
- Repeat this competitor analysis at routine intervals.
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