Competitor analysis meetings are strategic sessions where a company’s team gathers to assess the strengths and weaknesses of current and potential competitors.
This analysis provides an offensive and defensive strategic context to identify opportunities and threats.
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Definitions
- Competitor Analysis is a strategic method in which a company evaluates its competitors to identify their strengths and weaknesses compared to its own.
- SWOT Analysis: A strategic planning technique to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
- Competitive Advantage: A condition or circumstance that puts a company in a favorable or superior business position.
Why Competitor Analysis Meetings Matter in the Workplace
Competitor analysis meetings are crucial in the workplace because they help businesses to:
- Understand their competitive landscape.
- Identify their unique value proposition.
- Discover market trends and adapt accordingly.
- Identify gaps in the market.
- Develop new products and services.
- Improve existing products and services.
- Identify potential threats and opportunities.
Five Steps to Run a Competitor Analysis Meeting
1. Identify Your Competitors
The first step is to identify your competitors. This can be done through market research, customer feedback, and online searches.
Tip: Use tools like Google Alerts to keep track of your competitors’ activities.
2. Analyze Competitors’ Strengths and Weaknesses
Once you’ve identified your competitors, the next step is to analyze their strengths and weaknesses. This can be done through a SWOT analysis.
Example: A competitor’s robust online presence is a strength. Poor customer service is a weakness.
3. Evaluate Competitors’ Strategies and Objectives
Understanding your competitors’ strategies and objectives can help you predict their next moves and prepare accordingly.
Tip: Look at their marketing campaigns, product launches, and other business activities.
4. Identify Your Competitive Advantage
After analyzing your competitors, identify what sets your company apart. This could be your product, service, customer service, pricing, marketing strategy, etc.
Example: If your product has a unique feature that competitors don’t offer, that’s a competitive advantage.
5. Develop a Competitive Strategy
Based on your analysis, develop a competitive strategy that leverages your strengths, exploits competitors’ weaknesses, responds to opportunities, and mitigates threats.
Tip: Your strategy could involve improving your products or services, changing your pricing, targeting a new market segment, etc.
Examples of Competitor Analysis Meetings in Corporate Settings
- A tech startup analyzing the strategies of established tech companies.
- A retail company comparing its pricing and product range with competitors.
- A marketing team analyzing competitors’ social media strategies.
- A pharmaceutical company comparing its research and development capabilities with competitors.
- A manufacturing company comparing its production processes and efficiency with competitors.
- A financial institution comparing its services and customer satisfaction levels with competitors.
- A restaurant comparing its menu, pricing, and customer service with competitors.
- An e-commerce company comparing its website design and user experience with competitors.
- A logistics company comparing its delivery times and costs with competitors.
- A consulting firm comparing its service offerings and client satisfaction levels with competitors.
Template for Competitor Analysis Meeting
- Introduction: Briefly explain the purpose of the meeting.
- Competitor Identification: List the identified competitors.
- Competitor Analysis: Discuss each competitor’s strengths and weaknesses.
- Competitor Strategies and Objectives: Discuss each competitor’s strategies and objectives.
- Competitive Advantage: Discuss your company’s competitive advantage.
- Competitive Strategy: Discuss the proposed competitive strategy.
- Conclusion and Next Steps: Summarize the meeting and discuss the next steps.
Conclusion
Competitor analysis meetings are a vital part of strategic planning.
They provide valuable insights to help a company gain a competitive edge, adapt to market trends, and ultimately succeed in the marketplace.
Following the steps outlined above, you can run effective competitor analysis meetings to drive your company forward.
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