Competitor Analysis

Use to stay one step ahead of the competition


CompetitorsBusiness strategy is inherently competitive. We compete for our customers' business, we compete for access to talent and resources. So it makes sense that competitor analysis plays a central role in your strategy.

In this blog post, we explain how you can use to stay on top of your competitor analysis.

Indentify your competitors and competitor categories

You can use to keep updated with Competitors and Competitor Categories.

When thinking about competitors, don't limit yourself to organisations that offer the same products and services as your organisation does. There may be none. Instead, focus on all the businesses that solve the same problem your organisation solves for your target customers. Also, don't forget that you are also competing against your customer's right to solve the problem themselves, or not at all!

A competitor is an individual organisation, like ASDA or Tesco. A competitor category could be something like supermarkets or local restaurants. See also: How to link a Competitor to a Competitor Category.

Both Competitors and Competitor Categories have names and descriptions.

Competitors are a type of Organisation, whilst Competitor Categories are a type of Group. So for each of these two types of records, you can specify the type. Obviously, if you change these away from Competitor, or Competitor Category, then they become other types of Organisations or Groups.

Identify the factors of competition

The factors of competition are the factors your customers use when choosing between you and your products and services, and the alternatives available to them.

Typical factors include things like price, convenience, quality etc. But it helps if you can identify criteria which are even more specific to your customers and their Jobs-to-be-Done.

Map your business versus your competitors on a Strategy Canvas

The Strategy Canvas show your Competitors, Competitor Categories and Competitive Factors in a visual format. This helps you to more clearly differentiate your business from the alternatives available to your customers.

Remember, the more differentiated your business is, the easier it is to cut through the noise to attract and serve your customers, and the more easily you will be able to get a fair price for your products and services.

Stay up to date with your customers' competitive moves

You can use our newshound to stay up to date with customers' competitive moves. Simply click the news icon to the right of the competitor's name on the competitor detail screen.

This will automatically run a Google News search on that competitor. You can click through to read any stories it finds.

You can also 'clip' any interesting news you find directly back to the competitor record in with our handy bookmarklet.

Link competitor analysis to strategic insights

You can link competitors, competitor categories and competitive factors to strategic Insights and other elements of your strategy in to ensure internal consistency in your strategy, and to highlight the impacts of any changes and updates.

See also:

If any part of this text is not clear to you, please contact our support team for assistance.

Updated: 2023-11-28

Most popular articles:

  1. Goals, objectives, KPIs, targets, initiatives and actions
    How do you use goals, objectives, KPIs, targets and initiatives to ensure your strategy is action-oriented, gets done and delivers results?
  2. The "Strategy House"
    The "Strategy House" is a simple but effective way to summarise and communicate some key aspects of your strategy.
  3. Examples of Strategy Canvases
    The Strategy Canvas shows how an organisation can carve out a unique position in the market, free of the ravages of competition.
  4. How to use
    Discover how to harness for effective strategy development and execution, ensuring your business strategy is dynamic and collaborative.
  5. Examples of PESTEL Analyses
    Draw inspiration from examples of PESTEL Analyses for well-known organisations like Uber and Apple.

Chess strip is the collaborative platform for business strategy development and execution.

  • Prepare your business for a rapidly changing future.
  • Get your team on the same page and keep them there.
  • AI-enhanced.

Free and Paid plans available.

Suitable for consultants, businesses, startups or teams.

Do you need a little extra help developing and executing your business strategy?

We offer a range of value add services for you to choose from.

Sign up for our free Newsletter

 #StratBot is thinking...