Tides, temperature, ice bergs, sand bars and the weather are things that impact your business that you can’t control such as trends, technology and global events.
All of the other boats in the ocean are your competitors. While we don’t want to follow them (we have our own course - our purpose), we always want to make sure we know exactly where they are, where they are heading, and if some are getting too close, identify gaps so that we can sail right through.
What can you learn from your competitors?
Determine their strengths and weaknesses
- What can you improve?
- What areas of weakness can you exploit?
- Are they surpassing your organisation in any area?
- How does your user experience stack up against them?
- What can you tweak, change to improve?
Discover your competitive advantage
- What makes your organisation unique?
- What do you currently do or what could you do that no one else does?
- What are your differentiators? What separates you from the pack?
- Where does your product or service stand in the marketplace?
Clarify who your competitors actually are
- Who are your direct competitors? Organisations that do what you do, share the same customers (or you want those their customers to be yours) and they offer the same product and services.
- Who are your indirect competitors? Organisations that offer something similar to you. It might not be the primary part of their product or service but the second or third.
Identify market gaps
- What target market are your competitors missing?
- What collaborations haven’t they identified?
- What are end-users saying they want that no one is delivering?
Keeping a close eye on your competitors allows you to innovate and be agile, but remember, never rest on this information. Competition and disruption can happen any time and can come from anywhere. Always keep an eye on your competitor as well as the market, even if you’re miles ahead you must be ready to innovate, move with the tide or change course when needed.
Want to be nimble enough to respond to such a challenge? Want to have the confidence in your innovation skills that you see threats as opportunities? Need to drive a culture of innovation in your enterprise?
G2 Innovation offer a range of programs, workshops and courses designed to give people the mindset, toolset and skillset for innovation. From innovation coaching, to one-day workshops to in-depth organisational transformation programs. We have a training option to suit your needs.
Fill in the form below to request more information about our many Innovation and Design Thinking programs.