Competitive Analysis: Know your enemy

We talked recently about SWOT analysis, and making sure the strengths, weaknesses, opportunities and threats to our business were evaluated and communicated to all internal stakeholders. SWOT analysis has been around for years, and for good reason. It’s a powerful tool.

It’s one thing to know our own strengths, but when did we last ask our customers what they think? Do they agree with us, or have we eagerly on-boarded them and largely forgotten that they are potentially our greatest advocates if we look after them well?

An even more uncomfortable question might be how our customers or prospects view our competitors?

The grass is often greener, especially where complex solutions are involved. What if our customers believe that our competitors offer superior customer service, support, value for money, ease of doing business, agility and real partnership? If a member of the Sales team ever picked up a hint of this, where would they record this information? And what measures would swing into play to retain that customer? We all know that retaining business is enormously more cost-effective than going after new prospects.

If doing business was easy then every business would enjoy stellar success, but we know that many businesses fail. And now economic turmoil has been thrown into the mix. What proactive action can you take immediately to carry out some competitive analysis, so that you know yourself and your enemy better? And what steps can you take to improve the UX of customers and prospects to retain their business?

Want to chat? Get in touch with us for a free, no-obligation phone consultation. Brainstorming and creative insight guaranteed!

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