Originally featured on SWBC's LenderHub blog.
During my days as an independent consultant, companies most often asked me to help them build their strategic direction. My first question was as reflexive as swatting a mosquito on the back of my neck. “Can I get a copy of your competitive analysis?” That was usually followed by a blank stare.
Trying to build a strategic direction without a competitive analysis is like walking barefoot through a cow pasture on a moonless night. You have no idea where you’re going, how far you’ve gone, whether you are about to run into something, fall into something, or step into…something.
A competitive analysis is NOT determining if your product is priced effectively! It’s a determination of where your competition is best able to compete and how it is actually competing. Believe it or not, your analysis may show your competitor is using a flawed strategy—which helps you build your winning strategy.Read More