How can you analyze your industry and competitors to think more strategically?

2 Identify your competitors

The next step is to identify your competitors and their market positions. Who are your direct and indirect competitors, and how do they compare to you in terms of size, scope, quality, price, and reputation? You can use tools such as SWOT analysis or VRIO framework to assess your competitors' strengths, weaknesses, opportunities, and threats, as well as their resources, capabilities, and competitive advantages.

4 Evaluate your competitive position

The fourth step is to evaluate your competitive position and potential. How do you rank among your competitors in terms of market share, profitability, growth, and customer loyalty? What are your unique selling propositions and value propositions? What are your opportunities and threats in the industry and the environment? You can use tools such as BCG matrix, GE matrix, or Ansoff matrix to assess your current and future position and direction in the market.

5 Generate strategic options

The fifth step is to generate strategic options and alternatives. Based on your analysis, what are the possible ways you can improve your competitive position and performance? How can you leverage your strengths and overcome your weaknesses? How can you exploit your opportunities and mitigate your threats? How can you create or sustain a competitive advantage and deliver superior value to your customers? You can use tools such as TOWS matrix, Porter's generic strategies, or Blue Ocean strategy to generate and evaluate different strategic options.

6 Choose and implement a strategy

The final step is to choose and implement a strategy that best fits your goals, resources, and capabilities. How will you execute your chosen strategy and measure its results? What are the risks and challenges involved and how will you address them? How will you communicate and align your strategy with your stakeholders and employees? How will you monitor and adjust your strategy as the industry and the environment change? You can use tools such as SMART goals, balanced scorecard, or OKR framework to plan, implement, and evaluate your strategy.