How do you measure and communicate the results and impact of competitive analysis?

One thing I find helpful is to consider competitors as others who might serve the same end goal or value - not just other companies in your space. For example, in higher education we often look at peer universities as competitors. But if we consider this more broadly, we're also "competing" with professional training schools, continuing education programs, travel opportunities, and the job market. These are all valid alternatives that a prospective student might evaluate. To be truly competitive, we need to measure up against all the options a student has - not just against other universities.

One very valuable source of information is closed won and lost opportunities They will help you map your competitors by identifying segments they're in, regions where they are the most present, and their win rates against your product(s). This data will help you adapt your positioning and sales strategies, and ultimately increase your win rate!

1. Track key areas: Identify what matters most to your business (e.g., pricing, features). 2. Gather competitor data: Websites, social media, and reviews are all good places to start. 3. Look for trends: Are there patterns in what customers like or dislike about your competitors? 4. Identify strengths & weaknesses: This helps you understand what you do well and where you can improve. Competitive analysis is like a game of chess - you need to understand your opponent's moves to win!

Set clear objectives and track relevant metrics (e.g. market share, customer satisfaction, revenue growth) to quantify impact. Visualize findings using charts, graphs and tables to highlight strengths, weaknesses, opportunities and threats compared to competitors. Benchmark against industry leaders to identify best practices and set realistic goals for improvement. Communicate insights to key stakeholders and cross-functional teams to align on priorities and inform strategic decisions. Regularly review and update analysis as market conditions and competitor strategies evolve to maintain a competitive edge.

1. Analyze Findings: After researching your competitors, summarize their strengths, weaknesses, what opportunities they offer, and any threats they might pose to your business. 2. Identify Advantages: Look at your own business and see how you stack up. What are your strengths compared to the competition? Are there areas where you can improve? 3. Communicate Clearly: Share your findings in a way that's easy to understand. Simple charts or tables can be helpful. Focus on the key points that will most benefit your business. 4. Action Plan: Based on your analysis, brainstorm ideas to strengthen your competitive advantage and address any weaknesses. This will be your roadmap for moving forward.

1. Pick the right format: Reports, presentations, dashboards, or infographics - choose what best suits your audience (e.g., charts for stakeholders, visuals for a team meeting). 2. Focus on key findings: Summarize the most important things you learned about your competitors. 3. Turn insights into action: Use what you learned to improve your business goals, strategies, and plans. 4. Track your progress: Regularly check how your actions are working based on your competitive analysis.

Communicating your results is the most crucial part of the work. Don't neglect it! Here are 3 recommendations: ? Tailor your message to your audience: Whether you're presenting to Sales, C-Suite, Product, etc., put yourself in their shoes: What do they need to know? And make your analysis easy to read and understand, include an exec summary if you're using slides (but don't overwhelm them with too many slides) ? Provide actionable insights: Share your analysis and address the "so what?": what are your recommendations? What actions can we take now to achieve the company goals or reduce gaps with competitors? ? Highlight any gaps in the analysis and suggest areas for further exploration of key findings.