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What are the most innovative and creative approaches to competitive analysis?

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Competitive analysis is the process of identifying and evaluating your rivals' strengths and weaknesses, and how they affect your business goals and strategies. It is a crucial skill for market researchers, as it helps them understand the market dynamics, customer preferences, and industry trends. However, competitive analysis is not a one-size-fits-all task. Depending on your objectives, scope, and resources, you may need to adopt different approaches and methods to gain valuable insights. In this article, we will explore some of the most innovative and creative approaches to competitive analysis, and how they can help you gain a competitive edge.

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Shashank Acharya

Market Insights | Competitive Intelligence | Healthcare | Life Sciences

1 SWOT Analysis

SWOT analysis is a classic framework that helps you assess the internal and external factors that influence your business performance. SWOT stands for strengths, weaknesses, opportunities, and threats. By analyzing these four elements for your own business and your competitors, you can identify your unique value proposition, areas for improvement, potential market gaps, and possible risks. SWOT analysis is a simple yet effective tool that can help you gain a holistic view of your competitive landscape and guide your strategic decisions.

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NAVEENKUMAR DURGA LAKSHMI

Director- Marketing || Storyteller || Client services & Delivery || Retention & Growth Hacker || Products & Projects Transformations || Generalist & to be an Independent,Certified Director|| ISB Alumni_Leadership with AI
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One Time at Work SWOT Analysis in Account-Based Marketing: Approaches and Insights As an Associate Director of Account-Based Marketing (ABM) Operations, I've seen countless situations where a SWOT analysis was critical in creating our plans. Here's how we used the SWOT framework on a particular occasion: We were once entrusted at work with reworking our ABM approach for a significant customer in the technology sector. Our objective was to adjust our marketing efforts to maximise the client's success after they had recently introduced a new product. This necessitated a thorough grasp of market dynamics and our client's position within them. Strengths: We have a highly competent and specialized ABM staff with extensive experience.

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2 Perceptual Mapping

Perceptual mapping is a visual technique that helps you compare your brand positioning and customer perception with your competitors. Perceptual mapping involves plotting your products or services along two or more dimensions that reflect the key attributes or benefits that customers value. For example, you can plot your products based on price and quality, or innovation and reliability. By doing so, you can see how your products or services are perceived by customers in relation to your competitors, and identify any gaps or overlaps in the market. Perceptual mapping can help you differentiate your brand, target specific segments, and optimize your marketing mix.

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NAVEENKUMAR DURGA LAKSHMI

Director- Marketing || Storyteller || Client services & Delivery || Retention & Growth Hacker || Products & Projects Transformations || Generalist & to be an Independent,Certified Director|| ISB Alumni_Leadership with AI
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Map Creation: Using the attribute scores, we created a Perceptual Map. This map visually represented our brand and competitors' positions based on the performance in each attribute. It provides a real-world perspective on how target accounts view your brand and ensures the accuracy of the map.

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3 Social Listening

Social listening is the process of monitoring and analyzing online conversations and feedback about your brand, products, competitors, and industry. Social listening can help you gain insights into what customers think, feel, and want from your business and your competitors. You can use social listening tools to track and measure various metrics, such as sentiment, engagement, reach, and influence. You can also identify emerging trends, issues, opportunities, and threats that affect your competitive position. Social listening can help you improve your customer service, product development, content marketing, and reputation management.

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4 Mystery Shopping

Mystery shopping is a technique that involves posing as a potential or actual customer and evaluating the quality and experience of your competitors' products or services. Mystery shopping can help you gain firsthand information about your competitors' offerings, prices, features, benefits, customer service, and sales processes. You can use mystery shopping to benchmark your own performance, identify best practices, and spot areas for improvement. Mystery shopping can help you enhance your product or service quality, customer satisfaction, and loyalty.

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NAVEENKUMAR DURGA LAKSHMI

Director- Marketing || Storyteller || Client services & Delivery || Retention & Growth Hacker || Products & Projects Transformations || Generalist & to be an Independent,Certified Director|| ISB Alumni_Leadership with AI
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I had the opportunity to leverage mystery shopping to enhance our strategies and deliver better experiences for our clients. The mystery shopping experience emphasized the significance of tailoring marketing and sales efforts to individual client needs. Through a single experience, we were able to identify areas for improvement and enhance the customer experience for our client.

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5 Scenario Planning

Scenario planning is a method that involves creating and analyzing different possible futures based on various factors and uncertainties that affect your business and industry. Scenario planning can help you anticipate and prepare for different outcomes and challenges that may arise from your competitors' actions, market changes, technological innovations, or environmental factors. You can use scenario planning to test your assumptions, explore your options, and develop contingency plans. Scenario planning can help you increase your flexibility, resilience, and creativity.

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Shashank Acharya

Market Insights | Competitive Intelligence | Healthcare | Life Sciences
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I believe scenario planning edges among others. Off course all the other methods are equally important and have their own advantages and infact are non-replaceable. But, as customers are evolving and so the industry dynamics, as marketing professionals you have to always be on your toes and look beyond horizon. Thats where scenario planning becomes important.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most innovative and creative approaches to competitive analysis?

1

2

3

4

5

6

1 SWOT Analysis

2 Perceptual Mapping

3 Social Listening

4 Mystery Shopping

5 Scenario Planning

6 Here’s what else to consider

Market Research

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What are the most innovative and creative approaches to competitive analysis?

1

2

3

4

5

6

1 SWOT Analysis

2 Perceptual Mapping

3 Social Listening

4 Mystery Shopping

5 Scenario Planning

6 Here’s what else to consider

Market Research

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