How can you use your network to gain insights into your competitors' strategies?

2 Engage your network

The second step is to engage your network and ask them for their opinions, insights, and feedback on your competitors' strategies. You can do this in various ways, such as conducting surveys, interviews, focus groups, or online forums. You can also invite your network to events, webinars, workshops, or podcasts where you can discuss industry trends, challenges, and opportunities. The key is to be respectful, curious, and open-minded when you engage your network. Don't be too pushy, biased, or defensive. Instead, listen actively, ask open-ended questions, and show appreciation for their input.

3 Analyze your network's insights

The third step is to analyze the insights you gathered from your network and compare them with your own observations and data. You can use tools like SWOT analysis, Porter's five forces, or PESTEL analysis to organize and evaluate the information. You can also use frameworks like VRIO or value chain analysis to identify your competitors' core competencies and sources of competitive advantage. The goal is to find patterns, gaps, and discrepancies that can reveal your competitors' strategies, goals, and intentions.

4 Adapt your strategy

The fourth and final step is to adapt your strategy based on the insights you gained from your network. You can use tools like SMART goals, OKRs, or balanced scorecard to set your objectives, measures, and actions. You can also use tools like canvas model, lean startup, or agile methodology to test and validate your assumptions and hypotheses. The aim is to leverage your strengths, address your weaknesses, exploit your opportunities, and mitigate your threats. You can also use your network to monitor your progress and performance and get feedback on your strategy.

Using your network to gain insights into your competitors' strategies is a smart and cost-effective way to stay competitive and innovative in your industry. By following these four steps, you can tap into the collective wisdom and experience of your network and use it to improve your strategy and results.

5 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?