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How do you update your competitive strategy in response to change?

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Change is inevitable in any market, and your competitors are constantly adapting to new customer needs, trends, technologies, and opportunities. How do you keep up with them and stay ahead of the curve? How do you update your competitive strategy in response to change? Here are some tips to help you.

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Gather customer insights:

Use Google Forms to collect feedback directly from customers. This simple tool can reveal gaps in your service and highlight areas for improvement, aligning your strategy with customer needs.
Engage lost prospects:

Reach out to prospects who chose competitors. Their candid feedback can uncover valuable insights into your market positioning and opportunities for service evolution.

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1 Assess your current situation

The first step is to evaluate your current competitive position and performance. How well are you meeting your customers' expectations and solving their problems? How do you compare to your competitors in terms of value proposition, differentiation, pricing, quality, service, and reputation? What are your strengths and weaknesses, opportunities and threats? You can use tools like SWOT analysis, competitor analysis, customer feedback, and market research to gather relevant data and insights.

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Azeem Imam

Group Product Manager at Getz Pharma | Marketing Strategist with Stakeholder Management expertise
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Customer feedback can also play a vital role in analysing current situation. One of the easiest way is to make a google form and circulate it to customers. In this way you will end up finding the gap according to the current situation.

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Katie Cress

Marketing Consultant Helping Independent Financial Advisors Multiply Their Best Clients at Indigo Marketing Agency
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Another great option is to talk to those prospects that have recently gone with your competitors. I find prospects are more than willing to share when you authentically ask why they choose a different solution or partner. I'm always open in that our team is wanting to grow and evolve and meet our ideal clients needs and knowing this information will help keep our team informed on areas of opportunities to evolve our services.

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Pavan Sahu

PR & Corporate Communications. Master's Degrees in Marketing
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Innovation widens the gap between demanded and achievable change. The age of continued series! Customers seek affordable quality with purpose and CONTINUOUS value upgradation. Change faces management challenges - insecurity, resistance. Modern businesses possess data and tools but compete in a cluttered marketplace. Influence matters - via stakeholders, influencers, digital, pricing, or innovation. Take Apple for example, their product designers are 10 steps ahead of competition, using stakeholder empathy to give their customers superior unimagined value by carefully listening to developer’s desires. Crowd pooling intelligence from their most critical influencers. Courageous yet Innovative. THE POWER OF LISTENING & STAKEHOLDER EMPATHY!

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2 Identify the drivers of change

The next step is to identify the factors that are causing or influencing change in your market. These could be internal or external, such as new customer preferences, emerging technologies, regulatory changes, economic shifts, social movements, or competitive actions. You need to understand how these drivers affect your customers' needs, wants, and behaviors, as well as your competitors' strategies and capabilities. You can use tools like PESTEL analysis, scenario planning, trend analysis, and industry analysis to monitor and anticipate change.

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3 Adjust your goals and objectives

The third step is to revise your goals and objectives based on the changes you have identified. You may need to modify your vision, mission, values, and core competencies to align with the new market realities. You may also need to set new SMART (specific, measurable, achievable, relevant, and time-bound) goals and objectives that reflect your desired outcomes and performance indicators. You can use tools like OKR (objectives and key results), KPI (key performance indicators), and balanced scorecard to define and measure your goals and objectives.

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Marius Uzolas

IT-Consultant @ ALDI SüD
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Defining goals is not easy. For me it is key to iterate, to experiment and being able agree on a goal that is most likely to be adjusted going forward. Nothing is written as stone - modern business must be able to question everything; from goals, over strategies... Even vision and mission.

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4 Develop your action plan

The fourth step is to develop your action plan to achieve your goals and objectives. This involves choosing the best strategies and tactics to create and deliver value to your customers, while gaining and sustaining a competitive advantage over your rivals. You may need to innovate your products or services, improve your processes or systems, enhance your marketing or sales, or strengthen your relationships or partnerships. You can use tools like Porter's generic strategies, Ansoff matrix, value chain analysis, and 4P's of marketing to design and implement your action plan.

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5 Execute and evaluate your plan

The final step is to execute and evaluate your plan. This involves putting your strategies and tactics into action, while monitoring and measuring your results and feedback. You need to track your progress and performance against your goals and objectives, as well as your competitors' actions and reactions. You also need to analyze your strengths and weaknesses, opportunities and threats, and learn from your successes and failures. You can use tools like dashboard, scorecard, feedback loop, and PDCA cycle (plan-do-check-act) to execute and evaluate your plan.

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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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Gulsaba Khan

Growth Marketing, Partnerships & Business Development
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Just Know What's Going On. Once you have started with facts and partnered on generated data, ask yourself, "What components of the market change, or the event, were the primary drivers of change?" Changes in cost? Disruptive technology? Marketplace changes? If you want to come up with a winning competitive response, you need to think about how to make everyone involved delighted. Determining the core competences needed to enter a new market or collaborate to expand existing relationships and accelerate growth inside an existing market is an important first step towards developing a competitive response and guaranteeing a win-win strategy.

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How do you update your competitive strategy in response to change?

1

2

3

4

5

6

1 Assess your current situation

2 Identify the drivers of change

3 Adjust your goals and objectives

4 Develop your action plan

5 Execute and evaluate your plan

6 Here’s what else to consider

Business Development

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How do you update your competitive strategy in response to change?

1

2

3

4

5

6

1 Assess your current situation

2 Identify the drivers of change

3 Adjust your goals and objectives

4 Develop your action plan

5 Execute and evaluate your plan

6 Here’s what else to consider

Business Development

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