How can you create a comprehensive and accurate competitive analysis framework?

1 Define the scope and purpose

The first step in creating a competitive analysis framework is to define the scope and purpose of your analysis. You need to determine who are the relevant competitors for your client, what are the key markets and segments they operate in, and what are the main objectives and questions you want to answer with your analysis. You can use tools such as Porter's five forces, market maps, and customer personas to help you define the scope and purpose of your analysis. You should also align your analysis with your client's vision, mission, and value proposition.

3 Analyze and compare

The third step in creating a competitive analysis framework is to analyze and compare the data you have collected. You need to use analytical tools and techniques that can help you identify and measure the key factors that differentiate your client's competitors. You should also use benchmarks and metrics that can help you evaluate the competitors' strengths and weaknesses, as well as their opportunities and threats. You can use tools such as SWOT analysis, VRIO analysis, value chain analysis, and balanced scorecard to help you analyze and compare the data.

4 Visualize and communicate

The fourth step in creating a competitive analysis framework is to visualize and communicate your findings and insights. You need to use visual tools and formats that can help you present your analysis in a clear, concise, and compelling way. You should also use storytelling techniques that can help you convey your message and recommendations to your client and other stakeholders. You can use tools such as charts, graphs, tables, diagrams, and infographics to help you visualize and communicate your analysis.

7 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?