Identify Insurgent Competitors and their Relative Difference

Insurgents are dynamic companies or brands with a clear vision and an entrepreneurial mission, committed to fulfilling an unmet need. Insurgents win in large part because their lack of size forces them to take unique approaches to?their business models and business processes.

"Over the years, I have found that most entrepreneurs do tactical analysis of incumbents: Who are the new entrants into the market? What are their value propositions? Which customer segments are they focusing on? What is their cost structure?"

Understanding insurgents and their unique approaches gives you ideas on where to innovate. Watch this video about the innovation loop>>>>

A. Business Model

A business model outlines how a company creates, delivers, and captures value. To effectively analyze a competitor's business model, you should gather detailed information across several key areas.

The following information would be helpful:

1. How do they make money?

Take time to understand their pricing model (e.g., one-time sales, subscription, freemium) and revenue sources (e.g., product sales, service fees, advertising). You could be leaving money on the table by not maximizing on all sources.

2. What is their growth strategy?

Analyze the channels through which they sell their products or services (e.g., online, retail stores, direct sales) and how they reach and communicate with their customers (e.g., social media, email marketing, advertising). These channels can point you to new trends and open you to new markets. Additionally, note any strategic partnerships or alliances that benefit their business.

Word of caution as you study the insurgents, do not change your business model too quickly while chasing the new shiny thing. I talk about that in the video below>>>

B. Business Process

Well-managed business processes enhance performance, efficiency, and customer satisfaction. Insurgents tend to have new ideas for improving business processes; studying them may give you a competitive advantage.

Consider the following:

1. Is there a culture of innovation?

Do they foster a culture that encourages creativity, experimentation, and continuous improvement? This could be seen by how they develop prototypes or pilot programs to test new process designs on a small scale before full implementation.

2. Are they integrating technology?

Are the insurgents leveraging new technologies? Examples could be their use of automation, artificial intelligence, and data analytics to enhance process efficiency and innovation.

I also think that beyond processes, you need to look at the ecosystems around you that can help you design better processes. I talk more about this in the video below>>>

With this information, you can analyze?the insurgents in your industry and assess their competitiveness.

Stay tuned for next week's discussion, where we'll explore the questions essential for understanding the potential substitutes for your offers.

Let's continue to build business strategies together!

Feel free to share your thoughts and insights in the comments below.

Your perspective is invaluable to our collective growth.

#Entrepreneurship #Strategy #Insurgents #Business