Understanding who and what we are up against.
Our work sets out to understand our near and far competitive set and recommend opportunities and threats from a customer viewpoint as well as a match to our products and services. We leverage an understanding of the competitive landscape to inform what makes our products unique and differentiated, and how we can leverage digital technology to present our brand, products and services to the needs and motivations of our customers by creating appeal and brokering preference.
There are so many new opportunities opening up as a result of digital, such as launching an app or leveraging community platforms to build up exchange and trust. Regardless of the size of the organisation, the most successful strategies will not try and do everything rather focus on the most likely gains and best strategic fits with a cohesive and thorough understanding of the competitive landscape in which they operate.
- Criteria for comparison, including current and future strategies, resourcing, assets and ability to act
- Threats in the market. Examples from near and far prove out that these threats are real and require us to explore how to protect against them
- Market share and share of voice
- Marketing channels and the role of content and value exchange across digital platforms
- Gaps and opportunities in the market where we can pursue growth
- Learning from the less obvious challengers in the space and digitally enabled new entrants
- Assessing how our competitors might change or react to our future plans
- Forecasting future returns based on available data and insight