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Week 5-1698914671678
Week 5-1698914671678
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CREACREATINGTING JJOBSOBSCHCHANGINGANGINGLIVLIVESES
CREATING JOBS CHANGINGLIVES
Competitive Advantage
https://www.wfglobal.org
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES
Overview of the
program and your
learning journey over
the 14 weeks:
CONCEPTS
● Understand your competition
● Howto collect infoaboutyourcompetition,whereto start from?
● Howto run a competitive analysis
● What are the points of comparison youshould include?
● Howto categorize competition
● Howunderstandingyour competition contributes to
your company’ssuccess
There is nothing known as a level playing field and business is all about creating an
unfair advantage. However, business is also not a zero-sum game – which means
that you don’t necessarily have to lose for me to win.
The trick is in creating a space where you can exist, sustain and grow steadily.
Before, we get started read this article on How Amazon thinks about Competition.
Let’s begin by understanding how you can determine who is your competitor and
who is not.
Competition
Entrepreneur.com
Understanding your competition is agreat way to come up with ideas. For example,
better market penetration strategy, customer acquisition strategies and brand
positioning could be inspired from competition.
Simply put, if youcollect enough info about your competition, youalready have a
reference on howtheyarerunning their business, howtheybuilt their product, howthey
distribute it
and otherinfo that can generally benefit you.
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES 5
Identify,Research&Apprise
Research& Competition Competitive
Identify Advantageand
Apprise Analysis
sustainable
differentiation
It is time to go get some data from the market about your competition. What is
important is to know how to collect the info. Worsethannot knowing about the
competition is collecting the wrong info. It could be misleading and lead to negative
results.
Here are a few questions that you are trying to answer:
• What is the state of the target market? How large is it and how many
companies dominate it?
• What are the odds of surviving in the given niche?
• What promotional channels do your rivals use?
• What are the target audience interests and how do different companies try to
engage with them?
Step 1: Identify the players (60 mins) – Direct and Indirect comepitiors Google:
Your brand isn’t what you say it is, it’s what Google says it is”, – British
businessman, Chris Anderson once said. This rule applies to all, so to find who your
greatest competitors are, you can just ask the biggest search engine in the world.
Run additional searches on portals such as Staista, Alternative to and Owler
Take stock of the names that come up in your keyword search and then find more
about these companies through other sources such as Statisa, Pi Diametrics, SEM
Rush Market explorer etc.
Outcome – identify minimum 5 and maximum 10 players to conduct your
competitor analysis.
competition
Identify
Apprise Analysis sustainable
differentiation
The next stepis to projectthe datathat you have gathered and give it a structured,
intelligent formatso that you can createa compelling competitive advantage.Given below
are examplesof somemistakesthat start-upsmakewhile putting togethertheir analysisand
a decent preliminary competition analysiscan be done.
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES 7
Analyseyour
Competitive
Research& Competition Advantageand
Identify
Apprise Analysis sustainable
differentiation
competition
A Direct competitor is someone that offers the same
products, with in the same category as you”
Direct
Competitive advantage generates greater value for customer and the business
due to certain strengths or conditions. The more sustainable the competitive
advantage, the more difficult it is for competitors to neutralize the advantage.
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES 8
Create your
Competitive Competitive
Competition Advantageand
Advantage
Identify Research&
Apprise Analysis sustainable
differentiation
Reduce
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES 9
Create your
Competitive Competition Competitive
Research&
Advantage and
Identify Advantageand
Apprise Analysis sustainable
differentiation
Sustainable
differentiation
Reduce
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES 1
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Competition Competitive
Identify Research& Advantageand
Apprise Analysis sustainable
differentiation
Create your
competitive advantage
Once you have mapped your current offering and compared it with your competitors it’s
time to take a hard look at your product features. Each additional product feature take s
time and money so you to have a very clear prioritization based on:
1. Customer needs
2. Competitor offering
3. Your solution - product features
Keep these side by side and then fill out the following grid:
Create Enhance
Create – features that customers value but are not offered by competition
Enhance – features that strengthenyour value proposition
Reduce – features that do not add value your proposition
Reduce Eliminate
Eliminate – features that are redundant
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES 1
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Call toaction!
Step 1: Competition Listing Template
Competitors
C1 C2 C3 C4 C5 Your
Direct Direct Direct Indirect Indirect Venture
Product
Benefits
UVP
Price
Branding
Market
Review
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES
Call toaction!
Step 3: Feature Ranking
Create Enhance
Reduce Eliminate
• Reason 1
• Reason 2
• Reason 3
WADHWANIFOUNDATION|CREATINGJOBSCHANGINGLIVES
FINAL COVER
nextgen.global@wfglobal.org
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