Competitive analysis can be a daunting task. At Richter & Company, we believe strong, reliable processes build the foundation and framework for sound, defensible analysis. Competitive analysis can be broken down into three parts: Business Intelligence forms the foundation of competitive intelligence. It focuses on quantitative numbers, like financial metrics and number of units produced. Business intelligence consists of solid, irrefutable data points that define a company. Competitor Intelligence lays out the framework for analysis. It is made up of quantitative data (business intelligence) and qualitative data. While quantitative data defines, qualitative data describes. Capabilities (general and specific), relevant news and identified past performance help characterize a company as qualitative data points. We can define ‘competitor intelligence’ as information specific to a single competitor. Competitive Intelligence enhances competitor intelligence through inclusion of environmental factors (political, economic, social, etc.). Experienced analysts help determine how these external factors will affect the competitor intelligence gathered. Companies can then be assessed against one another in some kind of objective evaluation, mimicking the source selection board decision-making process. Richter & Company has been using this framework for competitive analysis to help clients win more than $30B in new business since 2006. To find out we can help you win, contact us today.
Many companies include the SWOT chart as part of a competitive intelligence presentation. They spend a lot of time preparing the strengths and weaknesses, opportunities and threats, and creating a beautiful image. And… that’s it. SWOT charts were designed to be springboards for creating strategies. What products or services will the company leverage? How will they differentiate their offering? What story will they tell? What are their weaknesses? Are they aware of them? How will they mitigate those weaknesses? How are they perceived by the outside market? What kinds of opportunities and threats exist outside of the company’s control? Strengths identified in other companies should give you incentive to bolster your own solutions. If your solution is not as capable, or desirable, should you be bidding? Opportunities allow you to assess how your own company will be viewed, and where you can maximize play in a potential marketplace. Weaknesses and threats can be turned into ghosting opportunities. How can you capitalize on potential (or perceived) risk? How can you differentiate your own offering to highlight an area of weakness in another solution? SWOTs can be extremely valuable tools, if they’re used correctly. Contact Richter & Company today to find out more about positioning and strategies that help you win.