Terry Frazier: Three Things to Stop Doing and Three Things to Start Doing to Improve Your Competitive Analysis
Release Date: 12/03/2013
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info_outlineInterview with Terry Frazier who blogs at http://www.competitivethinking.com/
Three things to stop doing:
1. Stop collecting information on competitors: Terry believes that too often we are swamped with information like stock fluctations and press releases that is essentially redundant. Without a clear strategy for how to analyze it it’s a waste of time. The reality is that your team already know 90% of what you need to know to form a competitive strategy.
2. Stop relying on SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis: Terry observes that these are too often performed from a purely ”internal perspective” that fails to take into account customer, prospect, partner, and competitive perspectives. It can be a “silly way of thinking” if you are not careful.
3. Stop assuming buy-in and cultivate it.: Terry cautions executives not confuse a lack of opposition to a plan as agreement with or approval of the plan.
Three things to start doing
1. Engage managers effectively. Terry suggests involving them early, ask them to help define the questions and the approach.
2. Filter and focus competitive information: Terry stresses the need for clarity on key intelligence topics: what are the key one or two drivers for your industry.
3. Encourage debate that looks for where the plan is wrong: Terry suggests the you need for a structured approach to encouraging dissent: require at least one manager to play the devil’s advocate. Someone needs to ask “where’s the evidence against what we are planning to do?” As a senior manager you need to ask your managers to bring you contrary evidence and advise you where the weaknesses are in the plan. Separate your plan from your ego to enable you to accept criticism as suggestions for improvement.
More available at http://www.skmurphy.com/blog/2013/12/02/terry-frazier-how-to-do-real-competitive-analysis/