14 Oct Management Rock: Competitor analysis process
What are Marketing Rocks?
If you’re running on EOS® (Entrepreneurial Operating System) you know how to use Rocks for your Quarterly meetings. We’re big fans of EOS® and are frequently asked for ideas on what marketing Rocks would look like.
This Rock is ready for you to copy, paste, and adjust as needed.
We hope this saves you time and keeps you focused on your marketing foundations.
Marketing Management Rock: Competitor analysis process
Competitors change. They launch new messaging, adjust their ad strategy, and build new products.
Documenting a process to analyze the competitive landscape will keep you tuned in to the marketplace before you get left behind.
This Rock is to build your process to run a regular competitor analysis.
Feel free to cut, paste, adjust, and use for your next Quarterly Rocks:
Rock: Competitor analysis process
V – Vision: Think about your vision statement. In that future version of your company, what is the competitive landscape like? Having a process to track this landscape is critical to intentionally positioning yourself within it.
S – Specific: Decide what to look for and how often to review it. We recommend a review at least every six months of your top competitors and look at changes to product lines, pricing, messaging, and promotional activities.
M – Measurable: Track changes over time especially in terms of pricing, product offerings, and ad spend. If a competitor has tripled their ad spend, it’s worth a discussion.
A – Attainable: Make sure your team has the time and know-how to gather the information and interpret it so you know what actions need to be taken, if any. This information could alter your marketing plan.
R – Realistic: Keep your comparisons realistic. Don’t expect to get data points that only a competitor employee would know. Focus on publicly available information and keep it to the basics.
T – Timely: Think about how often it’s worth running an analysis. Does your industry change a lot? Then you might need to run your comparison quarterly.