Why a SWOT analysis is needed on your own Competitive Intelligence activities
As we move into 2022, it is more than likely that you could be looking to new starts and putting some plans in place.As you will be aware, many things will happen in 2021. Businesses that struggled in many sectors have started to grow again from all the problems. Some haven’t yet, and others have been flying throughout. This article asks why a SWOT analysis is needed on your own Competitive Intelligence activities.
Simple tool
So, how are you going to use Competitive Intelligence throughout your enterprise? What key Competitive Intelligence goals do you have for 2022? What do you want to find out? And what do you want to increase your certainty on? How about looking ahead and analysing your competitive landscape and how it will work out for you. SWOT analysis is a simple tool most people know and gives you a framework to see your opportunities and threats while defining your strengths and weaknesses. So here are some questions you may ask yourself to get the most out of SWOT Analysis.
What are your company’s strengths?
Isolate the unique strengths that allow you to compete and win in your market. The keyword in the sentence is “unique”. What makes you unique to your competitors? Excellent customer service, for instance, is often listed as a strength. But your competitor would write the same thing down. So is your customer service really unique? Your strengths can include the advantages of your product or service over the competition, how strong your brand is, and how your supply chain works.
And your weaknesses?
Now move on to things you are not so good at. Understanding your weaknesses is just as important as knowing your strengths. An all-out assault with the best tanks in the world will not succeed if your fuel supply is poor. Or, like the Cold War Soviet forces, you can have the best tank commander in the army at the head of a tank column. Take him out, and you are left with less well-trained drivers who can’t read maps, have no idea where they are supposed to go and dont even want to be in the tank anyway. So you need to be honest about your situation and believe there can be weaknesses in your organisation.
Can you find any gaps in your column that could impact your market success? What areas do you need to spend some cash in to correct these weaknesses? What processes and policies need to change the game? Take a look from leadership to products, sales and customer services.
Opportunities that are out there
What are your opportunities for this new year? With your excellent understanding of the probable market shifts, what opportunities can you see for yourself? What opportunities can you see for your competitors? Have they seen them, and can you do something to make them your opportunity?
- What new technology is out there to support your business?
- Will they really bring opportunities, or will they be just white elephants?
- Any new technology you can provide your market?
- Is there a competitor you have identified as losing market share whose customers are there for the picking?
- Are there other markets where you can see an opportunity for your offering?
Isolating opportunities are a fantastic way to develop your interest in Competitive Intelligence.
The threats you can find
What competitors entered your market in 2022? Do you see any new competitors moving into your manor? How will they differentiate themselves from you? What products will they introduce? Are they going to be better than yours? What threats can you see coming to disrupt your operation in the future? Looking at your research on the market to isolate threats that could disrupt your market share into 2022. Isolating threats allow you to put a plan in place, reduce uncertainty and those associated surprises and determine what competitive strategies are needed.
Patterns
Analyse, collate and summarise the things you have found out. Look for patterns in these and isolate the decision and actions you need or could make to take competitive advantage of 2022. Determine your key priorities and define the aligned metrics you want to measure your success on.
Why a SWOT analysis is needed on your own Competitive Intelligence activities
This article asked why a SWOT analysis is needed on your own Competitive Intelligence activities. Competitive Intelligence is very much a forward-looking process, but you still have to use the mirrors even when you drive your car. But not exclusively. The problem arises when you just use your mirrors to navigate that bend. Looking back here will help give you a view into those competitive shifts and strategies required to win more in your market.
