Want to grow your business? Look at your competitors for some valuable ideas for a successful business strategy. You never know what you might learn. In fact, there are a wealth of valuable ideas waiting for you to put them to good use. Don’t let your competitors have all the success! Don’t stop there. Competitor analytics are highly effective on their own, but to make the most of them calls for a Six Sigma. Learn how you can use Six Sigma ideas and techniques to improve your competitor analytics.
Competitor Analytics: What’s It All About?
Dictionaries tell us competitor analytics involves identifying rival companies and evaluating their business strategies. This casts light on your competitors’ strengths and weaknesses, allowing you to make improvements to your organization based on this data. Furthermore, it paints a picture of your competitor’s place in the market. Their products and services, market shares, plus current and past business and marketing strategies. All these elements are key factors with which to drive your company’s success. Use competitor analytics most effectively to create strong improvement goals.
Imagine your product was a tablet computer and your competitor was slightly ahead of you in the market. Competitor analysis is helpful here as it enables you to discover ways you can improve your products or services to get ahead in the market. This also forms an essential part of your business’s marketing plan and helps to determine what makes your product or service stand out from the crowd. What makes it unique? Why should customers choose your product or service over a competitor’s? What threats do your competitors pose to your success? How can you overcome them? Competitor analytics helps you answer these questions so you can maximize your target market share.
Improve Your Competitor Analytics with Six Sigma
To learn how Six Sigma improves competitor analytics, we must highlight one of its key elements. One of the primary tasks involved in competitor analysis categorizing your competitors. Are they direct or indirect competition? If the former, are they primary or secondary? What threats do they pose to you? This isn’t an idle task. In fact, placing your competitors in categories allows you to understand them on a fundamental level. You can infer from your findings how their products and services fit into the market, plus how they relate to yours.
Six Sigma is highly effective here. Techniques like DMAIC focus on defining problems so you can measure and analyze the issues. You can then implement improvement solutions and preventative measures to control the problem and stop it reoccurring. Similarly, fishbone diagrams can help frame your problems as questions with an array of potential categories to help narrow down the answer. Furthermore, applying Lean Six Sigma principles to your competitor categorization will help streamline your operations. This also ensures you don’t lose sight of the task at hand, as none-value-adding tasks waste time and resources. Combining Six Sigma with competitor analytics also provides greater opportunities to capitalize on your rivals’ weaknesses. This bolsters your company’s success, allowing you to improve your products and services to drive greater customer appeal.
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