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BT BSS 4: Competitive Analysis - Coggle Diagram
BT BSS 4: Competitive Analysis
Goal to become 1st choice, best choice and only choice for customer
HOW
What 1 action can i take now
Primary goal is to become a monopoly - in mind of customer
Sell more faster & easier
Charge higher prices
Control your market
How to become a monopoly
1: Offer a product cust want, needs willing to pay for now
2: Superior to competitors in some (1) way that is important to customer
3: Must have some value or benefit that no one else can or does offer - unique
What does your customer consider value
Goal is to become the best answer to your customers problem
5 Factors that determine competition
3: Are there any substitutes
how do u make your product the most attractive
4: Bargaining Power of customers
can they easily choose alternatives
2: Threat of entry of new competitors
What are the barriers to entry?
5: The bargaining power of suppliers
can they charge more or take longer
1: Structure of competition -
what do you compete on?
what do our competitors do?
Price
Speed
timescale
transport etc.
How are my products more attractive -
most value for least money
Selling is a cause
and effect relationship
Just ask questions and make suggestions
You need to win customers
We have to out compete others
Customers determine all of your success
No product you sell is a commodity
all have unique advantages
perhaps you are the only unique advantage
Customers have 3 choices
1: Buy from you
What is the main reason people buy from you?
Call your recent customers and ask if they have any problems - promise to sort it
Then ask what is the main reason they bought from you
2: Buy from Competitor
what is the main reason they buy from them
#
Direct competitors & secondary competitors - similar or substitutes
what are the trends
1: Products
2: Services
3: Customer Tastes
4: Competitors - copy your successful competitors
5: Technology
3: Buy nothing at all
why didn't they buy
10 Ways to make my product more desirable to my customer -
you may only have to do if your competitor doesn't and its important to customer
1: Improve quality - 90% of success because customers think quality is best
6: Better guarantees
5: Easier to acquire
7: Makes prices and terms more attractive
4: Better services with product
8: Include additional products or services at same price
3: Produce at lower price
9: offer complete 1 stop shop experience
2: Deliver you product faster
10: superior to competition