Creating a Competitive Analysis Matrix
A competitive analysis matrix can be a great tool to compare yourself to the competition in a quantitative way that can help you identify priorities for action. Here's how it works:
- Identify your key competitors
- Identify the attributes that you feel represent competitive factors (e.g. price, location, quality, service, etc.)
- Rate yourself and each of the competitors, on each of the factors, using a scale of 1-5 with 5 being high.
- Weight each of the factors relative to each other (the total of all ratings should equal 1.0)
- Multiply the rating of each competitor by the weighting of the success factor.
- Review the results by attribute and overall to determine your relative position.
- For a less biased analysis ask others to do the same thing (friends, colleagues, staff, etc.)
Keep in mind:
- There are two types of competitors--director and indirect.
- New competitors are always emerging; it's important to stay alert.
- With the advent of the Internet competitors can be, and sometimes are, literally located anywhere in the world.
- Asking customers what they feel are the most important attributes for your business or product can provide more valid results.
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Leveraging Employees as Brand Ambassadors
Employees play a critical role in establishing your brand in either a positive or negative way. Not convinced? Consider your own interactions with businesses and the impression that employees--whether in a retail setting or customer service role--make on you. Consider your own interactions with friends and family who may say either good or bad things about the places they work and how those statements impact your own perceptions.
Don't leave those impressions to chance! Being proactive in how you leverage your employees as brand ambassadors can have a significant positive effect on how your target audiences view you. Following are some tips for leveraging your employees as brand ambassadors:
- Be clear about the brand you are striving to portray.
- Make your brand a part of company culture.
- Constantly remind employees that they represent the company and what your expectations are of them in that role.
- Pay close attention to "touch point" - the many ways in which customers directly interact with your organization.
- Keep desired company image in mind when making hiring or other human resource-related decisions.
- Never settle for less than exceptional performance and customer care! Every little thing makes a difference.
For more information on how to make the most of the impact your employees have on your customers--and potential customers, request our white paper: Your Employees and Your Brand.
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Make the Most of Your LinkedIn Profile
Whether hoping to build your reputation as an expert in your field or industry, engaged in business development or looking for new career opportunities, LinkedIn can be a valuable tool to help you make important connections. Your success, though, will be largely dependent on the value of your LinkedIn profile--don't overlook this important component of your LinkedIn presence. Follow these best practice tips: - Secure a URL. Change your Public Profile URL from a random assortment of numbers to your name or something that signifies your brand.
- Add a picture. Use a current, professional-quality head shot.
- Fill in every section of the Profile; include key words that represent the words/phrases that people interested in what you have to offer might search for when online.
- Don't be shy about sharing your accomplishments.
- Get recommendations--at least one for each job or position you've held.
- Keep it current.
Once you've developed a profile that thoroughly describes who you are and the value you can provide to others, reach out to others be becoming involved in LinkedIn groups and by connecting with colleagues and business acquaintances. |
