Step 7: Competition
In the competition step, SBI will help you understand the competition you face in each market your company serves.
You don’t know your competitors, so you can’t beat them.
No market is without competition. You must be prepared to compete and ultimately win. So, you need to know your competition and have clear strategies defined on how to beat each of them. At the same time, you must be prepared to defend how they’re going to try to beat you. Do you know the competition well enough to develop your win strategies?
- Strategic market group
- Competitor SWOT analysis
- Win strategy
Once your company understands its competition, it is time to move on to Step 8: Advantages.