|
Mukisa Simon Peter
Teacher, Uganda
|
How to Turn Competitor's Weaknesses Into Opportunities
How can I turn my rival's internal weaknesses into my opportunities?
This is not so easy as some companies succeed in keeping their internal weaknesses as a secret to themselves...
X
Sign up for free
Welcome to the SWOT Analysis best practices of 12manage.
Here we exchange knowledge and experiences in the field of SWOT Analysis.
❗Sign up now to gain access to 12manage. Completely free.
X
Continue for free
Please sign up and login to continue reading.
Here we exchange knowledge and experiences in the field of SWOT Analysis.
❗Sign up now to gain access to 12manage. Completely free.
| |
|
|
| |
|
Heringa
Analyst
|
|
Taking Advantage of Our Competitor's Weaknesses Your strengths are your competitor's weaknesses. If not, they're not your strengths either. If they are, you could use them to his disadvantage.
For example: you have a strong financial position (and your competitor does not), you can bleed him out, through price war or excessive marketing.
In my opinion, however, you should not focus on eliminating the competition, but on creating value for your customer and having your competitor around to show to you are better.
|
| |
|
Jaap de Jonge
Editor, Netherlands
|
|
How to Turn Competitor's Weaknesses Into Opportunities Some initial guidance... In general one step is indeed to actually KNOW what are the weaknesses of each of your main competitors. Have a look at Competitive Intelligence and/or Benchmarking for more on this.
When you've found these and compared them with your own strengths, you might proceed by considering to what extent they matter for certain customers (segments). Have a look at Kano Attributes.
If you find a combination of weaknesses of competitors + strengths of yourself + interested customers (segments) you might be looking at a promising strategic opportunity. Your company might want to invest in this area and tell the world about it (Advertising).
|
|
Log in
Comments by date▼