Our approach to competitive analysis works because it is built around a solid definition of what a customer need is. We have discovered that customers consider between 50 and 150 metrics when assessing how well a product or service enables them to successfully execute any job. These metrics (or desired outcomes) are the customer’s needs and the power behind our innovation process, Outcome-Driven Innovation (ODI).
To conduct an effective analysis, we first uncover all 50 to 150 of the customers’ needs. Then we use quantitative research methods that reveal just how satisfied the customers are with their ability to address each of the metrics when using company and competitor’s products. Using this approach, we can see just where the products (and the competitors’ products) are weak and strong at helping customers get the job done, and where to invest to help customers get the job done better. This is the ultimate in competitive analysis because the insights come directly from the customers, and the assessment is based on the actionable metrics the customers use to measure value.
We beat the most fearsome competitors by focusing on customer needs instead of on the competitors’ products. Learn more about our growth strategy consulting services.