How Can I Sign Alabama Banking Business Plan Template

Help me with industry sign banking alabama business plan template

hi and welcome to today's lesson we're going to be looking at competitive analysis and how to perform a competitive analysis so what's the definition of competitive analysis well a competitive analysis template is a strategic tool that allows you to examine how your company stacks up against both your direct and your indirect competitors now you can define direct competitors as companies that are basically selling the same products and services that you so and you can define indirect competitors as companies which don't sell exactly the same products and services but the products and services that they do sell satisfy the same needs now for indirect competitors this should also include companies in different industries but which could switch relatively easy to become one of your competitors so an example of this might be a company if you're selling home insurance and another company which doesn't compete with you only sells car insurance it's not a huge stretch for them to switch so the benefits of competitive analysis include it's going to assist you in your strategic decision making it will highlight the strengths and the weaknesses of your own organization as well as the strengths and weaknesses of your competitors it's going to uncover potential opportunities in the marketplace that you may want to exploit and it's going to help inform your value proposition that is how you stand out in the marketplace compared with your competitors by analyzing exactly how you differ to your competitors and it's easy to see how you stand out now when we do a competitive analysis and we complete the competitive analysis template there are four broad factors that we need to consider so company highlights market information product information and what information these sections will make more sense in a few minutes when we look at an example but let's quickly run through what's included with each section each section so firstly company highlights so here we have company profile and this is just a brief summary of the company so you might include for example when the company was founded how many employees it has that kind of thing and the other thing that includes is the company's key competitive advantage and this just gives you an opportunity to call out the reason this particular company is successful in the marketplace the next section is market in formation and within this section we include you know what's the target market so if it's B to C Company we exactly define the customers that they're selling to and in b2b same thing but the customers just happened to be businesses in this case who are these businesses we specify the market share usually some scented so you know they could have eighty percent market share or completely dominant or you know less than one percent if they're not dominant at all and finally you know we highlight the marketing strategies they use so that could be anything you know giving up a lead advertising word-of-mouth organic traffic from Google or maybe you know they reach customers to affiliates or wholesalers the whole range of marketing strategies they could be using the next section is product information so here you kind of briefly describe what kind of products and services they are selling you look at the pricing for their key products if they got loads of products and just stick to the key ones or the ones that you're interested in that relates to your business and finally you know what distribution channels are they using and by distribution channels i mean the mechanism or the chain of other businesses through which the company sells its product products and services so for example it could sell the rack to the end user or it could use help wholesalers retailers affiliates you know the whole bunch of options to get your product from the company through to the end user so finally SWAT information next what should be familiar to all of you but if it isn't then I suggest you go and have a look at the video on how to perform a SWOT analysis there's one interesting thing to note in this section and that's the presence of trends and the category now a traditional SWOT analysis can be somewhat myopic in nature by which I mean that after completing a SWOT analysis companies can kind of go inward looking so they start looking at say for example their weaknesses and they start to come up with action plans to fix things internally what they don't do is kind of look out to the wider market place beyond just for example their business their industry outing to the trends going on the broader trends in the world so an example of this might be that you know self-driving cars are an emerging trend but that trend could have huge implications if you run a car insurance business for example so let's take a look at a competitive analysis example and all they should start to make much more sense here we have a really simple completed competitive analysis template in it we have just two companies so we have our company here company one and we have a competitor and as you can see here this competitor is a direct competitor on the left-hand side here we have all the different categories we mentioned and next to that in this column here we have the broader categories that they fit into so if we look at our competitor here for a company profile we can see sank it was founded in 1998 and it offers training to people who want to learn the football you might want to go a bit more specific what's their key competitive advantage well they have huge organic reach through google they have an accessor 2 million visitors a month they're our target market is professionals you want to get ahead technically age 23 to 40 who don't have a degree their market share is approximately 15 concerned their marketing strategy is through their huge organic traffic and that's their only real marketing strategy according to this the products they sell they sell at subscription but gets you access to all courses now if you look at us here we offer courses that are paid one by one so you can see we're starting to kind of pull out the key differences between the two companies that the product across twelve dollars a month whereas ours cost 20 pound for individual twenty dollars sorry for individual course distribution channels they sell direct they don't use affiliates the strengths obviously is the huge organic traffic we've previously mentioned because also the breadth of course as they offer but one of their weaknesses here is with so much content its costly to keep it up to date that could potentially be an opportunity for us over here another opportunity for them would be to offer different pricing models at the moment they just offer the subscription and a threat here is you know a more fun maybe a game aside solution with easier to digest content maybe the content is dry you know that could be a competitor and then in trends we haven't put it friend in for the competitor but for us it seems online learning at your own pace is a trend and learning that lasts your entire career is a trend as well and you know as part of strategy setting need you to think about how that effects what you want to do with your business so in summary strategic analysis can help you understand how you compare to your competitors in key strategic areas and it can be useful for finding your strategy for finding opportunities and articulating York unique selling proposition so that's it for this lesson don't forget that you can download a strategic analysis template below this video so you can you know get started praising your own strategic analysis straightaway