In general, the competitor analysis is used just to compare all competitors of the same business following their common keys success factors. Thus, this analytical model shows which company could be at the best position. Despite this, this analysis could have extended to not only see the most capable firm but also understanding how competing against all competitors exploiting their weaknesses.
However, in my personal opinion this analysis is closed. Firstly, following the first chart into this blog it would be important to start with Customer Target Analysis. For example, in the case of Apps used for scheduling sport matches, it’s relevant to understand how each of them are used by all customers selected and reported in main customer segments.
Then after observing the customers’ behaviors on a certain product or service, in this case App for sport match scheduling, it would be possible to get clear regarding keys success factors. Following this, the Competitor Analysis could be not only for finding the most competitive firm but also highlighting all weakest competitors’ key success factors. Indeed, in the second chart I put 0 points in all these businesses concerning Scheduling and ability on finding partners with the same skill level for playing a sport match, such as tennis, soccer, basketball, ….
Finally, from the traditional competitor analysis I differentiated it reporting all these weakest points in order to explain how I could defeat all of them, Meetup, MindBody, WhatsApp, Yelp and Facebook. In this case with my new App I could be successful with these two keys success factors which I defined them early. This is to show that if you are a new business, such as a Startup, you should not focus on factors which your competitors have more experience but in which they don’t care, or they don’t have relevant skills.
An overall, competitor’s analysis must be used to firstly identify your main competitors in a certain business but starting from Customer Target analysis. Then after finding the most relevant competitor with the highest total points regarding keys success factors, you should discover their weakest factors in order to be successful with them also with the slow experience.
You want to win and you don’t have experience? Well, exploit their weaknesses which they don’t care!