WorkPlan brings you a 5-part series on the questions that you should ask to create a perfect business strategy. In part 3, we explore the third question: what are our competitive strengths?
Welcome to part 3 of this 5-part series where we explore the 5 Questions model. Now that we have covered the questions ‘what does winning look like?’ in part 1 and ‘where will we compete to win’ in part 2, it is time to move on to the next phase. In this article, we will be exploring the question ‘what are our competitive strengths?’.
By now you should have a good idea of what the answers to questions 1 and 2 look like for your company, so it is now time to make some choices about how you are going to compete.
What are competitive strengths?
In part 2, you identified where you want to compete, and from here you can identify your competitive advantage and strengths compared to others in the same field. It is fundamental that questions 1 and 2 are answered before approaching step 3 to guarantee you are not prematurely approaching your business strategy.
These choices fall under the category of ‘pre-marketing’ as your future marketing tactics will flow directly from the decisions made here.
How to identify your competitive strengths
As mentioned in part 2, you will need to justify any decisions you make with research and evidence. This will ensure any communication with important stakeholders is presented thoughtfully and accurately.
To rephrase and further break down the question ‘what are our competitive strengths?’ ask:
- What is our competitive advantage?
- What are our competitive strengths?
- What innovation can we apply to create a competitive advantage?
- Do we compete on low cost?
- Do we compete on differentiation?
To answer these questions, you will need to research and compare what your company has to offer compared to others, particularly in terms of what services are on offer, pricing, target market, and anything that sets you apart from the rest.
Another way to ask this question is, how will we choose to win against the competitors there?
Conclusion
You are now past the halfway point of the 5 Question model and getting closer to the tail end of things. As your business strategy is coming together it is important to not rush and really take the time when asking questions about your company to know where you sit in the industry and prepare yourself for the next steps. For a comprehensive look into the 5 Question model, download our e-book. If you have further questions, feel free to contact us.
In Part 4 of this 5-part series, Let’s explore the 4th Question: What specific capabilities do we need?
How WorkPlan Learning can help
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