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08. The Success Framework - Understanding Competition

Course Overview In this lesson, you will dive deep into understanding your competition, a crucial step in refining your business strategy and identifying unique opportunities for growth. By thoroughly analysing your competitors, your shared clients, channels, and industry positioning, you will uncover white spaces in the market where your business can excel. What You Will Discover: The Importance of Competition Analysis - Learn why understanding your competition is vital for identifying opportunities and differentiating your business in a crowded market. Competition Canvas - Explore the Competition Canvas, a tool that helps you map out key aspects of your competitors, including their clients, channels, costs, and industry associations. Client and Revenue Analysis - Discover how to analyse past and desired clients, and how to assess the revenue contributions of different clients to focus on the most profitable and aligned opportunities. Channel Effectiveness - Evaluate the effectiveness and costs of various marketing and distribution channels to prioritise efforts that yield the highest return. Industry Associations - Understand the role of industry associations in networking and customer acquisition, and how to leverage these connections for business growth. Competitor Attribute Mapping - Learn how to identify and map your competitors' attributes, and how to differentiate your business by focusing on areas where you excel. Cost Management - Gain insights into managing your business costs by analyzing the macro costs associated with competition and identifying areas for optimization. By the end of this lesson: You will have a comprehensive understanding of your competitive landscape, complete with a filled-out Competition Canvas and a clear strategy for leveraging your unique strengths. This knowledge will enable you to refine your marketing and business strategies, focus on high-value clients, and position your business to dominate in areas where you have a competitive advantage. With a solid grasp of your competition, you will be better equipped to plan and execute your business goals as you continue through the success framework. Chapters: Introduction to Understanding Competition (0:00): Rob introduces the session on understanding competition as an integral part of the success framework, emphasising the importance of analysing the competitive landscape to identify growth opportunities. Competition Canvas Overview (0:35): Rob explains the components of the Competition Canvas, which include design, past clients, current clients, channels, industry associations, and competitors' costs, to map out the competitive environment. Client Analysis (1:52): A discussion on the importance of analysing past and desired clients, and understanding how different clients contribute to your revenue, helping you focus on high-value opportunities. Revenue Analysis (4:25): Rob guides participants through the process of analysing revenue contributions from different clients to identify and prioritise the most profitable and aligned customers. Channel Effectiveness and Costs (6:37): Examination of the effectiveness and cost-effort ratio of various marketing and distribution channels to optimise your business strategy and focus on the most impactful ones. Industry Associations (8:31): Rob discusses the role of industry associations in business networking and customer acquisition, highlighting how these relationships can benefit your business. Competitor Analysis (10:57): A detailed look at competitor analysis, including identifying key competitors, understanding their operations, and optimising your strategy to avoid overlapping and find unique market spaces. Cost Management (12:39): Rob emphasises the importance of understanding and managing business costs by analysing the percentage of costs associated with each business activity, identifying areas for cost optimisation. Attribute Mapping (18:00): Introduction to attribute mapping as a tool to identify your unique business attributes compared to competitors, and focusing your marketing efforts on these strengths to stand out in the market. Planning Phase Transition (24:34): Rob concludes the session by transitioning from understanding competition to the planning phase, setting the stage for developing strategic goals based on the insights gained from the competition analysis.