In this phase you need to assess the state of your market so that you have the right data and insights to enable you to make well-informed strategic decisions.
A survey of Fortune 500 companies revealed that fifty five percent of them make use of competitive information in composing business strategy. It also revealed that each firm is a leader in its industry and each firm knows its enemies.
Remember what CEO and Founder of LinkedIn, Reid Hoffman said; “When you truly see networks, it changes the way you plan and strategise. You move differently.”
Less fundamental than business models, but also important is knowing what new approaches to marketing your competitors are taking to tempt your customers away from you. And how are your competitors digitising other areas of their business such as their operations, which could give them a competitive edge over you and even tempt your best talent away
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.