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Hands-on Competitive Analysis Workshop Handout
 

Hands-on Competitive Analysis Workshop Handout

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Handout for the Hands-on Competitive Analysis Workshop at the Venture Cafe. http://greenhornconnect.com/content/hands-competitive-analysis-workshop

Handout for the Hands-on Competitive Analysis Workshop at the Venture Cafe. http://greenhornconnect.com/content/hands-competitive-analysis-workshop

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    Hands-on Competitive Analysis Workshop Handout Hands-on Competitive Analysis Workshop Handout Document Transcript

    • Hands-on Competitive Analysis WorkshopHeld on August 30, 2012 at the Venture Café by Christofer GarnerThis is a chance to explore the practical difficulties in trying to perform a competitive analysis.The choice of industry was arbitrary, as the session needs a defined focus to facilitate a meaningful discussion. If youhappen to have a start-up in the Mobile Payments space … congratulations! You will benefit from the wisdom of thecrowd. If not, then you are on your way to reaching the magical 10,000 hour benchmark of expertise.Do not worry if you have zero background in finance, this is about understanding how companies think and act. Besides,you are the person that these companies are targeting. Just follow ‘The Steps’ belowThis may seem like a lot of work, but it is better you learn now and avoid mistakes when it’s Your company on the line. The Steps: Competitive Set: 1. Review the concepts in the pre-reading list. • Standard Credit Card 2. Scan the competitive set using techniques • Google Wallet mentioned in the handout • Square 3. Propose resolutions to the discussion issues. • Paypal 4. Write down your own questions when you have • LevelUp trouble on a particular issue. • Any other firm you feel is important 5. Bring your questions and answers to the Venture (Be willing to share your view with the group.) Café on August 30th. Research Issues What information was difficult to find? | Was this information more valuable in your analysis? How did you know you found enough data? | Was there anything you found, but could not interpret? If you were operating a company in this space, how would you approach data collection differently? Analysis Issues How do you make money in this space? | Who is hiring, making acquisitions, product improvements? Who is winning now and will that change in the future? | Do intangibles like culture, attitude and values matter? Are all of these companies competitors? | Are there any strategic partnerships that play a role? Are there any tradeoffs being made (Privacy vs. Relevancy) | How do users react to these tradeoffs? Does any company have a defendable value proposition? | What new information would change your opinion? What is required to succeed in this market? | If you had to invest in one of the companies, which would it be?
    • Pre-reading List: These links are just recommendations; feel free to find another source or format that matches your learning style. Competitive Set Company Websites, CrunchBase, News Articles, Wikipedia, etc. • If you don’t know any, consider learning some tips and tricks to use Google better http://www.google.com/insidesearch/tipstricks/ Competitive Analysis Handout (Attached) • This is from the prior workshop. It should provide some guidance on interpreting the information you find. Topic Related Info http://mashable.com/2012/06/26/mobile-payments-square-paypal-here/ http://thescottking.com/google-checkout-vs-paypal-vs-square/ • It should be noted that both of these are only blog posts are you should interpret their statements within that context. Review of Strategic Analysis Frameworks SlideShare Presentation http://www.slideshare.net/ezendu/strategic-analysis-6365371 Michael Porter HBR Video http://youtu.be/mYF2_FBCvXw • These may be useful for someone whose never been exposed to them. If you are familiar with them already, then just skip them.If you have any questions prior to the workshop, feel free to contact me at Christofer.Garner AT gmail.com
    • 1) Gather Data – As with most processes, Garbage input yields Garbage output.   Poor Questionable   Cast a wide net to gather sources from and then cast it wider.   Information  Insights  You can’t put a jigsaw puzzle together unless you have all the pieces.      Use various perspectives  Information gathers value in 2 ways  Automate as much as possible so you    can focus on analysis and planning  Job applicant prepping for an interview  1. Speed: You know before they do      Recruiter looking for talent /openings        1a. The more obscure it is,   Google Alerts | LinkedIn updates               the greater the head start  Factiva Alerts | Web Scrapping  Industry researcher collecting data    Recorded Future  2. Context: You know what it means        Investor conducting due diligence                           and how to use it  Assign an ‘owner’ who maintains a  Consultant trying to sell projects  consolidated view of the landscape  (Not your PR firm!) 2) Analyze – The focus is on minimizing the difference between:  Belief a) How you estimate the competition will act and          Minimize!  b) How they actually act.  Reality Culture / Personality / Values            Dominated by engineers?    Loyal customer base?      Risk takers who accept failure?      What won’t they do/try?             Are their actions aligned?  Do they possess the skills necessary for               Aligned towards what?  What’s their vision of success?  success in your industry?  Intermediate Competitive Analysis Cheat Sheet Feel free to share! Give this away to an entrepreneur in need. 
    •   3) Act – – The goal shouldd always be on ge enerating insights s into the future.   Given actio on X These insights s should influence what actions you u take going forwward.  We expect result 1, Y2, Y3  ts Y Every action your company take es should have an n associated hypo othesis.   B Based on the assum mptions Z1, Z2 Make Risks Discrete and Ex xplicit  K Know the ‘break p points’                  Think Forward, R Reason Backward d  Create an n Impact Distribution  Pos sition yourself acc cordingly   What’s next? ? Additional Uses  Absstract your insights further  Analyze your own firm  What can you infer aboout industry  Do yo ou know all the in nformation about t  tren nds, talent shorta ages…etc?  r team that’s available for others?  your     Prioritize key paartnerships  e data & refresh a Revise assumptions  You s should have a goo od understanding g  Your revvision frequency is determined  of how competitive e your potential  by the sp peed of change inn your market.  pa artners are in their own sectors    before you associate your firm  b Take an active r role!    Everything thus far has b been a passive  Select potential Investors  respponse to your envvironment.  Track record, personality, connections Presented d on 7/19/12 at t the Venture Café by Christofer Garner