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As a professional mountain bike racer, I always know what my BreakAway Move™ is going to be before I start a race. This begins by knowing the course, things like: Where are the blind turns? How long and steep are the climbs? What are the technical sections like? Where are the good places to hydrate?
Next, I have to Know My Competition and think about what each racer’s strengths and weaknesses are. Who is in peak form? Who can really crush hill climbs? Who is wicked fast in the technical sections? Who is just really fast on this course?
Based on my data, I craft my BreakAway Move before the race and decide WHEN I’m going to drop the hammer and Crush the Competition! This is a HUGE mechanism for conserving energy and winning a race.
Your business works the exact same way. You need two to three BreakAway Moves you are always working on and it’s imperative that you Know Your Competition, whether you’re preparing for a race or a business deal. Here are 12.5 steps to start mapping out your competition to plan and execute your BreakAway Move.
How to map your competition
To get started, open a new spreadsheet on your computer and fill it out with the following 12.5 steps.
1. On the vertical axis (rows) write down all of your competitors and the companies that could be your competitors in the future.
Then fill in the horizontal axis (columns) for each competitor with the rest of these steps.
2. Write down as many attributes as you can think of that can describe your competition.
3. What core businesses are they in? Just your line of work, multiple lines of work? If multiple, what are they?
4. Who are their suppliers?
5. Who is their target market? Their Core Customer?
6. How are they funded?
7. What is their Brand Promise? Their differentiating activities in the market?
8. What space are they trying to own? Their geography?
9. Where are they stronger than you?
10. Where are they weaker than you?
11. Add links to their website(s) for quick reference.
12. What words or phrases are they trying to own?
12.5. What are THEIR BreakAway Moves??!!
Creating a great strategy to win begins by knowing your competition, and these 12.5 steps should get you started. You may think of other things to add to your spreadsheet — please let me know what you come up with.
Now create your plan and go after your Epic Win™!!!
(Image: jp26jp/ Pixabay)