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Competition can be tiring and downright frustrating, but it’s a given in the food and bev retail hustle. Now, you aren’t going let that slow you down, are you? Nope, didn’t think so. Instead, use the competitive landscape to your advantage. How?
Spend less time simply tracking metrics without a game plan, and more time winning by making your competitive landscape analysis more efficient. Focus on the factors matter, and you’ll come out on the other side with fewer headaches and more valuable information to form a smart strategy.
Of course that's easier said than done. Knowing where to spend your time and how best to differentiate your brand from your competors is another challenge altogether. A great place to start is by running a competitive landscape analysis. I know what you're thinking - but even though it doesn't sound like fun, it's really not so complicated.
In the video below, we break down exactly how to run a competitive landscape analysis, and offer a few examples for the food and beverage space in particular. In less than four minutes, you'll learn everything you need to position your brand to win over the competition.
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On top of your internal pain points, you have to fight to grow faster than your rivals on the shelf, be ready to box out new brands trying to break into the category, and smartphone-wielding shoppers are choosier than ever.
Michael Porter established a model for competitive analysis known as Porter's Five Forces. You don't need to know all the details about his theory, but we’re going to use it to look at some of the problems you see every day and help you position your brand for success.
Want more info on Porter’s Five Forces? Check out Harvard Business School’s model outline here, or if you’re feeling extra nerdy, read Porter’s original Harvard Business Review article here.
Had enough on your competitive landscape and want more tools to combat your competition directly? We have you covered with this retail competitive analysis toolkit.
Work hard AND smart. Doing competitive landscape analyses makes you stand out as a manager and leader, and your brand will be better for it. Download the worksheet below to start compiling the information you need to win in your category.
As the retail landscape continues to evolve, it’s more important than ever to stay on top of the latest trends and challenges. Download our report today to see how more than 160+ CG executives and field leaders are strategizing for 2024.
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