When creating a presentation, it’s important to be aware of a lot of factors. One of these important factors is competition. A great way to make sure you’re standing out from the crowd is by doing a competitor analysis. No, this is not a reason to spy on the “other guys”, it’s a time for you to realize how you’re unique. What do you bring to the table that no one else offers? Why should your customers choose you? Let’s take a few moments to go over some of the finer points of what a competitor analysis is and how to best leverage it on your presentations.
Research
When compiling a competitor analysis, it’s important to do your research. Ensure you’re taking a look at the whole picture. Perhaps you could benefit from being made aware of competitors that weren’t even on your radar. Great metrics to track are market research, keyword research, and customer/prospect interviews.
Within the market research sector, explore your TAM (total addressable market), SAM (serviceable available market) and SOM (serviceable obtainable market). Leverage Google analytics for free to test keywords people may search to find you. Finally, utilize what is right in front of you. If you have a prospect that didn’t choose you, incentivize them to let you know why. If you have customers that took the leap, don’t be afraid to ask what made them certain you were their best bet. Thorough research may yield surprising results, which can give you great insight into how to proceed.
Adjust
Another facet of your competitor analysis should be internal. Look at your own business from the outside as a competitor and figure out what others may say you lack. Now, sometimes it’s healthy to not do it all and have a niche. However, if in this analysis you find room for improvement in messaging either internally or externally, it’s time to adjust.
The healthiest thing you can do for your company is to be willing to pivot if something isn’t working. Don’t spend time spinning your wheels on messaging that won’t get results. However, make sure the adjustments you propose make sense. It might make sense to do a complete overhaul of your deck, but maybe one small adjustment could make a world of difference. Take the time to adjust what is needed in your narrative once you realize change is necessary.
Journey
Know that your competitor analysis is not a one-time item you can check off your list. It is a journey. You’ll constantly encounter new competitors, new challenges within your workflow, and new external factors you may have never anticipated.
It’s okay to not have anticipated a roadblock (covid-19?). Change is the only guarantee in life. Enjoy the journey, and make sure those around you are able to enjoy it as well. Bringing joy to yourself, your coworkers, and your customers through your presentation is the ultimate goal. Put processes in place to be able to track the happiness of those around you and ensure their journey is as optimal as possible.
A competitor analysis is just one way to make sure your presentation is headed down the right track. It can be very useful to do your research, find ways to adjust, and reflect on your journey. There’s always something to learn, and there will always be ways to improve. Big factors here are to not play the blame game when things are suboptimal, and on the other hand to take off your rose-colored glasses and try to see your brand how others see you. Staying as neutral as possible through this process will make this tool even more powerful for your next big pitch.
We truly believe in each and every presenter’s ability to live up to their full potential. If you want customized tips and tricks that will help you get to the next level, reach out today! Our presentation coaches would be honored to uncover the secret behind your next great presentation.
