Module 2 – Competitive Analysis

 Competitive Analysis

The objective of this Assignment is to assist in your overall validation process and the development of your UVP (Unique Value Proposition).

Select 2 direct competitors for analysis.  Remember that direct competition is similar in:

  • Offering
  • Target customer segment/s
  • Operation size

Choose 1 competitor related to your primary customer segment (segment #1) and 1 related to your secondary customer segment (segment #2).  If you have more than 2 customer segments, you can choose 1 competitor for each and expand the worksheet accordingly.  The third column is an initial evaluation of your business.

This worksheet will help you work on:

Validation Process – Problem-Solution Interviews

Validation Process – UVP (Unique Value Proposition), Channels and Pricing

 WORKSHEET #1:

  COMPETITOR #1 COMPETITOR #2 YOUR BUSINESS
Company Name

 

Sun Chiropractic St. James Chiropractic Get BACK to it! Health and Rehab Centre
Target

Customer Segment/s

 

 

 

Family care, Whiplash rehab Family care – Focus on pregnant women, children, seniors Family care, post-injury/surgery rehabilitation, athletes
Product/Service Offering

 

 

 

 

Chiropractic, ART, Acupuncture , Custom Orthotics, Massage Therapy, Therapeutic Laser ·       Headache Treatment,

Family Chiropractic,

Chronic Pain,

Chiropractic For Seniors,

Chiropractic For Pregnant Women,

Chiropractic For Children,

Chiropractic For Babies,

Accident Treatment

 

Chiropractic, Sports/Injury rehab, Custom Orthotics, Health Retail (pillows etc), TENS, IFC
Geographic Focus

 

 

 

St. James, Westwood, Headingley area of Winnipeg, MB St. James, Charleswood, River Heights areas of Winnipeg St. James, Charleswood, Headingley, River Heights areas of Winnipeg
Image/Reputation

 

 

 

 

Winner of 2016 Metro Winnipeg Community Choice 5 star reviews on google N/A
Example Prices and/or Price Range

 

 

Unknown Unknown $80 initial visit, $45 treatment. Additional fees may be charged dependant on treatment modality.
UVP (unique Value Proposition) of Competitor

 

 

Diverse services, Multiple practitioners, Been around for 30 yrs, located in high traffic area with plenty of parking Excellent location, associated with massage therapy in same building, well respected in area. Caters to families with children. Recent, up to date education and knowledge of current literature. Available at any time (willing to work evening/weekends).

 

WORKSHEET #2:

  COMPETITOR #1 COMPETITOR #2 Your Business
Company Name

 

Sun Chiropractic St. James Chiropractic Get BACK to it! Health and Rehab Centre
Top 3 Channels

 

 

 

Website, Google (SEO), Facebook Google, Yellow Pages Website, Google (SEO), Facebook
Evaluation of Marketing

Tools/Material

 

 

 

 

Well-designed website with attractive easy to use home page. Features verified reviews, blog, newsletter and provider biographies. Comes up prominently on google search. This business appears to rely heavily on word of mouth and location. Chiropractor has minimal office hours. Plan to develop high end comprehensive website with FAQ, blog etc linked to facebook where weekly updates on research and health related news will be posted.
Sales Estimate (range only)

 

No data available, assumed $1,000,000+ annually. No data available. Assumed $200,000 annually. Goal of $500,000 annually
Other Observations

 

 

 

 

     
Other Observations

 

 

 

 

     

 

Once you take a look at your competitors you will see what their main offerings are.  Are there any gaps in this analysis of something the competition is not offering?

Now you can do a SWOT Analysis on your own business.

Definitions:

  • Unique Value Proposition (UVP) will be covered in this module. Is there something about the competitor that they do that others do not? Maybe the chiropractor offers their own acupuncture service as some chiropractors will bring in other providers to deliver this service. It may not be unique but may be different according to others offerings.
  • Top 3 channels, during this module you will see near the end a discussion of channels which means the paths you choose to reach your customers, a competitor might have a website, do radio advertisements and distribute postcards in the neighborhood. These are examples of channels.
  • Evaluation of Marketing – tools and materials. This is an evaluation of their marketing materials and tools the competitor uses. For instance, one competitor may have a website but maybe it is hard to navigate and not very effective so it would then receive a poor rating in your analysis. They may use creative tools like contests, discounts or other promotional tools that may draw more patients in. When you review their marketing strategy you will uncover these tools and materials that they are using.
  • Sales estimates. When you do some research into the competition you may find out what their pricing is and what they focus on the most, it may be adjustments or automobile accidents. The pricing will sometimes be on their website and other times you may have to call them to find out. You can also do an average range of the industry standard and the neighborhood they are doing business in to figure out pricing. It really is an average of what they could be making based on the hours they are open, type of clients and pricing charged to the patient.
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