Creating competitively advantaged strategies for your business requires an on-going assessment of competitors. While you know who they are, it’s dangerous to assume they follow the same rules or principles as you. A competitor’s unexpected move that disrupts the market or damages your business leads to unplanned reaction mode that is strategically disadvantaged.
Conducting a war games exercise helps you challenge assumptions and develop a more impartial evaluation. With that deeper understanding, you can proactively reexamine your own strategies to strengthen them.
- New competitors or new regulations are disrupting our market. What might it look like in 2-3 years?
- Customers seem to be flocking to a new competitor. Is this indicative of a market shift or just a passing trend?
- A competitor is growing share. What might they do to continue growing at our expense?
- A competitor has a patent for a new technology. How might that impact us?
- How might the additional capacity from a competitor’s new line affect our business?
- You’re introducing a new product. How might competitors respond to your introduction?
- You’re looking to enter a new market. How might existing competitors try to keep you out or minimize your success?
- Identify the war games focus business, issue and competitors to explore
- Gather publicly-available & internal information about each competitor
- Form teams to craft a profile for each competitor in a facilitated workshop using Michael Porter’s Four Corners model
- Create a heat map of competitor initiatives and 2-3 integrated future scenarios
- Explore strategies and initiatives to preempt or respond to potential competitor moves