Rather, in addition to defining who your key competitors are, you should list their strengths & weaknesses.
Most importantly, use this analysis to determine your current competitive advantages and ways to develop additional advantages.
However, you should conduct an analysis to ensure the market size is growing (if not, you might want to diversify), and to help identify new opportunities for growth.
Section 9: Competitive Analysis & Advantage Similarly to your industry analysis, your competitive analysis doesn’t have to be a thorough report listing every detail about every competitor.
It also helps you identify which strengths you must develop in the near future to improve your company.
Section 5: Goals Setting and achieving goals is the hallmark of successful companies and is a critical element of your strategic plan.They key is to first identify your 5 year or long-term goals.Next, identify your one-year goals; that is, what you must achieve in the next year for it to be successful and to put your company on the right trajectory to achieving your 5 year goals.This is because the more you can “speak” directly to your target customer wants and needs in your marketing, the better you will attract them.Section 8: Industry Analysis Your industry analysis doesn’t have to be a comprehensive report on what’s going on in your market.Also, once you determine the opportunities you will pursue, your financial projections will map out the goals.For example, you’ll know exactly how many new customers you must attract in the next month, and at what price point, to achieve next month’s goal.Section 6: Key Performance Indicators (KPIs) Great businesses understand their metrics and KPIs.By tracking your KPIs, you know exactly how your business is performing and can adjust as needed.Section 7: Target Customers In this section of your strategic plan, you will identify the wants and needs of each of your target customer groups.This is important in focusing your marketing efforts and getting a higher return on investment on your advertising expenditures.